The Center for Community and Business Research at The University of Texas at San Antonio Institute for Economic Development (UTSA) performed an economic study (press release here, full report here) of 14 counties in the Eagle Ford Shale area that estimates the economic impact from oil and gas drilling and production activities in South Texas.
In 2011, the companies operating in the region had significant impacts in the 14-county area and in the surrounding counties:
- More than $19.2 billion in output
- Approximately $10.5 billion in gross regional product
- $211 million in local government revenues
- $312 million in state revenues
- 38,000 full-time jobs
By the year 2021, the Eagle Ford Shale could produce close to $62.1 billion in output, support close to 82,600 full-time jobs, produce close to $34.0 billion in gross regional product, and add approximately $888 million in local governments’ revenues and $1.6 billion in state revenues.
MP: To put $62.2 billion of economic output into perspective, that would be as much or more economic activity in 2021 in the Eagle Ford Shale area of Texas than the entire Gross State Products of states like Vermont, Alaska, Wyoming, Montana, North Dakota and South Dakota (data here, assumes a 5% growth rate).