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Utah’s Extractive Industries Grow Significantly

Date: 12/22/2005 | Category: Business | Author: developers

Utah has experienced tremendous growth in its extractive industries. In 2004, the total value for oil, gas, minerals and coal totaled $4.2 billion. The projections for 2005 are $6.3 billion. There were over 1,600 applications for well permits approved and over 800 new oil and gas wells drilled in 2005 alone.

This positive growth has brought additional benefits to the state of Utah . The job growth rate for natural resources employment has been very strong in 2005. The monthly average wage for mining ($4,609) trends 75% higher than the statewide average for all industries.

State officials are predicting that production sale values for 2006, while dependent on numerous economic factors, should reach $7 billion. Most increases are projected to occur in the oil and gas industries with potential for growth in the oil shale, tar sands and uranium industries.

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