Oil and gas drilling is driving a new economy

It has become so ironic that several years ago the Vail Valley had to draw a lot of its workers into town from outlying areas such as Glenwood Springs. Today we are seeing a reversal in that trend, and workers from here are being drawn to the Garfield County towns because oil and gas drilling, where salaries are much higher than the ski areas are willing to pay. Workers can expect to be paid $75,000.00 or more for jobs that require them to work 12 to 14 hour days, usually five or six days in a row. Based on license plate counts in Parachute, Silt and Rifle, many of the workers are coming from as far away as Texas and Louisiana and Oklahoma.

The impact on the housing market has been substantial with single rooms renting for as much as $1,200 per month. The motel business is booming and owners are seeing occupancy rates close to 100%. On the other hand, there could be a limited amount of natural resources in the ground, so builders have to be cautious not to over build for the future. The number of new wells drilled in Gafield County may peak in 2015, but the population at that time could be as high as 120,000 people. Rio Blanco County to the north will see the next influx of drills after Garfield is exploited.

The Gateway Land Company is investigating many of these trends for customers who are looking into alternative avenues of investment, and Judd Babcock will be happy to send you more detailed information if you are considering a move into the real estate world. Call Judd at 970-376-3230 for more information.

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