Shale Gas Spurs $100 bn Chemicals Investment
By February 2014, 148 projects worth $100.2 billion have been announced. These projects include factories, expansions and process changes to increase capacity, which could lead to $81 billion per year in new chemical industry output and 637,000 permanent new jobs by 2023.
Between 2010 and 2023, $100.2 billion in increased capital spending can create an estimated 55,000 permanent new chemical industry jobs, 314,000 jobs in supplier industries and 267,000 payroll-induced jobs in communities where workers spend their wages, ACC’s analysis showed. An additional 222,000 temporary jobs will be created during the capital investment phase, which peaks in 2016.
Companies investing in large-scale manufacturing projects such as new factories and expansions face a complex permitting process that includes federal, state and local requirements. To go forward, these companies need certainty as to the processes and timing for obtaining permits. ACC says policies needed to take advantage of this opportunity include access to resources, responsible state-based regulation of production and development of transportation infrastructure.
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