Over the last year, the decline in oil prices has caused a wave of bankruptcies, restructuring and budget cuts for oil and gas producers and the industries that serve them. But one Texas town in the heart of the Eagle Ford is reporting a thriving economy.
Related: TX Economic Index Down
Officials in Pleasanton, an oil boom town in Atascosa County, have come together to show off their resilience in the face of rough times in the oil patch. A local newsman is reporting that business is up from this time last year and can be seen in a myriad of indicators:
- Sales tax increases of 3.64%
- A new building program for the Pleasanton Independent School District
- The city is expanding water service out to Interstate 37
- An extension plan for the Pleasanton Municipal Airport runway from 4,000 to 5,002 feet.
- A new well-designed Pleasanton Civic Center
- H-E-B has completed a new store
- Atascosa Health Center is completing its new building
- Plans to build a new fire station with EMS facilities and AirLIFE for 24/7 operations
Other signs of the town's health include construction of two new huge apartment projects, development in several subdivisions and new businesses moving into the area including five hotels and several big name restaurant chains.
Across the state, the Texas Economic Activity Index continued to decline with Comerica reporting a ninth consecutive drop in the index since late last year.
“We expect the drag from low oil prices to continue into 2016, hitting the large Houston economy particularly hard.”“We expect the drag from low oil prices to continue into 2016, hitting the large Houston economy particularly hard.”