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."