Photo: Air Products & Chemicals
Research firm IHS Global Insight is out with a new report on the metropolitan economies in the U.S.”Domestically, economic output from New York, Los Angeles, and Chicago are each greater than that of 45 states, and the combined production of the 10 largest metro areas is greater than that of the 36 least producing states,” write the authors of the report.
The also note that the chemicals industry has been a major source of growth in America.
From IHS Global Insight‘s report:
The Chemicals industry has emerged in this decade as a key driver of economic growth across a large number of metros. The industry already generates over $760 billion in US sales, is one of our top exporting sectors at almost $200 billion annually, over 8% of all US exports, and invests $50 billion per year in US research and development. These are vital contributions to our future prosperity. Export demand will be a key driver for US business in the coming decade, as households and government remain constrained by debt burdens. R&D spending in investment that boosts productivity is a critical contributor to economic growth.
The industry surge this decade in investment, jobs, and incomes has been largely spurred by low natural gas prices, a result of the rapid incorporation of new drilling techniques to extract shale and other unconventional gas supplies in the US. Investment in the US is now competitive with overseas locations. And the new gas fields have spurred investment not only in the Gulf of Mexico region, but across the US. For instance, a petrochemical processing, “Cracker,” plant is to be constructed in the Pittsburgh metro owing to its proximity to shale gas supplies.
IHS’s report includes tables where you can find all of the chemicals and plastics manufacturing jobs across all US metro areas.
“Chicago narrowly leads Houston with 43,000 jobs, led by its plastic products manufacturers. 20 eight metros have employment in excess of 10,000 in this sector, and 206 metros employ more than 1,000 in the chemicals and plastics industries.” Notably fast growth occurred in 2011 in Minneapolis, Dallas, San Diego, and Milwaukee among large metros, and in Muskegon, Greeley, Spokane, Gadsden, and Warren.
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