The Midland Development Corporation came out with the February 2018 Monthly Economic Report a few weeks ago. Both the Midland and Odessa Regional Economic Index will surpass record levels and are on track to see real growth in 2018.
The Texas Permian Basin Petroleum Index also showed a 29% increase from February 2017 levels, and crude oil production has reached the highest it’s been since 2014. Also, direct oil and gas employment is rapidly increasing. Read the full report, here.
Jobs are growing rapidly.
Both Midland and Odessa remain two of the Texas metro areas with the highest employment growth, 9.1%, and 7.9% respectively. This trend is expected to continue. The unemployment rate of Midland-Odessa is at an all-time low of 2.8% for February 2018, which is remarkable considering the rate was 4.6% last year.
Midland-Odessa only needs to add 6,400 jobs to return to it’s December 2014 peak. The employment growth seems to suggest that all sectors of Midland’s economy are adding jobs and not only in the oil industry. That’s a good thing for anyone wanting to relocate to Midland.
The housing market is super hot.
The Midland Development Corporation summed it up best. “Home sales are at record levels by any measure and for every time frame,” in the Permian Basin. The real total dollar volume of home sales activity is up 32% in February 2018, a sharp increase from last year. Home sale prices are up by 9% for the year-to-date.
Right now, it’s a seller’s market in Midland-Odessa because demand is still higher than supply. For potential homebuyers, it may be wise to wait for the market to cool some. Until housing supply increases toward the end of 2018, Midlanders should consider temporary living solutions, like those provided by the Hennessey Group.
Construction levels are at an all-time high.
On the supply side, the Midland Development Corporation reported: “New single-family housing construction is soaring with the number of new permits issued in the two cities up by 50% in early 2018.” All the construction, once complete, should help more families in the Permian Basin buy a home for an affordable price.
If you find yourself in need of a temporary living solution or want to learn more about our services, you should drop us a line. We can’t wait to hear from you!