REE’s contribute $1.9 billion in North American economic activity
According to a report issued on April 2 by the American Chemistry Council's Rare Earth Technology Alliance, the rare earth elements (REE) industry, including mining and processing, generates $1.9 billion in economic activity a year in North America. The report said the REE industry directly contributes roughly $795 million in shipments and employs a little more than 1,000 workers.
Even though the global REE market is controlled primarily by companies and countries outside of North America, the report's authors say momentum is on North America's side. "The overall trend is up. And we would expect it to jump even more," said Kevin Swift, ACC's chief economist.
The report argues that each job within the rare earths industry helps sustain five more jobs elsewhere. The group gets to the $1.9 billion figure by adding up the direct, indirect and induced economic effects. Counting the products and industries that rely on REEs, the report finds that the industry helps support more than $300 billion in U.S. and Canadian economic output, including more than 600,000 workers.