March 28, 2014 – The mining, quarrying, and oil and gas extraction sector of the economy showed tremendous growth from 2007 to 2012 as the number of establishments rose by 26.4 percent, according to the 2012 Economic Census Advance Report just released by the U.S. Census Bureau. Hmmmmm, I’m questioning that. From 2007-2012, the quarrying sector of the economy took a historic hit. If they are grouping mining, quarrying, and oil and gas extraction together, then quarrying gets a boost from the growth in oil and gas extraction.
According to the report, the results provide the first comprehensive look at the U.S. economy since the 2007 recession. Revenue for mining, quarrying, and oil and gas extraction grew 34.2 percent to $555.2 billion from 2007 to 2012. It also was among the fastest growers in employment as the number of employees rose 23.3 percent to 903,641.
“The growth shown by the 2012 Economic Census in the mining, quarrying, and oil and gas extraction sector supports the population growth we see in parts of the Great Plains” Census Bureau Director John H. Thompson said. “These data drive our understanding of the economy, and when considered in context of our demographic data provide insight into growth trends.”