Innovation is a principal driver of U.S. economic growth. In 2022, the U.S. will spend nearly $600 billion on research and development, more than any other country in the world and more than 25 percent of the world's total.
Finally, we have good news on COVID. Two-thirds of the U.S. population is fully vaccinated. As of March 16, the seven-day average for new cases was the lowest since July 13, 2021, and the seven-day average for fatalities was the lowest since Nov. 30, 2021. Some 93 percent of the country is not at high risk for COVID.
In January, Intel announced that it will invest $20 billion in a new microchip manufacturing facility near Columbus, OH. The fab is expected to create 3,000 company jobs, 7,000 construction jobs, and tens of thousands of additional jobs for suppliers and partners.
My wife works for one of the largest printers in the country. From August through October last year, nine of her co-workers died of COVID-19. All were shop-floor personnel who did not have the luxury of working from home. One was just 28 years old. None were vaccinated, despite ample monetary incentives to do so. Alarmed, the CEO held a companywide meeting via Zoom, begging employees to get vaccinated.
We don’t often think about the impact our operations have on the lives of our customers and employees. Sometimes, our operations can literally be the difference between life and death.
The United States is far and away the world leader in R&D spending. In 2019, the U.S. spent $612.7 billion on R&D, more than any other country. We spent 19 percent more than China, four times more than Japan, five times more than Germany, and six times more than South Korea.
This February will mark my 25th anniversary with ASSEMBLY magazine. In that short time, I've seen technological advancements that I could not have imagined, and each day seems to bring news of another.
In July, gasoline cost, on average, $3.23 per gallon in the U.S. That compares with $2.27 per gallon in July 2020, and it's the highest price since October 2014. Electricity prices are rising, too.
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