Basin Bubble? - KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: |

Basin Bubble?

By Camaron Abundes
NewsWest 9

ODESSA- A national economic slowdown could spell changes all over the country, but will that translate to changes here in the Basin.

"When Oil and Gas go up thats a derogatory thing for most of the country and it's a positive thing for us. So our trend normally runs opposite to the national trend," said Gary Vest, director of Economic Development for the Odessa Chamber of Commerce.

Vest says the City has 35 subdivisions of housing, in various stages of construction, going up in Odessa. But even with all the growth in the basin there is still a need for more housing and labor.

"Everybody else is seeing a housing surplus, we're seeing a housing shortage," said Vest, "We're not growing too fast, we've got a booming economy. It's being controlled by the natural elements to fill the jobs which is keeping some of our industry from growing."

In Midland, Mike Hatley is working to get the word out that they have jobs.

"We on a daily basis we're marketing to the rest of the world if you will," said Hatley, "We wasn't them to look at Midland as a place to start and end their career."

Ray Perryman has been watching the economy's ups and downs for thirty years but he says this time around the Basin economy is growing at a good pace when matched against the National trends.

"The energy sector does insulate us somewhat from those things like it's harder to get a mortgage today, than it was before, that's going to effect everybody everywhere," said Perryman. "So we'll see minimal effects from these things because we're a part of a global economy were not completely insulated, but we will have a nice cushion compared to what's going on a lot of places."

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