How many new jobs will be developed?

Job creation is a byproduct of natural gas production that is synonymous with Marcellus Shale. Study after study, fact after fact, we keep receiving resounding results that directly correlate to the natural gas industry. Many are calling the shale boom an “American revolution” or an “economic renaissance” and we are proud to say, that the end is not in sight. We will continue to witness our once-drowning economy being resuscitated with the breath of Marcellus Shale for years to come. From quarter high new-highers to vast projections for millions of opportunities, the numbers are hard to ignore.

Below is a snapshot of what the experts are saying:

America’s New Energy Future: The Unconventional Oil and Gas Revolution and the Economy:

  • Employment in the entire upstream unconventional oil and gas sector on a direct, indirect, and induced basis will support nearly 1.8 million jobs in 2012, 2.5 million jobs in 2015, 3 million jobs in 2020, and nearly 3.5 million jobs in 2035.
  • The jobs created tend to be high quality and high paying, given the technologically innovative nature of unconventional oil and gas activity. Workers associated with unconventional oil and gas are currently paid an average of $35.15 per hour—higher than the wages in the general economy ($23.07 per hour) and more than wages paid in manufacturing, wholesale trade and education, among others.

Wall Street Journal, renowned energy expert and author, Daniel Yergin:

  • The number of jobs could rise to three million by 2020.
  • Domestically, growing natural gas supplies provide a foundation for a manufacturing renaissance, at least for industries for which energy is an important feedstock or where energy costs are significant. Chemical companies have been leaving the U.S. for years in the search for lower-cost countries in which to operate. Now they are planning to invest billions of dollars in new factories in this country because of inexpensive and relatively stable natural gas prices.

Marcellus Shale: By the Numbers:

  • JOBS: 150,616 new hires from 4Q’09 – 2Q’12; 74% from PA, compared to 69% for all industries
  • WAGES: Average salary of core industry job: $81,116; Average salary of ancillary industry job: $63,904; Average salary across all industries: $47,034
  • UNEMPLOYMENT: In the six Workforce Investment Areas (WIA) (accounting for 98% of wells drilled), core employment increased by 123% and ancillary employment increased by 9% from 2Q’08 to2Q ’11; Seven of top 10 counties for wells drilled in 2011 had unemployment rates lower than statewide averages.