These are definitely exciting times here in the Permian Basin! We still have our big, blue Texas sky and oil pumps are working vigorously across the landscape. Those never change. But in recent months, our region has undergone a significant uptick in commerce which means good things for the people who live here!
It comes as no surprise to anyone that the economy in the Permian Basin is driven primarily by the fossil fuel industry. So, as the Oil & Gas business ebbs and flows so does the economy of our West Texas home. Current factors, domestic and foreign have nudged barrel prices higher and higher, driving the climbing production.
“U.S. crude production, led by the Permian Basin in West Texas, will climb above 10 million barrels a day in the first quarter of this year (2018), nine months earlier than previously anticipated.” – projection by U.S. Energy Department.
For folks like us who live and work in this region, the benefits are felt everywhere. Not to dwell on the past but most of us can remember how tough things got a few years ago when oil production was at a heavy downturn. Today, we can see the employment rates recovering and are expected to keep going. Indicators such as airline bookings, residential market activity, construction, retail sales all help us keep a pulse on the economic health of our cities and state. And, in the case all of those metrics, are on a steady rise in Midland/Odessa and surrounding areas.
Many of us can enjoy higher wages, more choices in shopping and retail, expanded restaurant selection, increases in hotel and tourist revenue (which helps local businesses!), etc. Economic forecasters project sustainable growth for coming years. We at Blakely are thrilled to be in the middle of such exciting times, for our industry and for our community! Thank you so much for your support and for being part of our FAMILY! We are excited for the bright days ahead!
Blakely Construction Company