According to an IHS Inc. investigation of the impact of oil and gas exploration, the Utica shale brought nearly 39,000 jobs and $1.5 billion to Ohio in 2012.
Even more interestingly, almost 44,000 New York jobs were connected to shale operations too, even though fracking is not yet legal in that state!
By the end of this decade, fracking-related employment in New York could rise to 74,000, and it could be up to 79,000 by 2035 even if local fracking isn’t legalized.
The study also suggests that unconventional energy could account for over $5 billion of New York’s gross state product for this year, Biz Journals reports. That could be as high as $9 billion by 2035.
Meanwhile, business support for fracking in the state could provide up to $1.6 billion in federal, state, and local revenues this year alone.
The study concludes that, overall, shale development in 2012 made for 1.7 million jobs. By the end of this decade, that could be as high as 3 million, and up to 3.5 million by 2035.
Should fracking finally be allowed in New York, we could see these numbers become reality, but the state is still awaiting a decision on the issue.
To get a sense of the investment going on in shale development, consider that the IHS study finds that $87 billion was injected into the shale sector just this year alone. By 2020, that could be up to $172.5 billion, and up to $353 billion by 2035.