permian basin

August 31, 2016 Comments Off on Permian Basin Economy Sluggish, Job Loss Halts Views: 293 Southwest, Texas, Texas - Other, Texas News

Permian Basin Economy Sluggish, Job Loss Halts

Though the economy in the Permian Basin of West Texas remains recession-mired, some lights at the end of the tunnel include job market stability and slowly expanding oil rig counts. In June, total non-farm employment was 159,500, an increase of 500 from May, though the unemployment rate was 5.2%, according to data from the Federal Reserve Bank of Dallas.

Despite the energy downturn, Midland’s average weekly wages stood at $1,252, above the state average of $1,035 during the first quarter of this year. Odessa’s average wages were $1,007. Though permits for single-family construction continue trending downward, the decline has slowed.

Read More at Dallas Fed

For comments, questions or concerns, please contact Amy Sorter

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: , , , ,

Comments are closed.