January 14, 2019
Despite the recent drop in oil prices, the Permian Basin economy remains robust, according to a report released by the Federal Reserve Bank of Dallas. The region’s unemployment rate remained at 2.4% in November 2018 — for the fifth month in a row. However, the tight labor market has meant a decrease in job growth, which the Dallas Fed reported at an annualized 7.8%. The Dallas Fed’s December Beige Book has reported that energy companies are having difficulty finding workers for blue-collar positions.
Speaking of oil, production is estimated to have reached 3.66 million barrels per day in November. The rig count stalled, however, sliding by seven in December. The Permian’s number of drilled but uncompleted wells increased to more than 4,000 in November, a 7% month-over-month rise.
Meanwhile, the region reported a new record for home sales at 387 sold between October and November. The existing home price was $285,600.
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