Booming Eagle Ford Shale: 47k "Shale-Ready Jobs" and $25 Billion in Economic Development in 2011
The Eagle Ford Shale in Texas is the "economic opportunity of a lifetime" and will potentially create 117,000 "shale-ready" full-time jobs by 2021.From the Center for Community and Business Research at University of Texas-San Antonio: "Development of oil and natural gas in the Eagle Ford Shale contributed $25 billion in total economic output to the region in 2011, according to a study released today by the Center for Community and Business Research."The Eagle Ford Shale has proven to be one of the most important economic engines in the state," said Dr. Thomas Tunstall, director of the UTSA Center for Community & Business Research, and the study’s principal investigator. "In 2011 alone, the play generated over $25 billion in revenue, supported 47,000 full-time jobs in the area, and provided $257 million in local government revenue."The study also concluded that in 2011 shale development:
- Paid $3.1 billion in salaries and benefits to workers;
- Provided more than $12.6 billion in gross regional product;
- Added more than $358 million in state revenues, including $120.4 million in severance taxes;
- And spurred a triple-digit sales tax revenue increase in various local counties.
"We view the Eagle Ford activity as an economic opportunity of a lifetime," said Mario Hernandez, president of the San Antonio Economic Development Foundation. "The key goal is the increase in investment and jobs. And if the communities will partner with the private companies that are creating these jobs, it can be a win-win for everybody."The increased revenue from the Eagle Ford Shale is rebuilding local communities. New schools and new hospitals are being built, and new training programs have been launched to maximize hiring from the local workforce. The study projects the creation of approximately 117,000 full-time jobs by 2021."Here's a link to the full study.