A new study shows significant job gains, manufacturing growth and strong economic activity associated with the future exports of liquefied natural gas (LNG) from the US, according to API Vice President for Regulatory and Economic Policy, Kyle Isakower. ICF International released the state-by-state study during a conference call with reporters.
Isakower commented: “The export of liquefied natural gas […] represents one of the most promising economic opportunities of the shale revolution. These exports will significantly reduce our trade deficit, increase government revenues, grow the economy, and support millions of US jobs in engineering, manufacturing, construction, and facility operations.
“According to ICF, LNG exports could contribute as much as US$ 10 to US$ 31 billion per state to the economies of natural gas-producing states, such as Texas, Louisiana, and Pennsylvania, by 2035. However, non-natural-gas-producing states will also benefit, partly due to the boost in demand for steel, cement, equipment, and other goods. According to the report, states with a large manufacturing base, such as Ohio, California, New York, and Illinois, will see economic gains as high as US$ 2.6 to US$ 5.0 billion per state in 2035.
“In terms of employment, natural gas-producing states could see employment gains as high as 60 000 to 155 000 jobs in 2035. And large manufacturing states, such as California and Ohio, will see employment gains upwards of 30 000 to 38 000 jobs in 2035.
“According to the report, over half of all states could see over US$ 1 billion in state income gains from LNG exports by 2035 and at least 6000 net jobs. That is because the long-term impact of LNG exports will mean stronger, more reliable US production of fuel for both domestic consumption and export.”
To read the full ICF International Report, please click here.
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/15112013/study_of_lng_economic_gains_443/