Productivity in the oil and gas extraction industry more than doubled between 2007 and 2020, according to the US Bureau of Labor Statistics, the largest productivity growth and per unit labor cost decline in the US in that period.
Productivity growth in the oil and gas extraction industry in the US averaged 6% annually between 2007 and 2020, with productivity taking off in 2012 with the rise of fracking. In this period oil US production more than doubled from 5700 barrels per day in January 2012 to 13,000 barrels per day in January 2020.
Between 1987 and 2000 the computer and electronic products sector saw the largest productivity gains with an average of approximately 8% per year, followed by textile mills and transportation equipment with just over 2%.
Notable year-over-year productivity growth in 2020 was recorded for turbine and power transmission production with 19.5%, footwear with 14.9%, and cut and sew apparel with 14.2%.
Rubber products saw a 10.9% drop in productivity year-over-year in 2020, the largest productivity decline in any category in that period.
By Feike de Jong