The current oil surge is generating millions of jobs across the United States. One of the key drivers of activity is the opening of unconventional oil- and natural...
The Economic and Fiscal Contribution of the Barnett Shale:
Impact of Oil and Gas Exploration and Production on Business Activity and Tax Receipts in the Region and State
Oil and gas exploration and production in the Barnett Shale has been and will continue to be a notable source of economic stimulus for the region and state as a whole. For well over a decade, the Barnett Shale has been a source of economic and fiscal stimulus to the North Texas regional economy which is significant even within the context of the large Metroplex economy. Exploration and production, royalties and lease bonus payments, and pipeline activity have generated opportunities for the people and businesses across the area and beyond.
The Perryman Group estimates that the current regional gains in business activity and tax receipts related to the Barnett Shale include $11.8 billion in gross product per year and more than 107,650 permanent jobs. This economic activity generates annual tax receipts to the local government entities (including cities, counties, and school districts) and the State of an estimated $480.6 million and $644.7 million, respectively.
Download The Perryman Group’s analysis of the current, historical, and likely future economic and fiscal benefits of the Barnett Shale here.
Drilling Means 9.3 Million American Jobs
New Study by The Perryman Group Quantifies Economic Benefits of Oil and Natural Gas Exploration and Production for the United States and Selected Major Energy-Producing States
The total economic benefits of oil and gas exploration and development activity (including multiplier effects) are estimated to include almost $1.2 trillion in gross product each year, as well as more than 9.3 million permanent jobs in the United States.
“When you include the ripple effects through the economy, oil and natural gas exploration and production supports nearly 7% of the US economy,” said Dr. Ray Perryman, president and CEO of The Perryman Group.
“While changing market conditions will lead to cycles in the industry,” said Dr. Perryman, “the oil and gas industry will be a driver of substantial economic activity for many years to come.”
Troop Deployment Costs Thousands of Jobs
New Study by The Perryman Group Quantifies the Adverse Economic Effects of National Guard Troop Deployment on the Lower Rio Grande Valley and Texas
In July, National Guard troops in Texas were deployed to the US-Mexico border as a response to the influx of immigrants (mostly children) from Honduras, Guatemala, and El Salvador. While troops have been sent to the area on various occasions in the past, the deployment has raised concern among some area residents and community leaders who fear that it could take a toll on the regional economy.
Results of this assessment, which was conducted as a public service, are summarized in a report available for download here and will be discussed by Dr. Perryman in Harlingen on September 5. In addition, the full press release is available.