New Report: Private Credit Strengthens U.S. Economy with More Jobs and Higher Pay for American Workers
In 2024, private credit supported 2.5 million U.S. jobs, contributed over $370 billion to GDP, and delivered $217 billion in wages and benefits to American workers.
WASHINGTON, D.C. – Today, the American Investment Council (AIC) released a new report by EY highlighting private credit’s critical role in growing the U.S. economy, supporting jobs, and providing capital to small and medium-sized businesses across the country.
- Supports Job Opportunities: U.S. companies receiving private credit investments directly employed more than 811,000 workers in 2024.
- Fuels American Manufacturing: Private credit financing helps modernize domestic manufacturing by funding advanced machinery and equipment, while supporting over 200,000 jobs in the sector.
- Finances Small and Medium-Sized Businesses: The median company backed by private credit employs 182 people. Private credit provides critical funding and flexible, sustainable capital solutions to small and medium-sized businesses that often face barriers to traditional financing.
- Supports Economic Activity Across the Country: Private credit suppliers and related consumer spending supported an additional 1.7 million jobs, ultimately generating over $200 billion in GDP.
“The report makes obvious private credit’s significant impact in fueling growth and spurring economic activity across the country by providing businesses with the capital they need to make strategic investments and support high-paying jobs,” said AIC Senior Vice President of Research Jamal Hagler. “By revitalizing local manufacturing and partnering with small businesses, private credit is helping strengthen the American economy from the ground up.”
The EY report includes new data on more than 4,000 private credit deals across 3,700 companies in 2024. In total, private credit supported $87 billion in direct wages and benefits and contributed approximately $145 billion in direct GDP. With more than 2.5 million total jobs supported, private credit is a growing pillar of American economic resilience and stability, supporting jobs, innovation, and growth across all 50 states.
Read the full report here.
