Midland, Texas, Tops Economic Growth Projections
23 Feb 2023
Kenan Institute's American Growth Project has projected Midland, Texas, to be the fastest-growing economy among the 100 largest midsize cities in the U.S. for 2023. With this prediction, Midland is also expected to grow more than twice the size of San Francisco (the top city in the American Growth Project's January report).
Midland's economy is projected to grow at a rate of 6.7% this year. The report also tells us that Midland's productivity (measured by economic output per employee) is 25% larger than San Francisco's. Productivity in the oil sector drives our high performance with 30% of the workforce being employed by it. Technological advances in fracking has led to a boom in oil and the population with an increase of 30% since the 2010s.
As a midsize city, Midland faces unique challenges such as housing, transit, and affordability as well as the negative impacts of a small city like population or other central industries.
Read the full report here: https://kenaninstitute.unc.edu/tag/american-growth-project/