Petrochemical & Plastics Industry
Texas is the largest chemical-producing state, generating $172 billion in annual revenue. Houston is a global leader in manufacturing petrochemicals, with the Houston Ship Channel recognized as the largest petrochemical complex in the U.S. The Houston-The Woodlands-Sugar Land region operates the largest petrochemical plants, including Bayport Industrial District, Battleground Industrial Complex, Bayport Shipping Terminal and the Houston Ship Channel.
Today, the chemical industry employs more than 100,000 workers directly with another 500,000+ related jobs in Texas and about half of those jobs are in the Houston region. In 2018, Texas led the nation in crude oil production, with 27 petroleum refineries producing more than 36% of the nation’s crude oil production. Houston accounts for over 42% of the nation’s base petrochemical capacity.
According to the EIA, Texas leads the nation in fossil fuel reserves and is the nation’s leading natural gas producer, accounting for approximately 28% of total U.S. natural gas production.
Based on data from Port Houston, the development of shale oil and gas increased the demand for container shipping and will increase future exports of plastics and chemicals.
|ENERGY INDUSTRY HEADLINES|
MAY 2019 OTC attendance down for 5th consecutive year
MAY 2019 There’s tremendous room for growth in offshore oil & gas
MAY 2019 Guyana comes to Houston, seeking partners to develop newfound oil wealth
MAY 2019 Crude oil prices rise on EIA’s lower oil inventory
MAY 2019 Occidental steals Chevron’s thunder in battle for Anadarko
MAY 2019 Energy companies woo young workers with relaxed culture, tech
MAY 2019 Exxon plans to invest up to $100M over 10 years in lower- emissions R&D
MAY 2019 Exxon OKs $2B Baytown Chemical expansion project APR 2019 Houston co. starts construction on $170M wind farm
APR 2019 Houston LNG co. nears completion on export project
APR 2019 Bahrain oil minister explores Houston for tight oil partner
APR 2019 French energy giant Total invests $700M in Houston LNG co.
APR 2019 Marathon Petroleum to spend $1.2B on Houston-area refinery project
MAR 2019 Houston has more open oil and gas jobs than any other city in Texas
MAR 2019 Texas added 10,000 clean energy jobs in 2018, trails only California
This Houston Petrochemical and Plastics Industry overview is part of the annual 2019 Houston Economic Outlook.
Sections covered in the full report include:
Population Growth | Employment Sector | Business Climate | Global Energy Capital | Petrochemical & Plastics Industry | Port Houston | NASA/Johnson Space Center | Mobility Infrastructure | Airport System | Texas Medical Center | Biosciences & Biotechnology