The U.S. Census Bureau released figures this week from the Economic Census showing that the value of shipments for the nation’s crude petroleum and natural gas extraction ( NAICS 211111) industry climbed 28.9 percent between 2007 and 2012, despite only an 8.5 percent increase in the number of establishments over the same period.
Value of shipments rose from $212.8 billion in 2007 to $274.3 billion in 2012, with the number of establishments increasing from 5,964 to 6,470.
The industry also experienced a 21.1 percent increase in employment, which climbed from 143,054 in 2007 to 173,281 in 2012. Payroll jumped even more dramatically: 62.2 percent, from $9.1 billion in 2007 to $14.7 billion in 2012.
The industry’s growth was attributable to crude petroleum, whose substantial rise in value of shipments over the period (73.8 percent) was in stark contrast to that of natural gas, which experienced a 22.5 percent drop.
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