Midland Economic Status Back to Blog
It is clear that the Midland economic health index has improved greatly since 1986. Population now exceeds well over 100,000 hard working folks. At $100 per barrel, those workers employed in the oil and gas industry are earning more in wages than ever before. New businesses, not just the oil servicing industry, have sprung up around the Permian Basin. New housing additions, apartments and hotels are badly needed and recent construction permits seem to indicate the need is to be met soon. An enormous new 53 story office is slated for downtown Midland. While all of this is on the surface seems like good news, long time residents of the community complain of the typical problems with unprecedented growth. Crime, traffic and rents seem to be at the top of the complaint list. A few businesses have actually already moved out of town as they have been unable to hire qualified workers at reasonable wages. The competition for labor is at an all time high. In addition, not all Midland citizens are happy about the planned skyscraper taking the place of their downtown County Courthouse. With a significant number of vacant and rundown office buildings already visible, shouldn’t these buildings be dealt with prior to new construction? Of course, several of these vacant buildings are owned by out of town companies and the local government officials are somewhat limited in their options so long as property taxes are current. Fears are that a future oil and gas bust might make this new office building as vacant as the others – but with a much more visible reminder of better times. Some cities, like Detroit, would be happy to have Midland’s current economic health, even with the growth issues