Such spending should create significantly more jobs in 2012 throughout the U.S., especially in the Northeast and Great Plains regions, which are seeing high levels of industry investment.
NEW YORK--(BUSINESS WIRE)--Executives at U.S. middle market energy companies are bullish on their outlook for 2012. This optimism among executives is fueling growth, as 85% expect to seek financing this year, according to Mike Lorusso, Group Head of CIT Energy (cit.com/energy).These are some of the findings detailed in CIT’s latest research study, “2012 U.S. Energy Sector Outlook” (cit.com/energyoutlook).
With many companies looking to expand or refinance in 2012, the outlook for new job growth in the energy sector is positive, says Lorusso. “Such spending should create significantly more jobs in 2012 throughout the U.S., especially in the Northeast and Great Plains regions, which are seeing high levels of industry investment.”
The recent boom in domestic natural gas resources in the U.S. has eliminated the need to import natural gas, according to Lorusso. “Such new discoveries, along with existing oil deposits, have executives heartened about the industry. More than half of respondents characterize these discoveries as a ‘crucial addition’ to the U.S. energy mix, and 46 percent cite natural gas as the most crucial fuel for expanding the nation’s electric generation capacity in the next decade.”
The first in a two-part series, this video interview complements CIT’s ongoing research and thought leadership programs and is part of the latest installment of CIT’s Executive Insights Series (cit.com/executiveinsights) featuring senior CIT executive commentary on current market conditions and industry trends. The second video will discuss how 70% of energy executives believe that the United States can achieve energy independence within 15 years, as well as the expansion of drilling, fracking and how energy executives view the current regulatory environment.
EDITOR’S NOTE: To download a free copy of the complete study, visit: cit.com/energyoutlook. In addition, individuals can download a free copy of CIT’s Executive Spotlight with Mike Lorusso, in which he provides an overview of the U.S. energy sector, at cit.com/energyspotlight.
About the Study
Survey respondents included 107 energy industry executives. A hundred and one executives came from companies with revenues from $10 million to $1 billion. Six executives came from companies with revenues that ranged from $1 billion to $5 billion.
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Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank,BankOnCIT.com, its primary bank subsidiary and an FDIC-insured online bank which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com