Responsible shale development in the Commonwealth continues to boost our economy, including the manufacturing sector. With more affordable energy supplies available here at home, manufacturing is roaring back, and creating good-paying jobs, critical investments and strengthened American competitiveness in the hyper-competitive global marketplace.
America’s manufacturing renaissance is driven largely by our abundant supplies of domestic shale. In fact, a Boston Consulting Group (BCG) study confirms that “virtually every manufacturer in the U.S. is poised to benefit” from job-creating American natural gas development.
Here’s a look on this national Manufacturing Day how shale’s boosting American manufacturing – by the numbers:
#1
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Vice President Biden: “You all know about the Marcellus Shale — I think you heard of that, right? There’s an energy boom that’s changed the paradigm of manufacturing. It’s cheaper to manufacture in the U.S. than it is in Europe and/or in Asia.” (Remarks, 4/16/14) |
21st
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“Lower energy costs mean U.S. manufacturing becomes cheaper and the U.S. becomes more attractive as an investment destination. … The combination of rapid manufacturing innovation and low energy costs were key factors in America’s industrial revolution during the 19th century and could hold similar promise in the 21st.” (CNBC, 2/14/14) |
50%
|
Cheap natural gas is enhancing U.S. manufacturing competitiveness in several important ways. The most immediate beneficiaries are manufacturers of a wide range of petrochemicals, which enjoy a cost advantage of up to 50% over their counterparts in Europe and Asia. … Much of those cost savings will pass to downstream manufacturers that use those petrochemicals to make everything from plastics to synthetic fabrics—and eventually to U.S. consumers. (BCG, 2/14/14) |
100 Year
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President Obama: “Our 100-year supply of natural gas is a big factor in drawing jobs back to our shores. Many are in manufacturing – the quintessential middle-class job.” (Remarks, 10/2/14) |
$85,000
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Workers at plastics materials plants, on average, earn $85,000 per year. … That’s more than 73% higher than the average wage for workers across U.S. industries. (Houston Chronicle, 5/14/15) |
127,500
|
The American Chemistry Council (ACC) released an economic analysis projecting that plastics makers will add 127,500 direct jobs over the next decade. … The growth in the sector largely reflects the abundance of cheap natural gas being tapped in recent years. (Washington Post, 5/12/15) |
196,000
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Energy-intensive manufacturing sectors added more than 196,000 jobs in metro areas from 2010 to 2012, according to a IHS Global Insight report. (Reuters, 3/20/14) |
930,000
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Continued shale activity in the U.S. will translate into new manufacturing jobs growth, contributing 930,000 shale gas-driven jobs by 2030 and 1.41 million by 2040. (PwC Report, 12/11/14) |
5 Million
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The shale gas energy boom is accelerating progress, benefiting nearly every manufacturing sector, as well as U.S. consumers and workers, who will reap the benefit of as many as 5 million new manufacturing and service jobs by the end of this decade. (Great Bend Tribune op-ed, 3/14/14) |
$19.1 Billion
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ACC said industry workers will receive $19.1 billion in wages with local spending expected to support 161,000 additional jobs in other business areas. (Beaver Co. Times, 5/15/15) |
$22.3 Billion
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According to a new analysis by PwC, shale gas development could impact U.S. manufacturing by adding an annual cost savings of $22.3 billion in 2030 and $34.1 billion in 2040. (PwC Report, 12/11/14) |
$130 Billion
|
The nation’s shale fields have given the U.S. a new competitive advantage in the plastics industry, helping to spur $130 billion in new capital investments. (Pittsburgh Business Times, 5/14/15) |
$200 Billion
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U.S. Energy Sec. Moniz: “We could see as much as $200 billion invested in new manufacturing capacity pretty much directly because of the shale revolution – it’s enormous.” (WESA, 7/21/14) |
