MIDLAND, TX (KWES) - New businesses are popping up around Midland. The Chamber of Commerce says although the energy sector is down, the new businesses unrelated to oil are flourishing.
When the economy took a downturn a few years ago. Midland businesses began to suffer.
"The oil and gas business drives every bit of our economy. Price of oil is up, confidence is high. People spend money more freely," said Midland Chamber of Commerce President, Bobby Burns. "Price of oil goes down, people get a lot more cautious."
The price of oil has steadily been on the rise. Burns says although the price isn't where it was, there are other ways to stay afloat.
"In some ways its a terrific opportunity for a variety of businesses to find new opportunities, new ways to go, new ways to make money. I think you are going to see the new economy really strengthen in Midland," said Burns.
Burns says its not just one type of business that's flourishing. Retail stores are at the top of the list. They are looking at Midland and Odessa because the spendable income is so high.
Burns predicts the business sector will continue to grow into next year.
"I think our economy is in the position to be very, very stable. Really things look good for business people to start things and make things happen and we are going to see a lot of that happen next year," said Burns.