For Immediate Release
October 11, 2018
“Ideas for Action” Report Is Blueprint For Significant Jobs, Revenue Growth Via Natural Gas Demand Growth
HARRISBURG - Forge The Future, an initiative of Pennsylvania businesses across the state, today called for a new era of economic growth in Pennsylvania, releasing Ideas for Action, a report that highlights specific actions the Commonwealth can and should implement to capitalize on its world-class energy assets and grow its way to more revenue, population and job growth.
“Among Pennsylvania’s greatest attributes are our vast energy resources, which includes some of the largest natural gas reserves in the world,” PA Chamber President and CEO Gene Barr said. “Unfortunately, the Commonwealth’s uncompetitive tax structure and a lack of infrastructure that would get the gas to market are causing us to lose out on economic opportunities. Pennsylvanians deserve better and this report puts forth an active, strategic agenda to make energy-enabled growth a reality. It should serve as a catalyst for a much-needed statewide effort to help advance a stronger economy and ensure that Pennsylvania remains a world-class energy hub for generations to come.”
Business Engagement and Ideas for Action
Pennsylvania has abundant energy resources. The state boasts the third-largest natural gas and natural gas liquids (NGLs) field on the planet. Forge The Future is a project initiated by Pennsylvania businesses to unlock the economic potential of those natural gas reserves.
“Right now, only a fraction of Pennsylvania’s natural gas reserves have been captured. The state is currently sitting on untapped opportunities that could propel its economy and turn the Commonwealth into a leader in the 21st century global economy,” said Rob Wonderling, President and CEO, Chamber of Commerce for Greater Philadelphia. “Forge The Future convened 100 business, academic and economic development leaders from across the state to identify definitive strategies for optimizing the economic opportunity at hand and generating broad-based prosperity for all Pennsylvanians.”
Ideas for Action identifies four primary areas for Pennsylvania initiatives:
“With Pennsylvania’s established reputation for innovation in energy, manufacturing, materials science, software and automation/robotics, it can look ahead to a diversified economy,” said David N. Taylor, President and CEO of the Pennsylvania Manufacturers’ Association. “Pennsylvania’s vast energy resources can help our state become an epicenter of next-generation advanced manufacturing and drive significant job growth across the Commonwealth. But the window of opportunity for Pennsylvania to realize this vision is short. We must take action now.”
Forge The Future
Ideas for Action is the second report published by Forge The Future. In Phase I, Chevron and Peoples Gas invested in a state-wide econometric study to establish a fact base and strategic directions for economic opportunities resulting from the state’s natural gas reserves.
The study revealed Pennsylvania has the potential for significant economic growth:
Now that Ideas for Action has been released, the next phase of the Forge The Future initiative will involve a concerted effort from businesses, academia, organizations and associations, and government partners to implement the ideas highlighted in the report.
To view the Ideas for Action report, visit paforgethefuture.com.
About Forge The Future
Forge The Future is a project initiated by Pennsylvania businesses. Its goal is to unlock the economic potential of the state’s world-class natural gas reserves, and ultimately advance an energy-enabled economy. In Phase I, Chevron and Peoples Gas invested in a state-wide econometric study by McKinsey with the goal of establishing a fact base and strategic directions for economic opportunities resulting from the state’s natural gas reserves. The study revealed an unprecedented opportunity to create an economic growth agenda for Pennsylvania: the potential to add $60 billion in Pennsylvania GDP growth, more than 100,000 jobs and billions in state tax revenue.
What started as a project of Chevron and Peoples Gas, with a Steering Committee that included The Allegheny Conference on Community Development and the Chamber of Commerce of Greater Philadelphia, has now grown to include partnerships with the PA Chamber of Business and Industry, PA Manufacturers’ Association, and some 100 businesses, schools and organizations.