By Jen Kastner
PERMIAN BASIN- For half a year, the country has been faced with little demand for new homes, so housing prices have taken quite a dip. Yet, the booming economy in the Basin means our problem is completely different.
Midland is setting a record this year for the number of residential permits it's pulled and Odessa isn't far behind. Both cities are having a great year. In fact, the Permian Basin Homeowner's Association says they can't seem to build homes fast enough for all the oil workers moving to the area.
The price of a new home in the Basin is comparatively higher than the rest of the country. We have more of a demand, but the labor in the Basin also costs more.
Homebuilder Billy Bassett says, "We do charge more than some of the markets you will see. Our labor costs are higher. We're competing with the oil field for labor. You'll hear stories frequently about a framing crew working on a house and somebody with an oil company or service company shows up and offers them 'x' number of dollars and 60 hours a week and they're gone."
Since Midland-Odessa is somewhat remote, it costs more to bring in supplies and materials from big cities like Dallas or Austin.