Here’s what the oil and gas industry means to one part of Texas—-a 2.1 percent jobless rate!
It’s in the Midland and Odessa areas of West Texas—home of the Permian Basin. The Texas Workforce Commission released figures showing the unemployment in the Midland metropolitan statistical area dropped to 2.1 percent in March from 2.2 percent in February. It is also less than the 2.3 percent reported in March 2018.
Midland leads the state of Texas for having the lowest unemployment rate .And it’s clear the oil and gas boom had a ripple effect on the economy in the region.
In the past 12 months, the metro area added 2,500 jobs in the oil and gas industry which translated to a growth rate of 7.2 percent. The trade, transportation and utilities sector added 1,200 new jobs. Leisure and hospitality added 500 jobs.
The government sector was the only one to post a loss during the year, down 100 jobs.