The Buckeye State was captivated when Intel made the announcement three years ago that it would invest more than $28 billion in two new chip manufacturing plants in central Ohio.
This massive investment was indeed a cause for celebration. Despite delays in the construction schedule, these new facilities are positioning Ohio as an epicenter for innovation and high-tech manufacturing for decades to come.
As is often the case, the latest news can overshadow even bigger stories that continue to play out in our own backyard. The discovery of enormous natural gas and oil reserves in the Utica Shale over a decade ago was met with similar fanfare as the Intel announcement, leading us to christen Canton as the “Utica Capital.”
I can recall attending gatherings back in the 2010s discussing the incredible potential of these vital natural resources in our region that could help our nation achieve energy independence and fuel economic growth.
So, what has happened in the meantime? The short answer: We have become a major center for energy exploration and production. Ohio produced 13 times more natural gas in 2023 than it did in 2013, reaching an astounding 19.2 trillion cubic feet. Ohio’s oil production has also boomed, with a record-setting 30 million barrels in 2023, a 35-percent increase over the prior year. And the impact on our communities has been huge.
Research from institutions like Cleveland State University and organizations like Energy in Demand shines a light on the impact energy is having here in our backyard.
Oil and gas companies have invested more than $108 billion in our region, creating jobs that pay nearly 55% more than Ohio’s average wage. They have paid over $530 million in property taxes in the shale region and more than $540 million in ad valorem taxes, supporting schools and local governments. And despite this boom in fossil fuel production, Ohio’s greenhouse gas emissions have dropped to the lowest levels since 2011.
While this incredible economic progress hasn’t grabbed headlines the way the new Intel plant has, it should nonetheless be a cause for celebration — and it should motivate our renewed support. As Ohio seeks to attract additional high-tech investment, plentiful, reliable, affordable energy is more important than ever.
In addition to the Intel investment, major players like Amazon, Google and others have committed billions in Ohio to build and operate data centers, driving energy demand to unprecedented levels.
The momentum is exciting, and I believe we’re entering a new era of economic growth in our region and across our entire state. But we won’t realize this amazing potential to build prosperity without all of us pulling in the same direction.
We must work together to ensure the energy industry has the infrastructure it needs to fuel our growth and a policy environment that allows us to harness the full promise of the Utica Shale for a brighter future.
Headlines come and go, but the investments that the energy industry and state and local governments have made over the past several years to develop the Utica Shale, often barely noticed, have positioned us for enduring success.
In many ways, though, we’re only at the beginning of the book, and the story of new energy security and prosperity is still unfolding. It’s up to all of us to help write the next chapter together.
Jeff Dafler is the president and CEO of the Canton Regional Chamber of Commerce.
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