Employment and wages in the oil and natural gas industry in Texas grew significantly through 2023Q1, according to an economic analysis by Dr. Dean Foreman, chief economist for Texas Oil and Gas Association.
Dr. Foreman said data from the U.S. Census Bureau and Texas Workforce Commission show that direct employment in Texas’ oil and natural gas industry rose 8.1 percent from 445,222 jobs in 2022Q1 to 482,557 jobs in 2023Q1. Industry wages also rose – increasing 22.0 percent from about $16 billion in 2022Q1 to $19.5 billion in 2023Q1.
“Employment in Texas’ oil and natural gas industry expanded for an eighth consecutive quarter,” Dr. Foreman said, “and the 2023Q1 growth rate of 8.1 percent stood among the strongest 15 percent of all quarters since 1990… The $19.5 billion of total wages was the industry’s highest outlay on record, which shows this industry’s resilience in the face of continued challenges with labor supply and cost escalation.”
Todd Staples, president of Texas Oil and Gas Association, added, “Despite a slowdown in rig count, which could have a downward impact on these numbers in the future, this analysis gives rightful cause for optimism and is continued evidence of the demand for oil and natural gas’ irreplaceable role in our modern society.”