By: Peter M. Duncan
The Houston Business Journal (HBJ) this week reported that the Barnett Shale play in North Texas has generated $65.4 billion in economic activity and created more than 100,200 jobs over the 24-county area since 2001.
The Forth Worth Chamber commissioned the study by Ray Perryman. The study examined the impact of Barnett Shale activity on every aspect of state businesses from 2001 to 2011.
Here are some of The Perryman’s Group’s findings:
- About 38.5 percent of the region’s economic growth since 2001 stems from Barnett Shale activity. That activity constitutes about 8.5 percent of the local business complex.
- The regional effect of Barnett Shale activity is estimated $11.1 billion in annual output.
- Barnett Shale-related activity has created 100,268 jobs in the 24-county region, including direct employment by the energy industry and related jobs.
- Wage and salary employment in the region is about 8.7 percent higher than it would be without the Barnett Shale.
- Personal income in the region is almost 8.5 percent higher than it would be in the absence of Barnett Shale-related activity.
- Over the 2001 through 2011 period, local taxing entities received an estimated $5.3 billion in tax receipts. The state received $5.8 billion.
- This year, the Barnett Shale and related activity will generate around $730 million in additional revenues for counties, cities and school districts in the region. The state will likely receive another $911.8 million, for a total gain in local and state taxes of an estimated $1.6 billion.
- In 2010, independent school districts in the Barnett Shale region received approximately $2.7 million in royalty payments, $2.5 million in bonuses, and $45.8 million in tax revenue from natural gas and mineral rights.
- In 2010, oil and gas companies donated at least $9 million to organizations in the Barnett Shale region.
Facts always speak for themselves. Kudos to Ft. Worth and to the Perryman Group for presenting these successful results!