For years, the energy industry has helped to prop up a portion of the American economy. With growing cities and an increasing need for jobs in a number of areas, the industry stands as one of the stronger aspects of the current hiring market.
According to The Associated Press, recent census information has shown that some of the country's largest-growing metro areas are adjacent to some of the fastest-growing energy companies around the country. Odessa and Midland, Texas, are two of the biggest growing areas, and the latter's public information officer knows there's only one reason why - an increased level of oil production.
The Census Bureau has found that energy production is one of the fastest-growing industries in the United States, and the boom is helping to illuminate a number of uses of new technologies like fracking and drilling to tap new reserves.
Revenue in the energy industry, which has sectors including mining, quarrying and oil and gas extraction, grew 34.2 percent in the past five years, reaching a total of more than half a trillion dollars. It also represented one of the fastest areas of growth in the industry, with its figures growing 23.3 percent in that time. That's especially notable considering the recent market downturn - even in times of trouble, hiring is growing in energy as companies increasingly need new staffing to reach goals, the news source said.
Growth strong regionally as well
The Los Angeles Times adds that the growth of the industry is helping regional job growth as well. The industry has helped create nearly 500,000 combined direct and indirect positions in the state of California, for instance, while there has been more than $21 billion in state and local tax revenues created from the energy collection process.
This comes as the industry is facing a change in direction. Fracking technology continues to advance, and its uses are increasing throughout the industry. Regions like North Dakota and Texas have seen new levels of previously inaccessible oil and gas drawn from shale formations, and petroleum companies want to expand their uses even further nationwide. It appears that wherever fracking is adopted, job growth and increased revenues follow. However, the process has brought up concerns from environmentalists, as fracking has been said to effect some forms of nature. This is the only potential limit to energy job increases.
New technology helping industry see surge
The stock performance of different companies in the housing market is also important to ensure job growth continues into the future, and this too has seen signs of life. From March to April, the energy sector has outperformed the general market by 6.5 percent, while it's beating the sector on a year-to-date basis by more than 3 percent, Forbes reported. As a result, it's likely that this will only inspire further job growth.
The Economic Times added that another piece of potential growth is important in the current market of new technology. Drones are increasingly being used in a number of different energy contexts, doing just about everything that energy companies desire.
These drones can carry cameras and other sensors that can help the industry further increase its means. As a result, the industry will likely need new employees in these positions that can control and harness the powers of the technology fully. Executives at a number of different labs have said that energy continues to be an area of growth, and drones can help inspect smokestacks and other dangerous areas without risking employee safety in the process.