Housing Shortage In The Basin

As the economy in the Permian Basin begins to grow, the increase in job supply has demanded the need for more housing. The residence shortage is affecting the general population as property is being converted into housing and new building permits are on the rise. As the need arises, the Permian Basin is working together to develop more homes to solve this problem.

Housing demand is up

Housing demand is up as the growing oilfield economy provides new job openings. More people are moving to the Permian Basin because the job market is becoming the leading job growth zone in Texas. People are coming to the Basin to find work, but are having difficulty with finding a permanent home. There are some long-term hotels in the Basin area, but these are not permanent solutions. The need for rentable houses and apartments is going to provide the area with a more receptive economy for job seekers.

Resulting from the increase in population, hotel and motel usage has produced more revenue in the recent months. This is not all due to travelers vacationing; most of the use is from business people taking part in corporate meetings in the Basin resulting from the economic growth. Some of the increase is even due to transient workers struggling to find a place to live. Some folks are even migrating from nearby cities such as Kermit to work here in the Permian Basin. While the income is great for the economy, it will be more effective to keep the persons here in the Basin. The construction of new homes invites the newcomers to become involved in the community and assist with growth.

New construction

Cities like Monahans, Midland and Odessa have already begun plans to construct new apartments and rentable housing availabilities for the Basin. With the demand for rentable housing so high, it is becoming difficult to afford some of these apartments or houses. More available habitations will not only help people without, but create more affordable housing options. The entire community is working together to assist housing growth in an effort to stimulate our economy. New workers and citizens need homes, and without enough residential areas, our economy will not grow as rapidly as it could.

Besides simply the need for building homes for the economy, workers are needed for construction and production of these new homes. Local construction workers are overwhelmed with the current demand for the industry. Contractors are needed to help develop these new homes and complexes and construction is currently limited by availability of companies. With the demand for these construction companies, new businesses in the industry will sprout, create even more work and assist in the development of new residences.

Towns within the Permian Basin must work together to provide a housing solution for the economy. New businesses and a growth in the petroleum industry are creating jobs for people, but it is up to the Basin to provide housing options for these people. As the efforts of the entire Basin focus towards growth, we can look forward to a better economic future.

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