Tuesday, July 28, 2015

Institute for Economic Development releases forecasts for West Texas oil and gas play

West Texas

UTSA Institute for Economic Development study says West Texas oil and gas play will produce $20.5 billion in economic output including more than 30,000 full-time jobs

Share this Story

(June 16, 2014) -- Ten counties in a West Texas oil and gas play will produce $20.5 billion in economic output in 2022, according to a new study released today by the UTSA Institute for Economic Development.

UTSA Institute for Economic Development Research Director Thomas Tunstall released the study, which describes the economic output of Fisher, Glasscock, Howard, Irion, Martin, Mitchell, Nolan, Reagan, Scurry and Sterling counties.

Additional forecasts for the year 2022 include:

  • 30,540 full-time jobs supported
  • $1.8 billion in salaries and benefits paid to workers
  • $9.4 billion in gross regional product

UTSA's Tunstall also predicts that the region will gain $701 million in state revenue, including $334 million in severance taxes and $664 million in local government revenue.

"Our research indicates that while Howard County and the Big Spring area are still expected to have the largest economic impact, Reagan and Irion counties are expected to see significant increases in gross output between 2012 and 2022," said Tunstall.

The study reported the growth and impact that the oil and natural gas industry has on residents and decision makers in the West Texas region. Although industry developments may still be considered recent, the scope and breadth of its impact is very large, and tangible effects on the region will be felt for years to come.

The ranges of the study's figures are broad due to high variability in the prices of oil and gas, the challenges forecasting future oil and gas activities, changes in the number of wells per rig and changes in productivity per worker for relevant industries in the study.

After a drop in production in the early half of the 2000s, annual oil production in the United States has dramatically increased from 3.1 billion barrels in 2008 to 4.1 billion barrels in 2012. The United States is now ranked second in the world in oil production, behind only Saudi Arabia (4.2 billion barrels). This surge in U.S. domestic oil production has contributed to the recent decrease of the U.S. trade deficit.

The UTSA Institute for Economic Development is dedicated to creating jobs, growing businesses and fostering economic development. Its 12 centers and programs provide professional business advising, technical training, research and strategic planning for entrepreneurs, business owners and community leaders. Its programs serve San Antonio and the Texas-Mexico border area as well as regional, national and international stakeholders. Together with federal, state and local governments, and private businesses, the IED fosters economic and community development in support of UTSA's community engagement mission.

------------------------------

Download full reports:

Connect online with the Institute for Economic Development on Facebook and Twitter.

Connect online with UTSA on Twitter, Facebook, YouTube and Instagram.

 

 

Did You Know?

Sometimes you have to see the little picture

UTSA researchers are exploring matter at the atomic level with Helenita. It's one of the most powerful microscopes in the world, with the ability to operate near the theoretical limit of resolution. At 9 feet, 2 inches tall and weighing more than two tons, Helenita can dissect almost anything. With Helenita's resolution, researchers can study particles atom by atom to see how they behave.

That's critical in developing nanotechnology that will help diagnosis early-stage breast cancer or make helmets that are uber strong. Moreover, the detail that Helenita provides will allow nanotechnology researchers to create new therapies and treatments to fight a wide range of human diseases.

Did you know? Helenita can magnify a sample 20 million times its size, which would make a strand of human hair the size of San Antonio.

Read More »
Events
July 30, 5 - 7 p.m.

Networking and happy hour with AIA San Antonio's Women in Architecture

Join AIA San Antonio’s Women in Architecture group for their networking and happy hour event, where all design professionals are welcome.
Liberty Bar, 1111 S. Alamo St.

Aug. 1, 9 p.m.

"Inside Peace" documentary screening

This documentary, presented by the San Antonio Film Festival, documents the experience of re-entry after incarceration. The film features Michael Gilbert, associate professor in the department of criminal justice and director of the Office of Community and Restorative Justice program at UTSA.
Tobin Center for the Performing Arts, 100 Auditorium Circle

Aug. 4, 6 - 8 p.m.

Free Teacher Tuesday: Los Tejanos Workshop

Discover resources and strategies for teaching Tejano history and culture and get a special educator's tour of the new long-term exhibit, Los Tejanos.
Institute of Texan Cultures, 801 E. César E. Chávez Blvd.

Aug. 9, 12 - 5 p.m.

Vaquerocation 2015

This cowboy-themed programming, offered in conjunction with Our Kids Magazine's Kidcation Week, gives families the opportunity to visit with cowboy docents, enjoy readings and visit activity tables.
Institute of Texan Cultures, 801 E. Cesar E. Chavez Blvd.

Aug. 22, 6 p.m.

UTSA Alumni Gala

The UTSA Alumni Association hosts this annual gala honoring the Alumna of the Year, Alumnus of the Year and the Alumnus of the Year Lifetime Achievement award winners.
Hyatt Regency Hill Country Resort & Spa, 9800 Hyatt Resort Dr.


Other Calendars
» UTSA Events | » Academic | » Institute of Texan Cultures

Submit an Event


Meet a Roadrunner

UTSA student contemplates life, love in new book

Victor Cyrus, Jr will see his first book of poetry published this fall

UTSA's Mission

The University of Texas at San Antonio is dedicated to the advancement of knowledge through research and discovery, teaching and learning, community engagement and public service. As an institution of access and excellence, UTSA embraces multicultural traditions and serves as a center for intellectual and creative resources as well as a catalyst for socioeconomic development and the commercialization of intellectual property - for Texas, the nation and the world.

UTSA's Vision

To be a premier public research university, providing access to educational excellence and preparing citizen leaders for the global environment.

UTSA's Core Values

We encourage an environment of dialogue and discovery, where integrity, excellence, inclusiveness, respect, collaboration and innovation are fostered.

Connect with UTSA News

       


Related Links

Back to Top