Study: Midland 1st, Odessa 5th for U.S. cities with most jobs at risk
A recent study shows Midland and Odessa are both in the Top-5 in the United States for cities with jobs at-risk during the COVID-19 crisis.
Research from the Brookings Institution says that Midland is #1 in the country for jobs at risk of being lost, with nearly 43 percent in potential danger.
Odessa is not far behind, at #5 in the nation with 33 percent of jobs at high risk.
The five industries that the study determined to be "high risk" are transportation, travel arrangements, hospitality, employment services, and oil and gas.
"In the Permian Basin the economy is oil," local financial expert Cindy High said. "In a down oil market like we're experiencing right now, the first thing to go, unfortunately, is jobs."
High studies the stock market, and says you don’t need to look beyond that to see why employees are being laid off and furloughed
"ConocoPhillips closed [Thursday] at $32.09 a share," High said. "In the last 52 weeks it was as high as $69.08. So these are great companies that have just been pummeled. They are cut in half."
Experts say this crisis won’t be done by next week, so those in at-risk industries could still find themselves unemployed.
"It can get worse," High said. "I didn't think oil would reach $20 [per barrel] but it did. I just don't feel like it can stay there for very long. I'm hopeful it does not.
To close on a positive note, High said she feels the economy is headed in the right direction, it just won’t be a smooth ride getting back to the top.