Considered on a percentage basis, Pennsylvania will experience the most job and GDP growth from shale gas development of any state in the nation, according to a report released today.
Between 2010 and 2015, the shale gas industry in Pennsylvania’s economy will grow by nearly 19 percent annually, according to IHS Global Insight, an economic analysis firm based in Washington, D.C.
By 2035, the industry will contribute $42.4 billion annually to Pennsylvania’s economy, up from $7.1 billion in 2010.
Shale industry job growth in Pennsylvania is averaging 14 percent a year, the report said. The shale industry’s “jobs contribution” in the commonwealth will grow from 56,884 in 2010 to 111,024 in 2015 and 270,058 in 2035, the report said.
Though Texas has the most growth in absolute terms, the report found, Pennsylvania has the best relative growth. In absolute terms, the report ranked Pennsylvania’s shale industry No. 3 in job creation and No. 4 in economic contribution.
Nationwide, shale gas extraction will account for 1.5 million jobs, $197 billion in GDP and $50 billion in government revenue by 2015, the report said.