Plastics Industry Thrives in U.S. and AEP States
Plastics is the third largest U.S. manufacturing industry employing approximately one million American workers. The plastics industry represents a large sector of the U.S. economy accounting for $427 billion in goods. There are nearly 18,500 plastic facilities in the U.S., and plastics manufacturing has a presence in every state.
The economic interest in plastics is continuing to grow, and U.S. plastic manufacturers are shipping globally, especially to Mexico, Canada, and China. While many manufacturing industries have been declining in recent years, especially during the most recent recession, plastics is one of the sectors that is continuing to grow instead of fall.
There are already approximately 4,000 companies in the plastics and rubber industry that are doing business in AEP service territories. In fact, between 2007 and 2014, 47% of all new/expanded U.S. plastics and rubber manufacturing took place in AEP states.
AEP states are home to 37% of the industry’s jobs and have wages below the U.S. average, which is good for plastics companies looking to keep costs down. Resin producers have access to a significant portion of the Texas and Louisiana crude oil fields and the nation’s largest and fastest-growing shale and gas plays for feedstock. Additionally, plastic producers in the area have access to the growing Southern and Midwestern markets.
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