The US is in danger of squandering an opportunity to build a new industry that could generate $1.7bn in revenue for its Covid-depleted Treasury in the next two years and expand to deliver hundreds of billions of dollars in investment and 80,000 jobs by 2035, a new study of the country’s emerging offshore wind power sector has found.

The report from research group Wood Mackenzie, commissioned by four energy industry bodies, underscores a growing industry chorus calling on the federal government to speed up opening of additional lease areas in US waters that would allow some 28GW of projects to move into development in the near future.