The Christmas season could also temporarily benefit companies.
ODESSA, Texas-Dr. Ray Perryman of the Perryman Group provided his insights into the local economy during the annual Economic Forecast Conference Thursday at the Odessa Marriott Hotel.
At the conference, Perryman gave an optimistic outlook on the Permian Basin economy and its potential production.
“The trend is up,” Perryman said. “It’s slowed down a bit in the last few months but no, it’s definitely going up. At that point, we’re seeing employment growth, we’re seeing manufacturing growth, we’re seeing revenue growth. All the things you would expect. And energy markets look like they’ll be relatively healthy for a while.”
That’s good news for local business owners like Dwaine Cox, who has owned the Permian Basin Hamburger Company for 44 years.
Along with the upswing in the economy, Cox believes the rise in the oil industry has brought more hungry oilfield workers to the restaurant.
“Well, our business has been good lately, for the last three or four months,” Cox said. “We’ve had some really big months, maybe even bigger than before the pandemic. I’m helping the overall economy recover and we’ve seen many more oilfield workers come down.”
Despite some minor hiccups in the past, all industries should see an uptick in business with the holiday season approaching, especially the restaurant business.
Cox saw it for himself and said that business always picks up slightly during the holiday season.
“Firstly, we always have a really big November and we always have a big December even though we close there for a week,” Cox said. “People are in a celebratory mood. They’re shopping and eating out and stuff, so we’re seeing a little bit of an uptick sometime in December.”
RELATED: Oil and gas production hits record high
RELATED: U.S. consumer inflation fell to 7.7% over the past 12 months
RELATED: No, there’s no limit to how often the Federal Reserve can adjust interest rates