Natural Gas Industry Contributes Significantly to Pennsylvania’s Economy

SEATTLE (Oil Monster): The new economic analysis report highlights the significant impacts of the natural gas industry to Pennsylvania's economy. The study was commissioned by the Marcellus Shale Coalition (MSC) and is based on the analysis conducted by FTI Consulting. The report was released during the recently held MSC's Shale Insight Conference in Erie.

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According to the report, natural gas is a major contributor to the health and developmenmt of the state's economy. The industry supports as many as 123,000 jobs. The industry pays an average wage of $97,000 per annum, which is higher than the state's average median wage by about 113%. It supported more than $41 billion in state economic activity during the previous year. This is without including the production royalties paid to various government and private entities, amounting to approximately $6.3 billion.

Overall, the industry added nearly $25 billion to Pennsylvania's gross domestic product (GDP). It generated $3.2 billion in state and local tax revenues. The contribution to federal tax revenues totalled $2.6 billion.

David Callahan, President, MSC noted that the new economic analysis report demonstrates the essential role of the natural gas industry.