Posted on April 9, 2015 at 2:46 pm by Ryan Holeywell in featured, Workforce
HOUSTON — Falling oil prices and a slowdown in the energy sector have
meant stagnant oil and gas wages, with workers in the Houston area
taking the biggest hit, according to a new study.
The oil and gas industry saw the lowest annual wage growth of any
industry, just 0.8 percent based on first quarter figures analyzed by
PayScale Inc., which tracks wage data.
That number is in stark contrast from the historic wage growth of the
industry. Since 2006, oil and gas workers have enjoyed a 19 percent
increase in wages, the most of any industry.
Houston’s wages also showed signs of trouble according to the study.
The city’s wages fell 0.2 percent from the fourth quarter of 2014 to the
first quarter of 2015. Year-over-year, Houston’s wages rose 1.2
percent, well short of the 1.8 percent national average.
Meanwhile, in a new paper published
this month, the Federal Reserve Bank of Dallas said Texas is one of
just eight states nationwide likely to suffer from a decrease in
employment as a result of falling oil prices.
Texas could see a 1.2 percent decrease in employment as a result of
crude prices that have fallen 50 percent since their summer peaks,
according to the Fed.
Alaska, Louisiana, Oklahoma, New Mexico, North Dakota, West Virginia and Wyoming could also see employment fall, the Fed said.