Apr 28, 2014 10:52 PM
CORPUS CHRISTI - The Coastal Bend is hitting the second phase of the Eagle Ford Shale boom. With it, we can expect a continued and significant increase in people and jobs. We can also expect an increase in cost of living.
Ground was broken last week on what will be a billion dollar iron ore company called Voestalpine. The company will create an opening for hundreds of construction jobs and eventually will be home to hundreds more skilled worker jobs.
Texas A&M Corpus Christi economics professor Dr. Jim Lee says, "By 2018, 3 or 4 years from now, all those big industrial sites will be operational. Then we'll need another set of skills." Dr. Lee says the Coastal Bend is experiencing the second wave of the Eagle Ford Shale boom with major and long term industrial construction and growth.
It's already putting more people to work. The latest Coastal Bend unemployment rate is at 4.9%. It's the lowest unemployment rate since 2007.
While it's great to be out of recession, there is a downside. Cost of living is going up. Housing prices are increasing as more people move to the Coastal Bend. And as companies fight to fill jobs, they'll have to pay higher wages. Long story short, you will eventually be charged more.
But as Dr. Lee explains.. we can't have it all. "If you have a choice, whether you want recession or you want a booming economy, obviously, I would rather try and deal with the growing pains."
Click here to learn more about the Coastal Bend Business Education Center's economic indicators research.
5 hours ago
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