Wednesday, May 30, 2012

Oil Drilling Affecting San Antonio Real Estate

There's an oil boom going on in South Texas!  The Eagle Ford Shale area includes 22 counties, mostly south of San Antonio, and the population in those counties has skyrocketed in the last year.  In the San Antonio Express News, the writer states that hotel revenues in those counties soared by more than 34 percent in the last 12 months.

Rental housing is hard to come by in those areas, and the demand spills over into many areas of San Antonio.  As surveyors, drillers and other oilfield workers poured into the largely rural counties that occupy the Eagle Ford, hotels quickly began to fill, RV parks multiplied and nontraditional residential sites called man camps appeared.

Some workers are purchasing homes in San Antonio for multiple workers to use as a residence while commuting to work south of town.  Since the oil boom is expected to continue for years, there's more good news for the San Antonio area economy and the San Antonio real estate market.