Posted July 16, 2015
Our series highlighting the economic and jobs impact of energy in each of the 50 states continues today with South Carolina. We started our focus on the state level with Virginia on June 29 and continued this week with Wisconsin, Connecticut and Delaware. The energy impacts of the states individually combine to form energy’s national economic and jobs picture: 9.8 million jobs supported and $1.2 trillion in value added.
Information covered in this series can be found online here, arranged on an interactive map of the United States. State-specific information will be populated on this map as the series continues.
The top-line numbers: 67,700 jobs supported statewide, according to PwC; $4.7 billion added to the state economy; $2.6 billion contributed to the state’s labor income. All are significant drivers for the state’s economy.
Page 2 of the document highlights the potential economic benefits to South Carolina if offshore oil and natural gas development. The Atlantic Outer Continental Shelf oil and natural gas exploration and production is projected to lead to high levels of oilfield equipment manufacturing activity with spending projected to reach $200 million a year in 2035.
Energy is critically important to South Carolina, serving as a key engine for the state economy – expanding job opportunities and offering the hope of prosperity to individual South Carolinians and their families.
A diverse spectrum of industries in South Carolina is expected to benefit from development in the Atlantic OCS thanks to oil and natural gas production. South Carolina already possesses a strong high tech manufacturing sector, including airplane and automobile related activity. Industries projected to see the greatest gains by 2035 include:
- 2,300 retail jobs
- 1,900 administrative and waste management services jobs
- 2,000 healthcare and social assistance jobs
- 1,600 real estate jobs
- 1,600 food services jobs
The future benefits of energy for South Carolina – and the rest of the country – largely depend on national decisions on the country’s energy path. A new Wood Mackenzie study contrasts the benefits that a set of pro-development policies could have on energy supplies, jobs, the economy and American households with the likely negative effects on energy of regulatory constrained policies. The key comparisons are found on the first page of the linked document.
Energy is essential for all facets of our daily lives, from powering national, state and local economies to powering the family vehicle. Safe, responsible development of domestic oil and natural gas resources is linked to individual prosperity, energy security and basic liberties.
ABOUT THE AUTHOR
Reid Porter is a spokesman for the American Petroleum Institute. Before joining API, he worked as Account Supervisor at Edelman. Porter double majored in English Literature and the Spanish language at Middlebury College in Vermont. He enjoys traveling, cheering for the Green Bay Packers, soccer, rereading Hemingway novels and spending time with family.