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WASHINGTON—Favorable oil-to-gas price rations driven by the production of natural gas from shale continue to drive a renewed U.S. competitiveness, according to the American Chemistry Council’s Year End 2013 Chemical Industry Situation and Outlook.

The report said the business of chemistry should experience greater domestic investment, economic growth and job creation.

The U.S. economy is likely to see continued, moderated growth in 2014 according to the American Chemistry Council’s monthly Chemical Activity Barometer.

Kevin Swift, chief economist for the America Chemistry Council, said the U.S. is the most attractive place in the world to invest in chemical manufacturing. He also said over the next five years production is expected to grow by about 25 percent, pushing industry shipments to $1 trillion by 2018.