Midland/Odessa Unemployment Numbers Higher Than State Average
Unemployment continues to be an unknown problem in Midland/Odessa, while most think we are on the way back because of the oilfield, that is just not the case.
According to NewsWest 9, the state is seeing a larger unemployment number than it did 2 years ago and Midland/Odessa are even above the state average in unemployment.
While the state average is 6.9%, Ector County is seeing 11% unemployment while Midland is checking in at 7.7%.
"Texas is so dependent on energy that that is the main driver right now that’s keeping unemployment rates high, and that’s why we’re higher in our area than in other areas," Mickey Cargile, president of Cargile Investment Management said.
The oil industry historically is quick to crash but much slower to recover.
"I think the key thing is that energy will recover," Cargile said. "It’s just going to be a slow process. It’s amazing that the energy prices are back up to $60 and above now and as long as we can stay in that area and maybe even move a little bit higher, you’ll continue to see the numbers working to increase and that’s going to drive employment in our area."
The reopening of the economy gives us something to look forward to.
"Certainly as more people get back to work and as the economy opens, that’s going to open opportunities for everyone," Cargile said. "Also, as the unemployment benefits start rolling off, that’s going to motivate people to go out and get jobs and take jobs that are available."
Knowing the boom and bust cycle of the oilfield, I can tell you that a rebound is on the way so just sit tight and wait.