As a strong contributor to the U.S. economy, the chemical industry provides over 2% of the total U.S. GDP and nearly 12% of the manufacturing GDP. On a value-added basis, chemicals is the largest U.S. manufacturing sector. The industry employed more than a million people in 1997, including nearly 90,000 scientists, engineers, and technicians engaged in R&D. Over half of the industry employees are production workers earning weekly wages that are 30% greater than the manufacturing average. [CMA 1998]

The United States is the largest chemical producer in the world (over 25% of total production) and achieved a record trade surplus in 1997 of $19.2 billion. The industry continues to grow, with profits in 1997 reaching $44.8 billion, an all-time high. [CMA 1998]

The chemical industry is one of the largest U.S. private sector investors in R&D, with chemical patents accounting for 15% of the total awarded in the United States. Pharmaceuticals research accounts for more than half of R&D spending. [CMA 1998]