YOUNGSTOWN, Ohio - Preparations are underway for Wednesday's Utica and Marcellus Shale Expo at Youngstown's Covelli Centre.
The conference, put together by the Youngstown-Warren Regional Chamber, will bring together experts on the economic and energy opportunities made possible by drilling for natural gas in the region.
The Valley is on the brink of what could be an economic explosion.
Billions of dollars are being poured into the area and thousands of jobs are being created all because of what lies deep underground.
"We have a whole industry that wants to move into this region and to do so relatively quickly. That is something that 20 years ago city and community leaders probably would not have envisioned," says Eric Planey with the Youngstown-Warren Regional Chamber.
A recent study estimated in Ohio alone more than 200,000 jobs will be created over the next five years.
"Even if we only get a small portion of those, that's still going to be a very large and significant number, and that's strictly in the drilling operations," says the Dean of Youngstown State University's Science, Technology, Engineering, and Mathematics Department Dr. Martin Abraham.
Some of that development is already occurring at companies like V&M Star and TMK Ipsco.
And of course, all of those jobs will create a demand in the economy at stores, restaurants, and car dealerships, leading to even more spin off jobs.
But jobs aren't the only economic benefit from the shale development.
Oil and gas companies have already shelled out millions of dollars to land owners for the right to drill. And they'll likely pay out millions more in royalties.
Rhonda Reda with the Ohio Oil and Gas Education Program says, "It's the long term revenue stream that the royalties that will be paid to local land owners which could be a farmer, it could be a local business, it could be a well drilled on a school property, a golf course. So those royalties will be there as long as that well produces. So again that's a long term economic boost."
The regional chamber has already documented some signs of economic benefit in Columbiana County from those sign on bonuses. They say tractors sales are up in the county and so are bank deposits. Possibly a small sign of what's to come.
