ECONOMIC IMPACT OF THE PERMIAN BASIN IN 2017
Responsible for $62.69 Billion in Gross Sales
Responsible for $21.05 Billion in Sales subject to Sales Tax
Generated $1,263,379,037 in Sales Tax for the State (6.0% – Does not include locally generated sale tax amounts)
Generated $1,672,301584 in Severance Tax for the State — this amount accounts for nearly 40% of all Severance Taxes collected
Generated $747,668,832 for Permanent University Fund — this amount accounts for 100% of University Lands/PUF Fund Revenues
Generated $673,091,920 for the Permanent School Fund
In 2011, the Permian Basin produced over $4.35 Billion for the State of Texas in Sales and Severance Taxes and the Permanent University and School Funds alone. That’s up over $600 million annual from 2011.
Represented $153.2 billion worth of market value ad valorem property, $125.3 billion in taxable value ad valorem property and generated $548 million in county revenue from ad valorem revenues, up $84 million annually since 2011.
The Midland-Odessa area serves as the principal labor market for the central Permian Basin. Midland-Odessa has a combined population of over 322,000. Outlying areas in the Permian Basin bring the total population to over half a million people, with another 100,000 located in Trans-Pecos Border area.
Despite population losses in most non-metro areas in the U.S. and Texas, 32 of the 47 counties in our area saw population growth from 2007 to 2017.
With a lot of wide-open spaces, the workforce in the Permian Basin is highly mobile with 25% working and living in adjacent or surrounding counties. That means employers can draw on a much larger workforce than is possible in one particular area.
The larger pool of labor and excellent educational opportunities in the Permian Basin provide a depth of talent and strong work ethic that is a welcome addition for those who do business in the Basin.
Robin Hood School Finance
The Permian Basin Coalition is home to over 100 school districts throughout four Texas Education Agency Regions. Many of these school districts are labeled as Chapter 41 schools, subject to Texas’ Wealth Equalization Program. In 2017, 49 school districts paid in $250 million to the state of Texas, as part of the Robin Hood school finance system, and since the program’s inception in 1994, Permian Basin school districts have paid $4.5 billion of local tax dollars into the program to be equalized throughout other school districts in the state.
The Permian Basin is home to several community and technical colleges which provide affordable educational advancement and job training.
Odessa College offers more than 120 Associate and Certificate Degree Programs. O.C. is an Aspen Prize Top 10 Community College and has consistently won numerous other awards as a top national community college. Servicing 5,000+ students a semester, classes are available on the main campus in Odessa, at extension sites in Pecos, Andrews, and Monahans, as well as, in the convenience of their home or office over the internet through OC Global. O.C. also offers Professional Driving Training courses to train students to receive their Commercial Driver’s License.
Midland College has a 704,752 square foot main campus on 224 acres in the heart of Midland and facilities in Fort Stockton. Midland College is a Level II (four-year) institution, accredited to odder a bachelor’s degree in Organizational Management, 50+ associate degrees and 50+ certification options, as well as Internet-Based Distance Learning Program. M.C. also offers their Transportation Training program which provides individuals with the training they need to obtain a Commercial Driver’s License.
Western Texas College is located in Snyder and provides key energy related programs including Petroleum Technology, Solar Energy, Wind Energy, Welding, and Electrical Lineman training, as well as, Emergency Medical Services, Nursing, and Education and Early Childhood Education Programs.
Howard Junior College’s main campus is located in Big Spring, but they also offer courses through their extension campuses in Lamesa and San Angelo. Their offerings include a number of Associate Art and Science degrees, as well as job training and certificate programs to meet regional workforce needs.
Texas State Technical College West Texas has its main branch in Sweetwater with additional campuses located in Abilene, Breckenridge, and Brownwood. TSTC’s program focus is on traditional, vocational, and cutting-edge technology training to meet a wide array of workforce needs with eight programs geared specifically for energy related needs.
The Permian Basin also offers a number of upper-level degree programs. A number of these can be earned without leaving the Midland College campus from Angelo State University, Howard Payne University, Lubbock Christian University, Sul Ross State University, Texas Tech University Health Sciences Center, The University of Texas of the Permian Basin, and Western Governors University.
The University of Texas of the Permian Basin is Midland-Odessa’s flagship 4-year, University of Texas System Institution serving over 7,000 students. Providing bachelor’s, master’s, and doctoral degrees, the university is ranked in the top 5 Texas public universities for students employed or accepted into graduate school one year after graduation. Through the UTPB Center for Energy and Economic Diversification, UTPB is rapidly becoming a leader in energy research in areas like geothermal and nuclear while now expanding their college of engineering to include mechanical, chemical, petroleum, and electrical engineering. This program is expanding so greatly that the Texas Legislature passed House Bill 100 which allocated funds to build an 80,000 square foot School of Engineering Building at the Midland campus next to the center for Energy and Economic Diversification building.
Texas Tech University Health Science Center hosts Permian Basin regional campuses in both Odessa and Midland. These campuses host TTUHSC School of Health Professions, School of Medicine, and School of Nursing Programs. The School of Health Professions includes the Physician Assistant Program and Physical Therapy Program. The School of Medicine is home to residencies in Internal Medicine, Family and Community Medicine and Obstetrics and Gynecology as well as clinical rotations and patient care in the departments of General Surgery, Psychiatry and Pediatrics. The School of Nursing hosts a Nursing Traditional Undergraduate Program and Accelerated Nontraditional Undergraduate Program. The Midland campus will soon host the new Adolescent Psychiatric Fellowship Program.