Due to the current “shale based, natural gas bonanza,” as many 10 new petrochemical facilities in Texas are in development, University of Houston Economist Bill Gilmer tells FOX 26 in Houston.
“If you had asked any of these companies five years ago if they would ever build a petrochemical plant in the U.S. the answer was no, not only no, but hell no we don't want one,” said Gilmer. “Suddenly everyone would like to have one of those plants. It is like a money-generating machine. There is probably $100 billion in investment over the next five to ten years.”
A new study from IHS estimates the industry will need to hire another 1.3 million workers by the year 2020 to keep up with demand.