Oil boom drains Permian Basin housing supplyOil boom drains Permian Basin housing supplyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=90242012-11-14T15:40:00Z2012-11-14T10:00:00Z

PERMIAN BASIN - The massive oil boom in West Texas is driving the economy out of a long depression and driving the cost of housing to new highs. Home prices in the area have gone up at least 19 percent.

The hotels are home to an estimated 8,000 oil industry workers. The region now has the highest hotel and motel rates in the state, with the average cost around $300 a night. RV parks across the area are also at capacity.

Construction sites in Midland and Odessa are as common as drilling wells. The City of Midland has permitted approximately 5,200 units that will be on line in the next few months, according to Courtney Sharp, the city manager.

Midland Reporter-Telegram
http://www.wfaa.com/news/texas-news/housing-in-short-supply-as-oil-boom-boosts-west-texas-economy-permian-basin-midland-odessa-179034481.htmlRead more at {Source}

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