BloombergBusinessWeek says Midland and Odessa, Texas sit on top of the Permian Basin, a rich store of petroleum which last year produced 280 million barrels of oil, about 14% of the U.S. output. Compared to the 100 active drilling rigs in 2009 there are 500 this year. As MHProNews has learned, oil booms bring demand for much in the way of support goods and services, including housing. Goliath Industries LLC is building a modular, 52-acre man camp to house 1,000 workers set to open this fall in Odessa, offering private rooms with baths, meals, entertainment, and exercise facilities; and four other companies intend to open temporary modular housing including D.R.Horton Inc., the nation’s most prolific home builder. Odessa’s median home price rose 8.6% from June 2011 to June 2012. Demand has pushed wait time for new home construction to eight to 12 months, as some school officials ask current employees to rent rooms to new teachers until adequate housing is available. The flip side: Rising housing costs are straining the resources of people on fixed incomes, resulting in a run on food supplies at local pantries.
