Permian Basin boasts the largest rig count
As Taylor Consulting Inc. conducts due diligence toward new real estate acquisitions in West Texas, historic news was released this month regarding the true impact of the region’s oil and gas boom. According to a study released by Texas Tech University and the Permian Basin Petroleum Association, $137 billion in economic output was generated in the Permian in 2012, the most recent year examined.
The study also found that the Permian Basin boasts the largest rig count of any region in the world and sustains more than 546,000 jobs. The numbers are off the charts—and growing.
“This eye-popping data is only the latest evidence of what we already know,” said TAYO CEO Scott Wheeler. “West Texas is one of the hottest economic zones in the world right now. We will continue to aggressively target new acquisitions in the region for as long as this unprecedented oil and gas boom lasts, and there is certainly no end yet in sight.”
Through its real estate division, Third Avenue Development, TAYO is working to capitalize on Texas’ black gold rush by investing in real estate needed for housing, commerce and amenities by the state’s growing population. The company is performing due diligence on multiple properties as well as the acquisition of a brokerage in the region.
Through Third Avenue Development, the company is committed to accumulating the assets to compete alongside American Homes 4 Rent (NYSE: AMH), Silver Bay Realty Trust Corp. (NYSE: SBY), Equity Residential (NYSE: EQR), Essex Property Trust Inc. (NYSE: ESS) and more.