Impact of Eagle Ford Shale on Jobs, Income and Spending in South Texas
The surge in Eagle Ford Shale drilling has produced sharp gains in economic activity across South Texas. From a low during first quarter 2010 to third quarter 2011, jobs grew at an annual rate of 5.9%, reaching 2.9% above the previous peak value. By comparison, during the same period, jobs statewide increased by 2.4% and remained 0.01% below the previous high. Since the beginning of 2010, the 15,773 net new jobs account for 6.9% of the state’s net gain during the period. It is difficult to estimate how activity will change over the next several years. As long as oil prices stay above $70 per barrel, drilling activity probably will remain strong; at less than $70, drilling activity likely would begin falling off, industry contacts suggest.
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