Midland, Texas is the Land of Opportunity and Sustainable Economic Growth
10 Apr 2019
Sustainable economic growth, opportunity and communitywide improvement help to define Midland, Texas – a community whose growth has been nationally recognized.
The spirit of the community is vibrant with business owners, executives and entrepreneurs showing the same type of hustle you would expect to find in major cities like New York or LA. This is a community where entrepreneurs can make their mark, launch their business and grow ideas into successful organizations. Midland is a place where things happen, where the energy is electric, and the American dream is alive and well. Perhaps this is why Midland, Texas outranks all of Silicon Valley for the percentage of jobs created by startups. In fact, Midland has topped the charts in this category with 4.7 percent of local jobs created by startup companies, as compared with only 2.3 percent of the jobs in the famous Valley (French, 2016).
A thriving entrepreneurial ecosystem is important in Midland, as the community’s economy flourishes amidst the cyclical nature of the oil and gas industry. The rich oil and gas deposits in the Permian Basin are certainly a key factor in the region’s growth, with Midland handling 61 percent of Texas’s oil production. This creates a foundation for economic growth that makes it easier for all industries to thrive. With an economy that is showing an 11 percent year-over-year job growth, per the Bureau of Labor Statistics, Midland is able to continue to benefit from the demand for American oil and gas without being overly dependent upon it (Forbes, 2019). “Midland’s economy is growing in a sustainable way that is fueling long-term growth and development,” said Sara Harris, Interim Executive Director & Director of Community Projects for Midland Development Corporation.
Even within the oil and gas industries, companies are expanding by incorporating new technology and innovation with an eye on environmental impact. For example, Waterfield Mainstream is a local startup focused on water management for producers. They have recently received $500-million in equity from Blackstone – a clear indication of the need for producers to incorporate emerging science into their production cycle (McEwen, 2019).
Some of the reasons entrepreneurs and business executives are attracted to Midland is that the area has no corporate or state income tax. The Midland Development Corporation (MDC) also offers incentives based on the number of new jobs a business creates. For startups and established companies, this presents a compelling financial reason to choose Midland for their next location. The MDC is leveraging this growth to reinvest into the community with a focus on community-wide improvement efforts.
“The MDC is working with community partners on initiatives to create more capacity in housing, child care, and roads. We are also focused on infrastructure improvements, expanding our health care assets, and investing in education to meet the needs of Midland’s growing population,” said Harris.
With a drive to succeed and focus on continued sustainable growth, the MDC is helping to steer Midland’s economy and quality of life initiatives in the direction of the future – a future that with the help of local entrepreneurs and established businesses is incredibly bright.
Forbes. (2019, February 5). The Best Places for Business and Careers: Midland, TX. Retrieved from Forbes: https://www.forbes.com/places/tx/midland/
French, S. (2016, October 8). A small Texas town beats San Francisco on this key metric for startups . Retrieved from Market Watch: https://www.marketwatch.com/story/a-small-town-in-texas-beats-san-francisco-on-this-key-metric-for-startups-2016-10-05
McEwen, M. (2019, February 11). Blackstone bets $500 million on growing full-cycle water management trend. Retrieved from Midland Reporter-Telegram: https://www.mrt.com/business/oil/article/Blackstone-bets-500-million-on-growing-13598964.php