While the overall economic recovery in the United States has been uneven in recent years, the numbers posted in the Midland-Odessa region of Texas are strong. The region’s unemployment rate clocks in at 3.4%, beating the national average of 5.8%. Looking at more localized areas, the numbers are even better. Some unemployment reports for Midland have bottomed out at 2.9%, the lowest level in the whole country.
The signs of economic growth can be seen elsewhere as well. The regional economic index in the area was up 6.9% in September compared to the previous year, including a standardized rate of growth coming in at 8.5% in the third quarter. Other signs of regional economic prosperity include retail spending levels, which were 13.2% higher in the third quarter of 2014 compared to the previous year. Automotive spending also increased, with numbers coming in at 20% higher this year over the third quarter in 2013. Construction activity also greatly increased, with $525 million in building permit valuations in the third quarter alone.
It is against this backdrop of prosperity that Southwest Process Controls has opened a new branch in the Midland-Odessa region. Our fluid system control products are heavily used by the oil and gas industry—which is the cause of all this growth. The Permian Basin is currently the scene of an impressive oil boom. This region’s success is due to a number of factors, including highly productive wells and efficient well completion rates. These conditions create powerful incentives for companies to continue and expand oil production in the area.
With strong levels of productivity occurring every day, oil industry operators need reliable suppliers of parts. At Southwest Process Controls, we have dedicated ourselves to providing innovative and high-quality valves, fittings, and other fluid system control products for over 12 years. These include a wide selection of exceptional parts from Hy-Lok, as well as diverse products from other manufacturers. Our suppliers trust us to use our extensive product knowledge to provide products that perfectly fit our customers’ specifications and needs.
Our clientele at Midland-Odessa count on us for another important reason. Many local distributors depend on shipping to deliver valves, fittings, gauges, and other supplies. At Southwest, we maintain a specialized level of inventory control. Whenever a customer in the oil industry needs a fluid handling part, we are very likely to have it in stock. We keep a large number of products in our Midland branch at all times, including a diverse mix of types made from a variety of materials. We stock alloys that many companies reserve for mail order, including Inconel 825, Inconel 625, Alloy C276, and others. With our broad range of inventory, we serve as a one stop shop for oil drilling and all related customers.