Greater Cheyenne Chamber of Commerce Business Journal Q4 2014 | Page 41

MOUR COMMUNITY
2. Odessa, Tex.
• 2013 GMP change: 6.7%
• 2013 change in employment: 5.2% (2nd best)
• Projected 2014 GMP change: 3.1% (50th best)
• Unemployment rate:3.7% (11th lowest)

1. Midland, Tex.
• 2013 GMP change: 7.5%
• 2013 change in employment: 6.3% (the best)
• Projected 2014 GMP change: 3.9% (10th best)
• Unemployment rate: 3.1% (tied-3rd lowest)

Similar to North Dakota, the energy sector contributed
to rapid economic growth in parts of Texas, in large part
due to the development of hydrofracking technology.
Odessa has been at the heart of the West Texas oil
boom, with 2012 drilling activity surpassing early 1980s
levels — when the area last experienced a major boom
— according to the Dallas Morning News. Employment
in the region grew by more than 5% in 2013 alone. In
the past 10 years, employment in the mining, logging,
and construction sector has roughly tripled.

While they are technically in separate metropolitan statistical
areas, Midland and Odessa are less than 25 miles apart.
Midland, like Odessa, has reaped the benefits of the West
Texas oil boom. According to the Dallas Morning News,
the city’s population has expanded so rapidly that there is
a severe housing shortage. If the IHS estimate for 2014
is correct, the Midland area will have among the top 10
GMP growth rates four years straight. Midland was also
the fastest-growing in the past two years. Its GMP grew by
14.4% in 2012 and by 7.5% in 2013. Between November
2009 and November 2013, the number of nonfarm jobs in
the metro area increased by 35%, versus just 5.5% for the
U.S. overall.

Q4 2014 BUSINESS JOURNAL

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