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Oil Investment Resulting in All Types of Growth in Texas
The reason that the Texan economy has remained so strong in recent years is no secret: the state has a wealth of oil investment opportunities.
According to a recent report published in Forbes magazine, Texas is responsible for approximately thirty percent of the country’s domestic oil production. If it were an independent nation, it would rank fourteenth in terms of the amount of oil that it produces.
Texas recently passed Norway in oil production. It’s a big statement that Texas is a major player in the oil and gas industry in the coming decades. Texas is leading the oil boom that should see the United States become one of the biggest producers in the work within the decade.
Housing Boom
Oil investment has led to huge levels of growth in a number of different areas.
One of these is the money that can be made from rented accommodation. In August 2012, the Houston Chronicle reported that a standard two-bath, three-bedroom house in Midland County that would have cost a thousand dollars per month to rent under a decade earlier was going for double that amount.
Figures released earlier this month by the United States Census Bureau demonstrate that counties in West and South Texas are amongst the quickest growing areas in the country, creating a boom in the demand for accommodation.
More Jobs than Workers
Employment opportunities have also gone through the roof due to oil investment in the state. The Fort-Worth Star Telegram reports that there are streets in Texan towns where there are few local banks or fast-food restaurants without ‘Now Hiring’ signs positioned outside them. It also states that there have been stories circulating about a Cracker Barrel that was unable to open until several months after the building had been complete because there were no employees available to work there.
Investment in Texan oil has had a phenomenal effect upon the state’s economy. It has ploughed money into the region, causing it to prosper in spite of the fact that many people are still struggling to gain employment in other parts of the US.
Population Growth
Perhaps the biggest growth that Texas is experiencing is that which is occurring with regards to its population. People are flocking from far and wide to take advantage of the oil boom.
In 2012, Dallas-Fort Worth saw a population increase of 131,879, which was considerably more than any of the country’s other metro areas. The Houston metro area also witnessed a rise in population, adding 125,185 new citizens to its total. The two Texan cities had more people move to them than the Phoenix, Miami, San Francisco and Seattle metro areas combined.
It appears that Texas is now the place to be.
The plethora of investment opportunities that the state’s oil boom has brought about have made it a highly desirable state to move to and improved it significantly with regards to employment opportunities, the amount of wealth that can be generated from real estate and the overall affluence of its residents.
With no end in sight to the wave of growth and prosperity that is currently being witnessed, it is looking as if Texas will continue to grow.
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