It’s common knowledge that natural gas and oil are some juicy looking slices of the US economic pie. Texas has recently been enjoying the boon that comes with increased oil field activity and it’s having a visible effect on real estate markets across the state. Many communities have been affected by a steady growth in oil jobs known as positive oil since 2008, and even now in 2012, gas and oil companies show no signs of stopping that upward trend.
In a recent report by PricewaterhouseCoopers, they estimated that the gas and oil industry is directly and indirectly responsible for nearly 2 million jobs in Texas. Oil and gas jobs make up a sizable chunk of Texas jobs, accounting for 24 percent of the state’s economy. It’s only natural that due to this unique boost to the economy, both residential and commercial real estate in Texas is surpassing similar markets in other states.
While oil isn’t the only industry in Texas that is doing well for itself, it does have the biggest effect on the real estate market. It’s no coincidence that counties with active oil plays are seeing the largest amount of growth in the state.
Counties affected by Texas’ burgeoning oil and gas industry have seen year-on-year job growth exceeding 90 percent, drawing more potential home buyers to the area. With the increases projected by the gas and oil companies in those regions, it’s no wonder why so many are vying for the best real estate in those areas.
The allure of natural gas jobs is irresistible, but there is still good news for those of you who don’t fancy making a home so near to the state’s largest industrial developments. With the young professional crowd seeking to move closer to the oil industry’s epicentre, there is a much needed release on the tension in other Texas markets, affording buyers with no interest in oil a greater chance at landing the home they really want.
If you’re interested in taking advantage of the positive oil boon and are looking for Erath County homes for sale, feel free to give us a call, and together we can strike gold on a new Stephenville home for your family.