New Study: Insulation Industry Important to U.S. Economy
WASHINGTON, D.C. – April 6, 2017 – Effective insulation is an absolute necessity to running an energy efficient home, but a new economic report produced by the American Chemistry Council (ACC) shows that the insulation industry also contributes significantly to the U.S. economy—to the tune of $20 billion a year. The industry also helps support around 400,000 jobs each year, according to the report. The report comes as employment figures and the U.S. economy improve almost a decade after the start of the Great Recession.
“This report makes clear that the business of manufacturing, distributing, and installing insulation generates significant economic output and creates jobs across the country,” says Martha Gilchrist Moore, senior director of policy analysis and economics at ACC and author of the report.
Several groups contributed to the study, including ACC’s Spray Foam Coalition, the Cellulose Insulation Manufacturers Association, the North American Insulation Manufacturers Association, and the Polyisocyanurate Insulation Manufacturers Association.
The report’s findings also showed that industry contributes indirectly to the economy through its purchases of supplies, raw materials, equipment and services. These contributions support an additional 42,500 jobs in supply-chain industries. The money spent by workers in the insulation manufacturing industry helps support an additional 49,000 payroll-induced jobs.
Insulation is widely used to keep modern homes and offices comfortable and energy efficient. Experts say that insulation can help consumers save money.
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“Beyond the report’s findings, which speak to the general economic contributions from this industry, insulation in homes and businesses saves energy, putting more money in the pockets of consumers and business owners,” says Lee Salamone, the senior director at ACC’s Center for the Polyurethanes Industry.
ACC periodically releases reports to inform consumers and policymakers about the economic impact of the chemical industry.