Austin, Texas – Today, the Texas Independent Producers and Royalty Owners Association (TIPRO) highlighted updated employment figures for the Texas upstream sector. For the first half of 2021, upstream employment increased by 8,766 net jobs in the Lone Star State when compared to the second half of last year, spurred by an uptick in economic activity and strengthening global demand for oil and natural gas. According to the Current Employment Statistics (CES) report from the U.S. Bureau of Labor Statistics (BLS), Texas upstream employment totaled 168,450 from January to June of 2021, with the majority of the gains coming from the oil and natural gas services sector.
“Demand for our product and commodity prices are continuing to improve, with some analysts forecasting the largest increase in global oil demand ever in the coming months,” said Ed Longanecker, president of TIPRO.
Despite challenging market conditions over the past year, TIPRO emphasizes that the Texas oil and natural gas sector continued to provide significant economic support to the state during the downturn. According to TIPRO’s analysis for upstream, midstream and downstream employment, the industry employed over 347,000 direct workers last year, and supported another 2 million in-direct jobs in Texas. In 2020, the total direct Gross Regional Product (GRP), which is essentially GDP for a region of study, for the Texas oil and natural gas industry exceeded $278 billion, or 15 percent of the Texas economy. Once you incorporate the standard multiplier for GRP, that number more than doubled, further illustrating the impact and importance of the oil and natural gas industry for our state, according to TIPRO.
“The Texas oil and gas industry is resilient and will remain a cornerstone of our state economy for decades to come,” said Longanecker. “While the job losses were significant last year for many sectors, improving market conditions will further strengthen employment opportunities for Texas families and the tremendous economic benefits provided by oil and natural gas production in our state.”
About TIPRO
The Texas Independent Producers & Royalty Owners Association (TIPRO) is a trade association representing the interests of nearly 3,000 independent oil and natural gas producers and royalty owners throughout Texas. As one of the nation’s largest statewide associations representing both independent producers and royalty owners, members include small businesses, the largest, publicly-traded independent producers, and mineral owners, estates, and trusts.
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
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