Utica Shale Closes the Job Gap in Ohio
As EID reported last week, the unemployment rate in shale counties has fallen at a staggering rate. This past weekend, Team Northeast Ohio released a report with some additional numbers, which fall right in line with the trends EID highlighted, and provide projections for further prosperity.
As Crain’s Cleveland Business reported about Team Northeast Ohio’s findings:
“There will be more jobs for people in Northeast Ohio over the next decade. And while the pace of job growth will lag the country as a whole, the gap will be considerably narrower than it has been over the last quarter century.”
The article rightly points out that this job growth is linked to shale development and allowing oil and gas development to continue will only boost this trend:
“Team NEO officials believes the gap over the coming decade could be reduced if the shale oil and gas drilling now underway translates into greater opportunities to grow the region’s petrochemical businesses.”
“Team NEO also anticipates that the oil and gas fields of the eastern and southern parts of the region will boost the regional economy beyond what can be forecast today.”
Well production has been up 128 percent year-over-year, which is creating jobs across the state.
As has been noted on several occasions, the infrastructure development that is occurring this year in Ohio will bolster jobs constructing pipelines and compressor stations.
We also know that there are several natural gas projects in the works, such an $800m natural gas power plant that will turn natural gas into electricity. This coupled with talks of an ethaline cracker and possible new projects in petrochemical manufacturing would quite literally boost Ohio into an economic renaissance like it hasn’t experienced in years.
The economic indicators are tracking up for a variety of sectors in Ohio, particularly manufacturing. Considering all these facts, there’s simply no denying that shale development in Ohio has brought an economic stimulus to sectors across the board.
Oil and gas development is certainly not new to Ohio, but thanks to technological advances, shale development certainly has put the state back on the map as a leading player in American energy independence.