New Report Highlights Impact of Resin Companies on Economy
The American Chemistry Council (ACC) has released a new compilation of facts and figures on plastic resin designed to help policy makers and thought leaders understand the importance of the plastic resin industry to the American economy. The report, “Plastic Resins in the United States,” was prepared by the ACC’s Economics and Statistics Department, and found that plastic resin producers generate significant economic value through jobs, trade, investment and tax revenues. Key findings include:
- The U.S. plastic resin industry generates $87.1 billion in revenues annually, up from $46.9 billion a decade ago.
- Plastic resin manufactures employ 54,900 people directly. The multiplier effects of jobs from supply chain industries generate an additional 342,800 jobs and the spending by all of these workers support an additional 292,900 jobs. Thus, a total of nearly 700,000 jobs are supported by the plastic resin manufacturing industry. In other words, each job in plastic resin manufacturing generates more than 11 jobs in supply chain industries and other sectors of the economy.
- The average plastic resin manufacturer employee earns $85,400 annually, more than 73 percent more than the average wage for all industries.
- More than $1.2 trillion in manufacturing shipments depend on plastic resins. These industries provide jobs for more than 3.2 million people.
- Innovation is a key driver of industry growth and plastic resin manufacturers spend about $2 billion per year in research and development.
- With the recent surge in spending arising from renewed competitiveness from shale gas, capital spending by the industry reached $4.4 billion in 2012.
The report also revealed solid global demand. In 2012, the US exported $30.5 billion of plastic resins to consumers around the world.
“The report shows that the plastics industry is growing and creating good jobs,” said ACC Vice President of Plastics, Steve Russell. “It’s no surprise because plastics deliver great value. And, plastic makers will continue to make significant investments for further growth.”
Click here to download a copy of “Plastic Resins in the United States.”