Midland, Texas is best known for its history in the U.S. oil and gas industry. However, Midland has been shifting in order to adapt to new economic realities and create better economic opportunities. Being Texas’ fifth largest Metropolitan Statistical Area and having a cost of living 5.2% below the U.S. average,  it has established itself as a major contributor Texas’ economic expansion. 

Oil and Gas Industry 

Midland will continue to be known for their oil and gas, with economists projecting an increase in new jobs in the industry through 2028. With the city’s location in the heart of the Permian Basin – one of the largest oil fields in the country – there is no doubt that Midland will remain a focal point for energy production, as well as the opportunities for individuals and businesses that follow. As new technologies and techniques arise, the demand for skilled workers in oil and gas mining is expected to rise, offering abundant job opportunities across various sectors, from engineers to logistics professionals. As Midland continues to grow, these developments create a dynamic economic environment that provides opportunities not only for individuals looking to enter the workforce but also for established businesses seeking to expand. 

Quality of Life

Midland offers a very competitive quality of life, with an annual average salary of $89,744. With a higher average salary than the rest of Texas and a cost of living 5.2% below the national average, Midland is both a desirable and economical place to live in. In 2023, Midland also ranked second in the U.S. in per capita personal income by metropolitan area. The lower cost of living makes Midland an affordable place to live in with 82% of millennials being homeowners, the highest millennial homeownership rate of any Texas metropolitan area. 

Midland offers residents a dynamic arts and culture experience at venues like the Wagner Noël Performing Arts Center. For nature enthusiasts, the city boasts a variety of parks and hiking trails, all complemented by its warm, inviting climate—perfect for outdoor activities such as hiking and sports – a highlight is the I-20 Wildlife Preserve, a 100-acre riparian forest with hiking paths and a butterfly garden.

Economic Growth in Midland

Midland’s economy is thriving, with the Midland Metropolitan Statistical Area (MSA) achieving an impressive 16.2% growth in 2022, surpassing growth rates in major Texas cities such as Houston and Dallas. This population surge is matched by the city’s economic gains, with a GDP rivaling the San Antonio-New Braunfels metro area.

While the oil and gas sector remains a cornerstone of Midland’s economy, its diversification into aerospace, defense, healthcare, and retail has fueled sustained growth. These developments have driven increases in GDP and per-capita income, making Midland a top contender for individuals and businesses seeking opportunity in Texas.

The city’s rapid expansion is creating a wealth of opportunities for new residents, businesses, and entrepreneurs. Enhanced infrastructure, including residential developments, is meeting the growing demand, while Midland’s business-friendly environment and robust economy continue to attract established companies and startups alike.

New Businesses 

Located just minutes from downtown, The Vineyard is redefining business and lifestyle opportunities in Midland. It features the Vineyard Office Park, comprising three elegant office buildings with 247,000 square feet of space and an underground 55,000-square-foot parking garage. On-site amenities include a fitness center and Bites at the Vineyard, a bistro offering breakfast and lunch. Whether you live or work at The Vineyard, its modern facilities and scenic surroundings cater to your needs.

Aside from the oil and gas industry, Midland continues to expand and features growth in several other key sectors. Midland has been experiencing a growing aerospace and defense sector, with new companies relocating to the area and existing businesses expanding, largely due to the Midland International Air and Space Port and its horizontal launch site. This growth is fueled by investments in research and development, which are not only advancing technological innovations but also creating high-paying jobs. These developments are driving Midland’s economic growth, helping to diversify the local economy and enhance the region’s economic standings.

Other growing sectors include retail, healthcare, social services, and wholesale trade, which are introducing diverse career opportunities and enhancing Midland’s economic stability. These advancements are not only attracting professionals and businesses but also driving infrastructure improvements that elevate residents’ quality of life.

A Bright Future for Midland

Midland has emerged as a vibrant, fast-growing community offering cultural richness, abundant career opportunities, and a welcoming environment for businesses. With its diverse economy, strategic location, and commitment to growth, Midland continues to solidify its reputation as an attractive destination for residents, entrepreneurs, and professionals alike.

If you’re considering relocating to Midland, reach out to us today to learn more about our available homes, or to take a tour of the Vineyard – come see for yourself what makes Midland such a special place to call home!