According to Forbes.com, More Americans are heading South — to Texas, in particular. The horizontal drilling and fracking boom has helped to double oil production in Texas in the last three years. Oil production in Texas has more than doubled in three years. In April 2011 we were doing about 1.35 million bpd. This April, according to the Energy Information Administration, we’re up to 2.9 million bpd — a level not seen since 1977.
Texas cities dominate a recent list by Forbes.com of areas seeing some of the biggest growth in new residents. More residents are also flocking to Florida. Here is the top list of 10 cities where Americans are heading,
Dallas-Fort Worth, Texas
Miami-Fort Lauderdale-Pompano Beach, Fla.
Tampa-St. Petersburg, Fla.
San Antonio, Texas
Riverside-San Bernardino, California
Click here to see the forbes list.
The boom is back. Like never before. The center of this growth is the Eagle Ford shale, which has exploded from nothing at all a decade ago to become one of the world’s biggest oil fields. The Permian Basin is quickly catching up. This year Texas oil output will all but certainly surpass 3 million barrels per day.
Already Texas has surpassed the oil output of OPEC bigs like Kuwait (2.8 million bpd) and Qatar (2 million bpd), and is closing in on Iraq (3 million bpd) and Iran (3.4 million bpd). There’s a chance that Texas could even catch China, which produces 4.5 million bpd.
This has been a beautiful thing for Texas’ economic health. The state has added about 300,000 jobs in the past year. Like back in 1981, there’s a real estate building boom going on in Houston, with apartment buildings and condos growing like weeds, and home prices in neighborhoods close to downtown soaring. Exxon Mobil even entered that fray, building a mega-complex for 10,000 workers half an hour north of Houston.
In conclusion, it is good to be Texan but at the same time not good to be home buyer since the prices have gone up multi-folds in the last 2 years and demand for the housing continue to push the pricing high every month. Home inventory is still low compared to last year as the homes don’t stay not longer in the market due to the high demand. We were wondering about this boom and hope it doesn’t burst in a bad way again.