Bank deposits in South Texas are benefitting from a growing population of skilled workers who have higher paid oil & gas jobs and mineral owners who are reaping the benefits of new found royalties. Bank deposits grew a little over 10% from 2008-2011 across Texas, but deposits in South Texas grew more than 15%.
While that’s impressive, I expect the gap will only widen in the next couple of years. Development activity just began hitting its stride in 2011. Royalties are trickling in, but there is much more to come. In many wells, there are dozens to hundreds of people cashing royalty checks once production starts.
Read the entire news release at bizjournals.com
Kenneth E. DuBose
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