Barnett Shale gas boom added $65.4 billion to regional economy, report says
FORT WORTH, Texas — According to a report by economist Ray Perryman, the Barnett Shale gas boom has added $65.4 billion to the Texas economy over the last decade.
Commissioned by the Forth Worth Chamber of Commerce, the report, titled “A Decade of Drilling,” examined Barnett Shale activity and impact on local, regional and state business activity during 2001 to 2011.
The report estimates that the cumulative economic benefits during the 2001-2011 period include $65.4 billion in output (gross product) for the region, and $80.7 billion in output for the state.
Approximately 38.5 percent of the region''s economic growth since 2001 stems from Barnett Shale activity. And that activity constitutes about 8.5 percent of the local business complex.“We commissioned the study to see how or if the economic downturn had impacted past projections about the industry,” said Bill Thornton, president and CEO of the Fort Worth Chamber of Commerce. “What we found was that it’s a bulwark of our economy. Here’s an activity that was virtually non-existent a decade ago and now — thanks to new technology developed here — is generating huge benefits in terms of tax revenues, payroll and personal income for our region and the state.”