The economies of Midland and Odessa, Texas grew rapidly in 2013 due to high demand for oil production in the region. Local economies often rely heavily on one industry, and as long as that industry is booming the economy and jobs will grow quickly. While some cities contracted in 2013, the US economy is predicted to pick up in the coming years with growth rates of 2.7% in 2014 and 3.2% in 2015. The booming oil industry has caused a shortage of affordable housing and high rents in Midland-Odessa, as the population increases rapidly due to new jobs in oil fields. Other cities experiencing fast growth have also seen low unemployment rates.

1. America’s Flourishing and Diminishing Economies
Midland and Odessa, the nation’s fastest mounting frugalities last year, both produce oil, which is
always in high demand. While, local economies often rely on one production or trade sector and as long
as the oil and trade sectors are booming, the economies and jobs both will grow rapidly.
According to a recent report of United States, It’s been a sluggish retrieval that economic growth is
expected to pick up in the coming years. United States economy has grown by 1.9 percent till the end of
2013. The economy is expected to grow by 2.7 percent in 2014 and it is forecast to grow by another 3.2
percent in 2015. More the national growth accelerates, more the local economies will. Ninety-Seven
local economies shrank in the year 2013 and the gross metro product of only seven metro areas is
estimated to drop this year. In Shreveport-Bossier City, Louisiana, the economy contracted more than 5
percent and on the other hand, the economy of Midland, Texas enjoyed growth by 7.5 percent, which
was recorded as the highest growth rate in the entire nation. According to the data published by the
U.S. Conference of Mayors and produced by IHS Global Insight, these are the nation’s fastest growing
and fastest shrinking economies.
Top of Form Many of the nation’s economies that contracted
and these cities geographically vary, situated from the
Northeast to the Gulf Coast and the Midwest. These
economies possess different economies. Charlottesville,
Virginia, and Binghamton, New York, are home of the large
universities while in Decatur, Illinois, is the home to largest
employers in the manufacturing sector of US. While not all
the metro areas with the fastest growing GMPs in 2013
share the same traits, many are benefitting from the U.S.
energy boom. Midland and Odessa, Texas, benefit directly
from energy production in their areas, while Fargo, North
Dakota and Pascagoula, Mississippi are hubs of oilfield and
shipping, respectively. The fastest growing combine Metro
Area of Midland-Odessa is facing a huge yearly increase in its population due to which the unoccupied
apartments are almost non-existent which means it is difficult to find an economically priced shelter whereas
hotel vacancies are also rare.
This shortage in housing sector is a direct result of current oil boom in the Permian Basin because new
drilling technologies. To acquire a property costs more than $235,000 whereas the amount of rent is up
to $1100 because of job openings. The ratios of outsiders have boosted because of these job openings
in the oil fields. This massive increase has made RV Parks Like 1270 RV Park Midland famous among
incomers of every class and race. Midland and Odessa, the nation’s fastest mounting frugalities last
year, both produce oil, which is always in high demand. While, local economies often rely on one
production or trade sector and as long as the oil and trade sectors are booming, the economies and jobs
both will grow rapidly. Many other cities of the nation have enjoyed rapid job growth. Unemployment
was typically low in those metro areas which have built their identity among the 10 fastest growing
economies in the nation.