The energy and shale gas economy triggers company expansions and
community improvements
Ohio has emerged as a national leader in energy,
largely due to the state’s shale industry, which has served as the
biggest driver of energy growth in the country and has contributed to
the attraction of over $70 billion in new private sector energy
investments in Ohio alone. When factoring in the rest of the Ohio Valley
region, this number is significantly larger. These investments from the
U.S. and abroad, combined with continued job growth, additional tax
revenue and an abundance of low-cost, clean shale energy and electricity
have resulted in a positive ripple effect on Ohio’s communities,
businesses and consumers.
Much of this growth can be attributed to Ohio’s proximity to the Utica
and Marcellus shale formations in eastern Ohio, offering an abundance of
low-cost natural gas, natural gas liquids (NGLs) and oils, and
accounting for more than 85 percent of U.S. shale gas production growth
since 2011. Additionally, the formations have helped Ohio’s shale gas
industry lead the nation in growth for four consecutive years, according
to the JobsOhio
Shale Investment Report, compiled by Cleveland State University’s
Maxine Goodman Levin College of Urban Affairs. As many as 12,000
high-paying jobs in the state have directly resulted from this industry,
and this figure exceeds 100,000 when indirect jobs such as welders,
fabricators and logistical workers are included.
Ohio offers an unparalleled business
environment for investors in energy due to numerous factors that
range from proximity to the nation’s largest natural gas reserve to
efficient access to global markets.
“When it comes to energy, no region, not even the Gulf, can compete with
Ohio,” said Dana Saucier Jr., senior managing director of energy and
chemicals at JobsOhio. “With natural gas prices at a cost lower than
nearly anywhere else in the world, abundant fresh water from the Ohio
River and other sources, an integrated infrastructure
allowing for national and global market access, and many energy
companies along the supply chain that call the state home, there is
tremendous potential to further grow capital investment in Ohio in the
energy industry.”
JobsOhio
has leveraged relationships with companies and resources across the
state to advance Ohio’s energy industry and attract additional
investments in Ohio’s communities. The billions in investments have
helped to develop new state-of-the-art, clean electric generating
plants, creating high-paying construction jobs and permanent jobs, and
generating significant additional tax revenue to be reinvested in the
communities. For example:
-
South
Field Energy recently announced a $1.3 billion investment to
construct a new 1,182 megawatt, low-carbon electric generating
facility in Columbiana County. The new plant marks the company’s
second major project in Ohio and will create approximately 1,000
construction jobs.
-
The
Carroll County Energy Facility helped fund a long-desired new
school for Carrollton Exempted Village Schools through additional tax
generation. These taxes will pay the school $1.3 million annually for
30 years to assist with the cost. The new school is scheduled to open
in 2019 and will help attract businesses and employees with families
to the area.
-
Thai-based PTTGC
America and South Korean-based Daelim
are still evaluating the feasibility of building a
multibillion-dollar, world-scale petrochemical complex in Belmont
County. If constructed, the project would create hundreds of permanent
jobs and thousands of construction jobs in the Ohio Valley. This
project would utilize regional and cost-advantaged ethane feedstock,
as outlined in the Shale
Crescent USA IHS study.
For more information on Ohio’s growing energy industry, visit: www.jobsohio.com/energy.
About JobsOhio
JobsOhio is a private, nonprofit corporation designed to drive job
creation and new capital investment in Ohio through business attraction,
retention and expansion efforts. JobsOhio works with six regional
partners across Ohio: Appalachian
Partnership for Economic Growth, Columbus
2020, Dayton
Development Coalition, REDI
Cincinnati, Regional
Growth Partnership and Team
NEO. Learn more at www.jobsohio.com.
Follow us on LinkedIn,
Twitter
and Facebook.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180919005694/en/
Copyright Business Wire 2018
Source: Business Wire
(September 19, 2018 - 1:58 PM EDT)
News by QuoteMedia
www.quotemedia.com