The United States Conference of Mayors released a very interesting study earlier this week that details just how important the oil and gas renaissance has been for U.S. manufacturing (especially in urban areas). Here are some key findings from the report:
- From 2010 to 2012, energy intensive manufacturing sectors added over 196,000 jobs and increased real sales by $124 billion in the nation’s metro areas.
- Through 2020, energy intensive manufacturing employment will expand by more than 1% annually nationwide with 72% of those jobs going to U.S. metro areas.
- In 2011 and 2012, demand from the burgeoning shale plays for new pipelines and mining equipment ignited the nation’s steel, iron, fabricated metals, and machinery manufacturing industries. In U.S. metro areas, these sectors saw real sales and employment jump by 17% and 9.7% respectively.
- The profusion of available natural gas and oil resulted in a surge in plastic, rubber, resin and chemical manufacturing due to lower costs and increased refining volume; as a result these industries saw a combined employment increase of 2.6% across all metropolitan areas(2011-2012).