Barnett expands regional economy by $65 billion
Economic reports and projections about the natural gas industry in the Barnett Shale have predicted a huge economic gain for the area, and a study released September 27, 2011, by The Perryman Group in Waco confirmed it. The Barnett Shale is responsible for the creation of nearly 100,300 jobs, employment that is 8.7% higher because of the industry’s presence and annual output of $11.1 billion in goods and services. The cumulative economic benefit from 2001 to 2011 is $65.4 billion for the region.
The report, “A Decade of Drilling,” was commissioned by the Fort Worth Chamber of Commerce and conducted by Ray Perryman, Ph.D., a respected economist and financial expert. Perryman’s comprehensive 146-page report details actual, realized dollar figures – not projections – on income for schools, municipalities and the state. The report points out the good fortune of North Texans who live above the productive Barnett Shale play.
Perryman told about 250 community leaders gathered at a Fort Worth Chamber of Commerce event to announce the study that the Barnett Shale “has been a tremendous source of economic strength” to the area, adding, “It’s had a huge impact in a very short period of time.”
“The good news certainly does not end here,” said Julie H. Wilson, Chesapeake Vice President of Urban Development. “We’re here to stay and fully plan to continue our hard work to produce the Barnett’s natural gas resources for the benefit of all North Texas. Our neighbors and our economy are depending on it.”
For more details about the economic impact of the Barnett Shale on this region, read A Decade of Drilling – Barnett Shale Study.