An Economic Assessment of the Emerging Renewable Chemical and Polymer Cluster in Ohio With Estimated Economic Impact on the State's Economy

The economic impact of the chemical and polymer cluster in Ohio in terms of output, gross state product, income and employment is analyzed in this research. The chemical and polymer cluster positively affects the state’s economy, representing 5.5 percent of Ohio’s gross state product, 9 percent of its output, over 6 percent of its income and 3 percent of the state’s employment. The chemical and polymer cluster represents 2,729 establishments in Ohio. This research employs the methods of input-output analysis to determine the chemical and polymer cluster state impact.

The emerging renewable polymer industry, which provides benefits such as reducing environmental impacts and employing biomass as opposed to crude oil feedstock, is important to Ohio’s future. This industry has the potential to increase output, income, gross state product, and most importantly employment in Ohio. This research utilizes growth rates in three scenarios to determine renewable polymer industry’s affect in Ohio. The renewable polymer industry is estimated at representing over a 12 percent share of Ohio’s polymer sector in the year 2020 in terms of gross state product and employment.