Last week, Penn State economists released the third in a series of economic analysis on Pennsylvania’s Marcellus Shale industry.
The report estimated:
- Private companies spent $5.3 billion on drilling activities in 2009; rising to an estimated $11.5 billion in 2010; and on pace to spend $12.7 billion in 2011.
- Considering direct, indirect and induced economic impacts, the $11.5 billion in spending in 2010 generated $11.2 billion in additional value added and almost 140,000 jobs.
- In 2010, Marcellus natural gas production saved an approximately $633 million in energy costs, including $27.7 million in lower electricity costs for residential customers.
While we’ve blogged previously on the lower unemployment rates in Marcellus drilling counties, the illustration from the report below puts this into perspective by comparing Marcellus counties’ unemployment rates by year to the state average.
Additionally, the report noted that from 2009 to 2010, Bradford County experienced more than a 13 percent growth in tax revenues, while the state experienced a decline.