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Report Shows Each Chemistry Industry Job Generates Additional 7.6 Jobs
WASHINGTON, D.C. (July 30, 2012) – The American Chemistry Council (ACC) today issued its 2012 edition of the Guide to the Business of Chemistry, a detailed economic profile of the chemistry industry and its contributions to the U.S. and world economies. American chemistry is the global leader in production, providing 15 percent of the world’s chemicals and representing 12 percent of all U.S. exports. It is also one of America’s largest manufacturing industries, a $760 billion enterprise providing 788,000 high-paying jobs in the United States. For every one chemistry industry job another 7.6 are generated in other sectors of the economy such as construction, transportation and agriculture, creating a total of nearly 6 million chemistry-dependent jobs.
“A quick glance at this guide and it’s clear to see how essential the business of chemistry is to our nation’s economy,” said ACC President and CEO Cal Dooley. “As the cornerstone of our economic future, it’s vitally important that we have common sense policies to support the innovation, investment and competition driving the creation of the groundbreaking products that are improving the world all around us,” Dooley added.
“Chemistry is the foundation of everything around us,” said the publication’s lead author, ACC Chief Economist Kevin Swift. “Chemistry goes into building insulation, lightweight vehicle parts, solar panels, automotive and industrial lubricants and energy-efficient appliances. Nearly every sector of the economy and virtually everything we touch is connected to the products of chemistry. This comprehensive guide breaks those relationships down by the numbers. Whether its data on jobs, capital investment, imports/exports or energy use and consumption, you’ll find it in this guide,” Swift said.
Prepared annually by ACC’s Economics and Statistics Department, the Guide to the Business of Chemistry divides the $760 billion business into five types of production: basic chemicals, specialty chemicals, agricultural chemicals, pharmaceuticals and consumer products, and highlights the distinct characteristics, including growth dynamics, markets, new developments and issues of each segment.
Individual sections of the guide cover a variety of topics in detail, including financial performance, U.S. and global trade, innovation, capital investment, employment, environmental, health and safety statistics, energy and distribution. Charts and graphs help illustrate data and provide comparisons for the past 10 years.
For more information on the ways in which chemistry impacts the wider U.S. economy, and to see how the business of chemistry can help anticipate peaks and troughs in the overall U.S. economy through the Chemical Activity Barometer, go to www.americanchemistry.com/cab.
The Guide to the Business of Chemistry is available to ACC members for $285.00 and non-members for $385.00. To order or download an electronic version, visit www.americanchemistry.com/store or call (301) 617-7824.