Booming employment… skyrocketing paychecks… a renaissance of American industry… The benefits of the US Shale Revolution are astounding. We’re not just talking about a couple dollars, and this isn’t only affecting individuals in the oil and gas industry. Canary’s latest whitepaper, The Economic Impact of US Shale: A Revolution for American Workers and American Industries, is chock-full of amazing statistics:
- From 2007 to 2012, the oil and gas industry grew by 40%, compared to the paltry 1% growth rate for the entire private sector.
- Employment in unconventional oil and gas is projected to more than double by 2035 from 1.7 million to 3.5 million jobs—or 2% of the total US workforce.
- Jobs are being created on three fronts: direct (e.g., at oil exploration companies), indirect (e.g., in supply industries), and induced (e.g., positions in consumer goods and services that increase to meet the demand of the new directly employed workers.)
- Oil and gas extraction paychecks continue to top the list over almost all others in the private sector. Oil and gas extraction workers pull in an average hourly wage of $39.28—and even support activities for oil and gas operations pay $29.27—compared with the average hourly earnings of all private-sector employees of $24.41.
- As shale activity continues, its associated value chain will continue to boost household disposable income, reaching as much as $2,000 by 2015 and more than $3,500 per year by 2025.
- Through 2035, the energy industry is slated to invest more than $5.1 trillion in energy development in the US and contribute cumulative taxes of more than $2.5 trillion. The increased production of goods and services related to continued shale development could pump as much as $475 billion into our nation’s GDP.
- Shale is also pushing a diverse array of domestic industries in the right direction—from heavy industry to the transportation segment to personnel services.