Wednesday, February 26, 2014

Study: Significant Long-term Economic Impacts Of Petrochemical Investment In W.Va.

A new research study shows significant potential long-term economic impacts of petrochemical investment in West Virginia and the Appalachian Basin. The study, “Building Value from Shale Gas: The Promise of Expanding Petrochemicals in West Virginia,” was prepared by Dr. Tom Witt, Chief Economist at Witt Economics LLC and a Professor Emeritus at West Virginia University.  His study was presented Tuesday to the Legislature’s natural gas caucus.

“The presence of an ethylene cracker and associated polyethylene plants would be a catalyst for even more investment, revitalizing the chemical industry in West Virginia and the region,” according to a press release on the new study.

“Construction would have an economic impact of more than $2 billion in West Virginia, with ongoing operations driving more than $110 million in annual employee compensation and more than 2,000 permanent jobs during the life of the facility. Downstream investments in end-use polyethylene converter plants could create more than 900 additional jobs and $280 million in annual output,” the study notes.

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