
The Midland Reporter-Telegraph reports that the oil town of Midland Texas is expected to grow its population from about 134,000 to 236,500 by 2025 and 280,800 by 2030. The projection comes from economist Ray Perryman, who attributes the growth to less market volatility, larger scale drilling programs and increased cycle times; and a larger permanent workforce with higher earnings.
The study looks at the economic impact of oil in the region and examines three different oil price projections and the impact on business. Perryman’s presentation showed production increases through 2025 and 2030, regardless of the price scenario. “More than 85 percent of the regional gross product (value-added) in the Permian Basin oil and gas sector flows to the Midland MSA, and that percentage is expected to increase in the future under all the oil price scenario,” according to a press release about the report.
The study shows the potential benefits and implications of the anticipated growth as it relates to housing, education, infrastructure, health care capacity and quality-of-place issues.
Perryman said the population increase will create the need for up to 16,207 single-family residences and 9,938 additional multi-family residences in the Midland MSA. It also will mean the addition of up to 10.5 million square feet in occupied real estate (housing, industrial, warehouse, retail and office space).
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