(May 9, 2012) -- Development of oil and natural gas in the Eagle Ford Shale contributed $25 billion in total economic output to the region in 2011, according to a study released today by the Center for Community and Business Research at The University of Texas at San Antonio Institute for Economic Development.
"The Eagle Ford Shale has proven to be one of the most important economic engines in the state," said Thomas Tunstall, director of the UTSA Center for Community and Business Research and the study's principal investigator. "In 2011 alone, the play generated over $25 billion in revenue, supported 47,000 full-time jobs in the area and provided $257 million in local government revenue."
The study also concluded that in 2011 shale development:
"We view the Eagle Ford activity as an economic opportunity of a lifetime," said Mario Hernandez, president of the San Antonio Economic Development Foundation. "The key goal is the increase in investment and jobs. And if the communities will partner with the private companies that are creating these jobs, it can be a win-win for everybody."
The increased revenue from the Eagle Ford Shale is rebuilding local communities. New schools and new hospitals are being built, and new training programs have been launched to maximize hiring from the local workforce. The study projects the creation of approximately 117,000 full-time jobs by 2021.
"The residents and local leadership of South Texas have taken a proactive and collaborative approach to this new economic opportunity, which we hope demonstrates how communities can embrace, invest and manage this new influx of revenues to ensure long-term regional prosperity," said Leodoro Martinez, executive director for the Middle Rio Grande Development Council and Chairman of the Eagle Ford Consortium."
"Through the Eagle Ford Consortium, Eagle Ford Task Force and other community-industry collaborations, Eagle Ford leaders and residents are working together to develop training programs, enhance local employment opportunities and forge solutions to community issues that maximize the benefits and manage the effects from increased development activity.
The Eagle Ford Shale is a 50-mile-wide by 400-mile-long formation that runs from the southern portion of Texas to the east. The formation produces natural gas, condensate, oil and natural gas liquids with margins more favorable than other shale plays. The study assessed the economic impact of the Eagle Ford Shale on the 14 counties currently producing oil and natural gas from the formation, as well as the six surrounding counties indirectly involved in its development.
The UTSA Institute for Economic Development Center for Community and Business Research conducts primary research on community and business development in South Texas and the Border Region. For more information, visit the IED Center for Community and Business Research website.
UTSA's annual sustainability festival, showcases the university’s and the City of San Antonio’s progress on researching and developing sustainable solutions to improve the quality life for future generations.
H-E-B University Center Ballroom (HUC 1.104), Main Campus
The institute will feature a performance from Eva Ybarra, the “Queen of the Accordion.” Manuel Medrano will premiere a documentary on Ybarra’s career. Two people receive free admission with a voucher available here.
Institute of Texan Cultures, Hemisfair Campus
Get involved and register to vote. Click on the link to find out the locations on the Main and Downtown Campuses.
Multiple locations on the Main and Downtown Campuses
Learn about products and services available for studying, working, and making it to graduation! Speak directly to OIT managers, provide feedback on UTSA tech, and have your voice heard! Lunch and OIT gear provided. RSVP at: www.utsa.edu/oit/sic.
University Center, Denman Ballroom (2.01.28), Main Campus
Come meet the candidates looking to take home the crown as Mr. and Ms. UTSA 2017-2018. This is your opportunity to hear the candidates platform and learn how they plan to represent and transform UTSA.
University Center, Retama Auditorium (UC 2.02.02), Main Campus
UTSA's Friends of Shakespeare hosts this annual performance seried by Actors from the London Stage, Sept. 27, 29 and 30 at 7:30 p.m.
Arts Building, Recital Hall (ARTS 2.03.02), Main Campus
The Monks of Drepung Loseling Monastery will prepare a mandala sand painting on the main exhibit floor and offer various lectures and activities.
UTSA Institute of Texan Cultures, Hemisfair Campus
Meet researchers and practitioners from academia, industry and government who are working to address smart cities related issues. Register here: https://utsaresearch.wufoo.com/forms/smart-cities-networking-luncheon/
Durango Building, La Villita Room (DB 1.116), Downtown Campus
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