Oil and gas development in West Texas contributed more than $14.5 billion to the region’s economy in 2012, a University of Texas study found.
The region supported 21,450 full-time jobs for workers in oil and gas, drilling, support operations, pipeline construction, refineries and petrochemicals.
In November, we reported that Midland, Texas knocked Fairfield, Connecticut off the top spot after 26-years for the crown of highest per capita income.
According to the U.S. Bureau of Economic Analysis, the two counties that make up the Midland metro area had a per capita income of $83,049.
In 2012 the region generated:
- $1 billion in salaries and benefits paid to workers
- $6.2 billion in gross regional product (value added)
- $472 million in state revenue, including $187.4 million in severance taxes
- $447 million in local government revenue
The UT study focused on a 16 county region of West Texas — the Concho Valley, West Central Texas and Permian Basin regions.
According to the study, 854 vertical wells and 57 horizontal wells (including 12 directional wells) were completed in 2012.