Business & Industry
A Healthy Mix To augment the region’s sustained growth, Midland is branching into industries that complement the traditionally robust oil and gas manufacturing industry.
iverse economies can offset the losses of unprofitable industries during tough times and drive the gains of complementary industries during booms. With that in mind, Midland’s business leaders have been working to diversify the region’s economy, and these moves are paying dividends. The Midland-Odessa combined general economy continued its expansion through the second quarter of 2012, with the Midland-Odessa Regional Economic Index (MOREI) expanding by 3.1 percent in the second quarter alone and by 6.4 percent in the first six months of 2012. The index rose to 188.8 in June, up from 186.9 in May and up 14.9 percent from the June 2011 MOREI of 164.3. To augment the region’s sustained growth, Midland is branching into industries that complement the traditionally robust oil and gas manufacturing industry. This diversification includes expansion into the aerospace and aviation, manufacturing, logistics, and health care industries, as well as education.
Energy While the regional economy is diversifying, the energy industry is still the dominant sector. Midland has been a major player in the oil and natural gas industry since the discovery of oil in the Permian Basin in the 1920s. The area within a 100-mile radius of Midland covers 15 counties in West Texas and southeastern New Mexico. More than 20 percent of the nation’s oil reserves can be found here. Midland regularly supplies more than 60 percent of all the oil and gas produced in Texas. With the exception of Houston, no other area in the United States plays a more important role in the nation’s energy industry than Midland and Odessa. Midland is the administrative, management and development headquarters for oil and gas production in the region. Midland is also home
Midland Chamber of Commerce
Midland, TX 2013 Community Profile and Buyers Guide