For the first time in decades, U.S. chemical manufacturers are spending tens of billions of dollars to build and expand facilities.

The economy has seen 1.7 million jobs added to the workforce. Investments from foreign companies are flowing into the United States. Even the trade deficit is ebbing.

The success of the shale oil and gas revolution has reached far beyond its creators, said Nariman Behravesh, chief economist, IHS Global Insight, at the Winter NAPE conference on Feb. 6.

Behravesh said energy producers’ successes have created a manufacturing renaissance and ...