AQUA BOOK 2014 - Page 25

Live Oak County BY THE NUMBERS 2013 Population 11,799 Employment 7,102 Unemployment Rate 4.0% Wages Per Employee $55,988 Average Personal Income $50,788 Sales Volume ($ mil) 5,096 New Home Value $161,500 — % National Average 72% The communities Employment Growth in Live Oak county, 10 particularly Three Rivers, have been 8 experiencing much 6 of the impact from the recent 4 boom in oil and gas drilling. With 2 three oil and four gas rigs currently 2008 2009 2010 2011 2012 2013 0 2008 in operation, the county is part of the Eagle Ford Shale production zone. Six of those seven rigs significant advancement since 2010, are operated with the horizontal drilling when its local oil and gas production took method. With economic growth at a off. Since 2008, businesses have added record pace, most economic indicators, about 1,400 jobs, or nearly 50 percent of such as employment and earnings, show the county’s total employment. Industry Composition by Employment, 2013 Unclassified Industry Agriculture 1.7% 0.2% Other Services (except Public Admin) 2.2% Accommodation & Food Services 10.1% Government 17.9% Arts & Recreation 0.2% Educational Services (Private) 0.0% Administrative & Management of Support Businesses 1.7% 0.0% Finance & Professional Insurance & Scientific Real Estate & 2.7% Information Rental Services 0.2% 1.4% 2.2% Mining 29.1% Health Care & Social Assistance 4.0% Utilities 0.4% Retail Trade 9.2% Transportation & Warehousing 3.9% Construction 3.2% Change From 2012 1.2% 3.1% -0.2% 5.8% 15.4% 3.7% 0.0% Change From 2008 2.8% 46.4% -0.3% 33.9% 75.7% 83.2% 116.2% Unemployment Rate U.S. Texas 2009 2010 2011 2012 2013 Employment in Live Oak county has expanded rapidly along with the acceleration of shale oil and gas drilling activity. The county added more than 10 percent in employment during 2011 and 2012, before showing signs of a slowdown in late 2013. With little slack in its labor market, the county’s unemployment dipped to around 4 percent in 2013. As the local economy is reaching full employment, further expansion among businesses would not reduce the number of unemployed further. In this case, most unemployment would be a result of mismatches of skills, instead of a lack of workforce demand. Manufacturing 6.7% Wholesale Trade 2.9% Annual Review of the South Texas Economy – 2014 Edition | 23