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Monday, April 21, 2014

Report Says Shale Jobs Impact in Ohio Has Been Much Lower Than Projected

From the Youngstown Vindicator:
Despite a sharp increase in economic activity, the number of new shale-related jobs in Carroll County fell far below industry promises, Policy Matters Ohio said. 
The report found that shale-related employment in Ohio topped out around 3,000 jobs, a far cry from the 40,000 estimated early on by one leading industry group. The biggest growth has been in ancillary shale industries that support drilling companies and their supply chains. 
The county’s 7.7 unemployment rate in February had decreased from the recession peak of 14 percent, but it still lagged behind its pre-recession level of 5.8 percent in July 2007. 
Most jobs have gone to transient, out-of-state workers, who follow drilling rigs from place to place, and the temporary nature of their work created high demand for temporary housing. The interest has spurred the construction of two new hotels in Carrollton and saturated local campgrounds and rental markets. 
The housing demand caused rental income to shoot up for owners, but squeezed lower-income residents who couldn’t afford to pay higher rent, researchers said.
Read more about this report by clicking here.

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