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Perryman forecasts bright future for Permian economy

ODESSA – There’s a bright economic future ahead for the Permian Basin.

But first, residents must get through a few bumps in the road, said Ray Perryman. The economist held his annual five-year economic forecast Thursday at the Odessa Marriott Hotel and Convention Center in an event sponsored by SouthWest Bank.

Perryman is forecasting 6.6 percent annual growth for the Permian Basin region over the next five years, with the Midland metropolitan statistical area forecast to see growth just shy of 6.5 percent. Current positive commodity prices for oil and gas are expected to fuel additional oilfield activity and economic growth.

“The Permian Basin has a very bright future. We are a critical piece of the global economy. We need to educate our folks and show folks we are an important part of the climate solution,” he said.

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