The surge has already created 576,000 new jobs so far.
Unconventional oil and natural gas production is expected to create nearly a million jobs by 2020 in Texas, according to a report by the IHS CERA group, an energy consulting firm.
The report says the surge has created “a tremendous economic boom” for the state, with 576,000 new jobs created so far, and $22 billion generated in new government revenue this year.
According to the Dallas Morning News, the estimates in this study are far greater than in similar research. Other reports had the estimates in the tens of thousands, well short of IHS CERA’s number.
John Larson, IHS vice president, says the unconventional oil and natural gas production creates direct and indirect jobs, and affects markets from retail sales to housing demands.