WASHINGTON (October 30, 2024) – The American Chemistry Council (ACC) today launched the Economic Elements of Chemistry (EEC), which provides a comprehensive look at the chemical industry’s vital contributions to the U.S. and global economies.
This new online tool replaces the print version of the Guide to the Business of Chemistry. It utilizes an interactive format featuring dynamic graphs and charts that users can engage with to display useful data and statistics. Thanks to the new digital format readers can explore data insights and trends in a more immersive way, delivering an enhanced understanding of the industry's beneficial impact.
The EEC underscores how the U.S. chemical industry remains a powerhouse of innovation and economic growth. For example, U.S. chemical exports totaled $164 billion, making up 10% of the nation’s goods exports, while the overall business of chemistry contributed $639 billion annually to the U.S. economy, supporting over half a million jobs in 2023.
Every year, the business of chemistry shines brightly as a key driver of both U.S. and global economies. Our members are tackling global challenges, including working to reduce emissions, protect our air and water, and enhance safety standards. The Economic Elements of Chemistry provides insight into how our industry powers progress and creates opportunities for a cleaner, healthier and more productive future.
“The EEC is a valuable resource for understanding the chemical industry’s role in driving the economy, and this year’s interactive format offers a more engaging way to explore the data,” said Martha Moore, Chief Economist and Managing Director for Economics and Data Analytics at the ACC. “Our industry’s contributions span from everyday products to large-scale innovations. As global demand continues to rise, we’re poised to expand our impact, meeting challenges through groundbreaking developments.”
The new interactive format allows users to explore key data points such as capital spending, job creation, trade balances, and innovation metrics through real-time graphs and visualizations. It also covers a wide range of sectors that are dependent on chemistry from agriculture and health care to energy and manufacturing. The digital format makes it much easier to navigate complex data and gain the most up-to-date insights into how chemistry supports many industries and the broader economy.
