While employment numbers in January were not as high as economists had hoped, one sector in which job creation has not disappointed is the oil and gas drilling industry. Opportunities for work in these companies have continued to grow over the years, with states including Texas and Louisiana leading in the number of employees, according to the 2013 State of Energy Report released by the Texas Independent Producers and Royalty Owners Association.
Oil and gas drilling boasts soaring employment numbers
Millions of Americans currently hold jobs in the oil and gas field, which isn’t surprising considering that since 2007, the industry has grown by 40 percent, as reported by a release from the Manhattan Institute. Mark Mills, author of the report, writes that not only has employment fully recovered from the Great Recession, but had it not been for oil and gas, the U.S. may still be in the same state it was in during that time. The Oil and Gas Journal summarized Mills’ findings, including the facts that statewide employment within the top oil producing regions has exceeded the national average, the sector remains the top provider of jobs for the middle class and overall gains the country has received due to the boom exceed $300 billion per year. Mills explained to Real Clear Markets that the industry holds potential for continuing to improve the nation’s economy.
“In the last few years, the oil and gas sector, dominated by small and midsized companies, tens of thousands of them, has achieved astounding and broad-based job creation, more than in any other single segment of the economy,” Mills said to the source.
Texas paves the way for jobs in the industry
Due to the large boom Texas received following the Great Recession, 49 percent of all new jobs in the U.S. stemmed from the Lone Star State from July 2009 to June 2011, the majority of which were provided by the oil and gas industry, Forbes reported. Due to the large number of companies and factories in Texas, workers are drawn to the employment opportunities provided. Numbers are only expected to grow in the future, with the Investor’s Business Daily reporting that by 2017, 100 more factories and 1 million additional jobs will have surfaced. These corporations have seen an increase in demand, which has led to a higher amount of activity and greater need for workers, neither of which is predicted to slow in the upcoming months.