Permian Basin Employment Continues Stable, Unemployment Falls

Permian Basin employment grew at a 2.3% annualized rate as of June 2017, while unemployment dropped to 3.8%, according to the Federal Reserve Bank of Dallas. Though there are improvements in the employment sector, Dallas Fed analysts noted that the labor force actually fell by 8,300, compared to June 2016 levels.

However, a potential tailwind is coming from the outlook of oilfield service firms and exploration and production firms, who responded to the Q2 2017 Dallas Fed Energy Survey. The company outlook index, though lower than in Q1 2017, was still positive, while labor-market indexes support increasing employment.

June 2017 home inventories for Midland and Odessa TX were at 2.9 and 4.8 months, respectively. Inventory levels dropped in each metro, though the decline slowed in both markets.

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