(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:
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:
UTSA prides itself on giving students a well-rounded education. Combining a top-tier academic program with opportunities for personal growth prepares students to compete in a global economy. And that's not all. They learn to be informed and engaged citizens as well. At the heart of that academic program is an award-winning core curriculum.
For four consecutive years, UTSA has received an A-rating from the American Council of Trustees and Alumni for the caliber of its core curriculum. According to ACTA, UTSA requires its students to take six of the seven courses deemed "crucial" to a well-rounded education: composition, literature, U.S. government or history, economics, mathematics and science. Only a handful of other institutions in the U.S. are giving students these tools, which are needed to succeed in careers and the community.
Did you know? UTSA is one of only three Texas institutions and 23 in the United States to receive the highest rating for its core curriculum in the 2014-2015 edition of the ACTA's "What Will They Learn?" report.
This exhibit includes prints by 25 Latino and Latina artists who worked in collaboration with a master printer in the print studio at the UTSA Department of Art and Art History. It runs through Oct. 12.
Downtown Campus Art Gallery, Durango Building Room 1.122, Downtown Campus
This book talk will feature a presentation by the book’s co-editors Anne-Marie Núñez, ELPS associate professor, Sylvia Hurtado, professor at the University of California Los Angeles, and Emily Calderón Galdeano, director of research for Excelencia in Education.
Buena Vista Theater (BV 1.326), Downtown Campus
As part of National Recovery Month, a panel of substance abuse practitioners and members of the recovery community will discuss issues related to substance abuse treatment and recovery.
Durango Building 1.124 (DB 1.124), Downtown Campus
Love of theater, history leads Lee grad to pursue anthropology degree
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.
To be a premier public research university, providing access to educational excellence and preparing citizen leaders for the global environment.
We encourage an environment of dialogue and discovery, where integrity, excellence, inclusiveness, respect, collaboration and innovation are fostered.