The educational opportunities offered by The University of Texas Permian Basin enhance employment prospects for students and improve the regional workforce and economic development potential. In fulfilling its primary role, UT Permian Basin generates a significant economic stimulus as well as incremental tax receipts. The University provides direct well-paying jobs, engages in major projects, and supports important research. Graduates are essential to the current and future business complex and enhance the competitiveness of the area. These activities contribute to the economy of the local area, region, state, and nation.
The Permian Basin is among the most important oil-producing regions in the world. Drilling and production and the necessary supporting industries generate business activity not only in the region, but across the state and the nation. In order to be in a position to fully take advantage of future opportunities, it is imperative that the underlying capabilities remain in place - the workforce, the infrastructure, the supply chain, the equipment, and the community support systems. Given the current situation, maintaining this viability requires immediate action from governments at all levels and the private sector.
Increasing local spending can lead to significant benefits in the Permian Basin Region including additional retail sales and jobs, as well as tax receipts to local entities. The Perryman Group estimated the economic benefits if people in the Region increased spending at local retail stores, restaurants, and personal services establishments to levels consistent with patterns in other areas. These amounts are fully adjusted to reflect goods and services that are available in the Permian Basin and income levels of area residents.
Drastic, but necessary, measures to "flatten the curve" and prevent a major spike in COVID-19 infections have involved shutting down much of the economy. The inevitable result has been the loss of millions of jobs and a sudden and unprecedented downturn.
The Marcellus Formation has surpassed the Permian Basin for fracking. Dr. Perryman explains why the Pennsylvania location is not likely to be ahead forever.