The Permian Basin continues to fuel America’s economy and energy future. The Permian Strategic Partnership (PSP) released its 2024 Economic Impact Report on July 21, highlighting the region’s essential role in supporting critical government functions such as public education and teacher support, police and fire departments, roadside safety, community hospitals, and universities. The region generated $119 billion for the U.S. economy in 2024 and supports more than 862,250 jobs across the country. As a world leader in oil production, the Permian Basin is projected to produce around $350 billion in gross product and provide more than 1 million jobs for the nation’s economy by 2050. “The Permian Basin is not only America’s most important energy-producing region—it’s one of the nation’s greatest economic engines,” said Don Evans, Chairman of the Permian Strategic Partnership and former U.S. Secretary of Commerce. “From public schools to highways to the federal balance of trade, our region is delivering long-term value to communities across the nation. We must continue to invest in the region to fuel this momentum.”
According to the Economic Impact Report, the Permian contributed:
- $19.2 billionin total direct state taxes from Permian Basin activity in 2024
- $3.4 billionpaid to Texas’ Permanent University Fund and Permanent School Fund combined
- 645,000+ jobs in Texasand147,500 in New Mexico
- $1.6 billion paid in school taxes
The Basin’s economic influence continues to outpace its population. While home to only 1.6% of Texans, the Permian generates 7.3% of the state’s private sector GDP. Similarly, in New Mexico, just 9.4% of the state population but contributes 24.8% of private sector GDP.
“This report confirms what we in the Permian already know—our region is indispensable,” said Tracee Bentley, President and CEO of the Permian Strategic Partnership. “We’re delivering clean, affordable energy and strong economic returns while also investing in our communities and workforce. The Permian Basin is where innovation, opportunity, and growth all come together.”
Related: Jobs in energy services sector decline again in June; Texas leads with 309,473
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