If this plan comes to fruition, it would be a huge win for both the chemistry industry and Ohio’s economy. The benefits it could deliver to our region are outstanding.
(PRWEB) May 31, 2017
An economic report released by the American Chemistry Council (ACC) last week shows that the Appalachian region could become a second major petrochemical and plastic resin-producing zone in the United States, if the right energy infrastructure is built first. The Ohio Chemistry Technology Council (OCTC) strongly supports this approach.
The report examined the potential economic impacts of new petrochemicals and plastics manufacturing capacity in the quad-state region of West Virginia, Pennsylvania, Ohio and Kentucky. It presents a hypothetical scenario that includes the development of a storage hub for natural gas liquids (NGLs) and chemicals, 500-mile pipeline distribution network and associated petrochemical, plastics and other energy infrastructure and manufacturing.
“If this plan comes to fruition, it would be a huge win for both the chemistry industry and Ohio’s economy. The benefits it could deliver to our region are outstanding,” said Jennifer Klein, president of the Ohio Chemistry Technology Council (OCTC).
The economic impacts could be substantial for Ohio and beyond. By 2025, the quad-state region could see 100,000 permanent new jobs, including 25,700 new chemical and plastic products manufacturing jobs, 43,000 jobs in supplier industries and 32,000 “payroll-induced” jobs in communities where workers spend their wages. The new investment could also lead to $2.9 billion in new federal, state and local tax revenue annually.
“Uncertainty around financing is one of the key barriers to the development of energy infrastructure in our region. Policymakers can help by ensuring that the distribution projects are eligible for existing financing programs. Congress should also consider infrastructure modernization legislation that makes the Hub a priority. We would like to extend a thank you to Senator Portman for his support with this project,” said Klein.
The full report, The Potential Economic Benefits of an Appalachian Petrochemical Industry, is available from ACC at http://www.americanchemistry.com/Appalachian-Petrochem-Study.
Representing Ohio’s chemistry and related companies, the Ohio Chemistry Technology Council (OCTC) is the leading advocate for Ohio’s chemical technology industry. Learn more about Ohio's chemistry industry and OCTC by visiting OhioChemistry.org.