(NEW YORK) — The oil and gas boom in the U.S. is having a larger impact on the job market and economy than previously thought, a study by a well-known economics consulting firm finds.
According to the IHS, the economic and employment contributions from oil and gas production are “increasing household incomes, boosting trade and contributing to a new increase in U.S. competitiveness in the world economy.”
The study says oil and gas activity increased disposable income by an average of $1,200 per household last year. IHS predicts that figure will grow to more than $2,000 in 2015 and exceed $3,500 in 2025.
This sector of the economy now accounts for more than 1.7 million jobs, the firm says. That number is expected to nearly double by the end of the decade, when close to three million positions are anticipated.
Copyright 2013 ABC News Radio
Lois M. Collins, Deseret News
Emanuella Grinberg, CNN