Midland-Odessa projected to lead in GDP in Texas for the next five years

President of the Perryman Group, Ray Perryman, says Midland-Odessa’s gross domestic product is...
President of the Perryman Group, Ray Perryman, says Midland-Odessa’s gross domestic product is fueled by the gas and oil industry.(CBS7)
Published: Jan. 19, 2023 at 7:24 AM CST
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MIDLAND-ODESSA, Texas (KOSA) -A projection made by the Perryman Group predicts that Midland and Odessa will lead Texas in annual growth in real gross domestic product over the next five years.

President of the Perryman Group, Ray Perryman, says Midland-Odessa’s gross domestic product is fueled by the gas and oil industry.

He says that entertainment groups main focus when looking for a location is growth and having good economic success.

“We’re seeing population growth in the Permian Basin. Obviously the oil and gas industry produces high incomes for workers in the area. So it begins to get the kind of characteristics that makes them the large restaurant and retail chain and others say this would be a good place to put a location,” said Perryman.

Perryman says these groups that look for new locations to settle down in also look for a location that has a lot of opportunity, and he believes the Permian Basin is the perfect location for that.

The city of Midland plans to implement a new system called a one stop shop, with the goal being to speed up the process of getting permits for businesses and residents.

“So if you have a development, or anything like an addition to your house. You can go right in and get everything taken care of right there. We’re hoping to streamline the process so that way it doesn’t take weeks, we can get it done in days,” said Midland city council member, Amy Stretcher-Burkes.

Stretcher-Burkes says they plan to send the proposal to developers next month or march.

Perryman says one issue both Midland and Odessa has struggles with was having people work here for a year or two and then leaving, but says this could change with more companies coming into the permian basin.

“All of those things can improve the quality of life in the area. And encourage people not only to work in the permian basin, but also live there and raise a family there,” said Perryman.

He says if the production of oil continues to grow, so will business growth relating to restaurants, retail and entertainment.