MIDLAND, Texas — The workforce in the Permian Basin is in a strong position, with the Texas Workforce Commission showing Midland owning the lowest unemployment rate in the state as of May, and Odessa is not far behind. While the oil and gas industry has been volatile at times in the past, the success it is having right now has the area positioned well.
The future outlook for the Permian Basin includes a lot of growth and output. Compared to the rest of the State of Texas, the expectation is for the region to lead the way.
Oil and gas moves the world around, and it is set to move the Permian Basin to new heights.
“Our forecast right now is in terms of percentage growth; the Permian Basin is going to lead the state in percentage growth in both jobs and ouput — output by a wide margin," said Ray Perryman, president of The Perryman Group.
Perryman leads his economic research firm — and as they project the region to add over 11,000 jobs in the next five years — there will certainly be some challenges created.
“We do need, over time, to develop more housing and better-quality housing over time," said Perryman. "When you grow you need roads, you need water, you need sewer, you need all of those things to support the growth, and you need broadband in today’s world, there [are] a lot of things that you need. Again, a lot of efforts going forward right now. There’s a lot of momentum, a lot of commitment and investment in this by PSP (Permian Strategic Partnership) and others at a level I haven’t seen before in my 30-plus years living in the Permian Basin.”
That investment is going toward several areas.
“Permian Strategic Partnership has invested millions of dollars — tens of millions of dollars — into the health care system, the school systems, adult literacy, amenities, all of those things that help to make it a more desirable place to live," said Perryman. "So, that’s historically been a challenge. It’s one I think we’re making some real progress on right now.”
That progress is needed, as oil and gas continues to pump the Permian Basin into the future.
“You’re seeing more restaurants open, you’re seeing more retail venues open, and all that’s kind of driven by the oil and gas sector," said Perryman. "We’re seeing some expansion in our health care sectors right now, things of that nature. So, you’re seeing a lot of that type of growth taking place, but again, much of it is driven by the strength of the oil and gas sector.”
The oil and gas sector is also important to the Texas economy. Perryman noted that people tend to move where there are jobs, and right now that is the case in the state and in West Texas.