Billed as the largest foreign investment in U.S. history
Over the past few years the U.S. economy has clawed its way back from the economic recession due in large part to the growth of the domestic energy industry. Oil and gas related jobs have lead overall employment growth across the country and provided a much needed boost to local and state economies.
The energy boom is also leading to the resurgence of the U.S. manufacturing industry with industries like fertilizer, steel, petrochemical and equipment manufacturing all seeing a boost due to lower domestic energy prices. Many project that manufacturing growth in the U.S. will provide long-term U.S. economic growth.
The attractiveness of U.S. markets is also luring foreign investment, directing new capitol to U.S. markets and the “onshoring” of jobs. South African chemical giant, Sasol just announced it will direct the largest ever foreign investment in U.S. history with the construction of a $14 billion gas-to-liquids and “ethane cracker” facility. The plant will produce diesel, gasoline and other chemicals from low-cost natural gas produced from U.S. shale resources.
The project will create hundreds of jobs and hundreds of millions of local, state, and federal tax receipts and economic growth.