by Francisco Guerra, IV. on 04/11/2013
A new study finds that the Eagle Ford Shale drilling activity last year had a tremendous impact on the Southeast Texas economy and the employment situation in all the counties that are home to the Shale.
According to the Study, the Eagle Ford Shale drilling activity has had an impact of $46 billion on the local economies, and helped generate more than 84,000 jobs in the 14 counties that are home to the Shale. What's more, the study also confirms to Eagle Ford Shale lawyers that there will be a continued impact of the boom in this region of the country.
According to the report, as much as $3.3 billion in salaries and benefits were paid out to workers in these 14 counties in 2012. The drilling boom has also generated about $800 million in government revenues, as well as $304 million in state revenues.
Those 14 counties were not the only regions in Southeast Texas to benefit from the Eagle Ford Shale activity. According to the report, the drilling activity has also impacted the larger 20-county region in Southeast Texas to the tune of $3.69 billion in salaries and benefits, close to $29 billion in gross regional product, more than $1 billion in total local revenues, and $1.24 billion in estimated state revenues.
The impact is expected to continue over the next few years. According to the report, the top industries in the Eagle Ford Shale region in 2022 are likely to be oil and gas extraction, support activities for oil and gas extraction and drilling of oil and gas wells. In 2022, the oil and gas drilling boom here is expected to generate an output of about $32 billion.
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