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Monday, September 15, 2014

Shale Driving Economic Turnaround in Ohio Cities

From Planetizen:
Youngstown had been one of those Rust Belt, "shrinking" cities long noted in Planetizen, but thanks in part to fracking and its location on the Utica shale formation, manufacturing has returned and unemployment has dropped by half since 2010.

"The turnaround is part of a transformation spreading across the heartland of the nation, driven by a surge in domestic oil and gas production that is changing the economic calculus for old industries and downtrodden cities alike," writes Nelson D. Schwartz, economics reporter for The New York Times.

Here in Ohio, in an arc stretching south from Youngstown past Canton and into the rural parts of the state where much of the natural gas is being drawn from shale deep underground, entire sectors like manufacturing, hotels, real estate and even law are being reshaped. 
One example provided is Paris-based Vallourec, a manufacturer of products for energy extraction. While it's not the Youngstown of old, it is a turnaround nonetheless.
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