The U.S. chemical industry is undergoing a "surprisingly good recovery in demand," as annual output is predicted to rise by between 6% to 7%, according to the American Chemistry Council. That increase is driven by domestic consumption as well as exports to Asia and Latin America. "At midyear, it is apparent that the U.S. economy has reached a transition phase, shifting from an economy driven by inventory changes [end of destocking and start of restocking] and stimulus spending, to one that is self-sustaining," ACC economists said. U.S. economic growth is expected to taper off in the next two years, but chemical growth will remain healthy, the report added.
Published in Brief: