Recycling industry and how it can cushion U.S. economic slowdown

By Truemon Thottathil

 At the time when United States’ economy is facing serious troubles and many businesses are at the threat of a break down, recycling is one outstanding industry which has immense unexplored potential to survive an economical slowdown and save the country.

Rising metal and energy costs mark the prominence of recycling industry. A few weeks back Jim Rogers uttered at a BIR conference that those who are in recycling business will be rich for sure. The recycling industry in the United States has been one of the oldest and strongest proponents of protecting the country’s environment and economy. 

In a study commissioned by The Institute of Scrap Recycling Industries, Inc. (ISRI), the economic analysis shows that the U.S. scrap recycling industry is a major economic engine powerful enough to create 459,131 jobs and generate $10.3 billion in tax revenues for governments across the country, all while making the old new again and helping to protect the earth’s air, water and land for future generations.

The U.S senate passed a resolution last month supporting the improvement of collection, processing and consumption of recyclable materials throughout the United States.  

The purpose of the Senate Recycling Caucus was to educate Senate members and staff on the need for and benefits of recycling to the U.S. economy and the environment and about energy savings generated through recycling, as well as to support public policies aimed at increasing recycling across the country.

Backing the bill ISRI president Robin Wiener said “This resolution puts the U.S. Senate on record about an industry that protects the earth and our natural resources, boosts our economy, contributes positively toward the U.S. trade deficit, and creates good-paying green jobs,”

Gregory L. Crawford, Executive Director of the Steel Recycling Institute, commented, “On behalf of steel, the world’s most recycled material, we are greatly encouraged by the senate resolution supporting recycling.  As the economy improves, the steel manufacturing industry will convert even more old steel to new steel - the final step in recycling - from construction materials to automobiles to containers and other steel products, thus improving our economy and society while reducing environmental effects.” 

The U.S. scrap recycling industry is particularly important because its operations are so widespread. In fact, the total economic activity generated by scrap recycling in the United States exceeds $90.6 billion, making the industry similar in size to the nation’s forestry and fishing industries combined. 

Notably, the U.S. scrap recycling industry adds as much to the nation’s economy as either the coal mining industry and nearly as much as the entire nation’s professional sports teams do.