Two Texas economies are reaping the benefits from the oil boom in the Permian Basin with people “voting with their feet.”
Texas oil centers Midland and Odessa were among the fastest growing U.S. metros in 2018, according to newly released Census data for the 12-month period ending July 1, 2018. Both cities benefited from more people moving in than out. Midland had the highest growth of all U.S. metros, in relative terms, with a population gain of 4.2 percent. Odessa took the fifth spot with a 3.2 percent population increase.
The two towns are located in what’s called the Permian Basin, a 75,000 square mile area containing rich petroleum and natural gas deposits. Large production of gas and oil has boosted the economy and attracted workers from across the U.S., raised salaries and increased living costs.
Myrtle Beach in the Carolinas, St. George, Utah and Lakeland, Florida were also among the top five fastest-growing metros. Retirement community, The Villages, came in 6th.
Midland has ranked among the top fastest growing cities for years. In the eight-year span from 2010 to 2018, Midland saw population grow nearly 26 percent, only surpassed by retirement haven The Villages in Florida, Myrtle Beach and Austin.
The Dallas-Fort Worth-Arlington and Houston-The Woodlands-Sugar Land metro areas each gained over 1,000,000 people since the 2010 Census, according to July 1, 2018, population estimates. With populations of 7,539,711 and 6,997,384, respectively, Dallas and Houston are positioned as the fourth and fifth most populous behind New York, Los Angeles and Chicago metropolitan areas.
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