Texas Business Review, Volume 43, Issue 11, November 1969 Page: 318
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BUSINESS-ACTIVITY INDEXES FOR 20 SELECTED TEXAS CITIES
(Adjusted for seasonal variation-1957-1959=100)
Percent change
Year-to-date
average
Year-to-date Sep 1969 1969
Sep Aug average from from
Index 1969 1969 1969 Aug 1969 1968
Abilene .. .. .. .. . ...148.8 132.9 142..8 12 7
Amarillo.. .. . .. . .. .207.0 196.7 193.7 5 2
Austin. .. . .. ... .. . .350.9 307.2 356.7 14 40
Beaumont .. ... .. . ..190.7 180.5 193.3 6 2
Corpus Christi .....164.7 148.8 159.1 11 3
Corsicana .... . . .. ..181.4 131.9 160.1 38
Dallas. ... . .. .. . ... .357.4 296.4 317.5 21 25
El Paso .. .. . .. ... ..161.7 148.6. 153.7 9 12
Fort Worth. .. . .. ..199.6 166.5 180.9 20 7
Galveston ... .. . .. ...135.6 115.2, 126.7 18 - 3
Houston .. .. . .. ... .. 284.9 248.5 260.6, 15 12
Laredo ... . .. .. .. . ..231.7 234.7 236.6 -1 10
Lubbock ... . . .... . ..195.9 191.3 177.6 2 12
Port Arthur ......126.8 12.5.9 119.1 1 6
San Angelo . ... . .. ..175.9 155.5 167.5 13 7
San Antonio ......221.3 200.2 206.7 11 7
Texarkana .. .. .. .. ..247.6 223.8. 245.7 11 6
Tyler . .... . . .. .. ...192.1 174.5 180.4 10 15
Waco .... .. .. . .. . .. 211.4 201.0 189.2 5 10
Wichita Falls .....139.3 131.1 140.3 6 3
**Change is less than one half of 1 percent.mestic oil refiners in competition with
crude oil.imports of foreign
During the first eight months of the year Texas pro-
duction of crude oil declined 1.5 percent. Total United
States production' declined 0.3 percent during the same
period. Total crude imports rose 14.6 percent to an aver-
age of 1,379,000 barrels a day. The accompanying table
shows how Texas production compared with that of five
other states.
CRUDE-OIL PRODUCTION IN THE UNITED SLTTES AND IN SIX
LEADING PRODUCING STATES, JANUARY-AUGUST 1869
(Millions of barrels)
Percentage
change
Jan-Aug 1969
StateJanuary-August 1969 JfrAom68
California ........ .. ... ..... .... ....... 247.9 -- 0.9
Louisiana. .. .. .. .. . ... . .. .... .. . ... . .. 563.9 . 2.9
New Mexico . . ... . .. ..... .. . ... .. . .. .. . .85.7 0.6
Oklahoma. . .. .. . .. . .. ... .. ..... .. ... .. .149.7 - 0.8
Texas .. ... .. . .. .. .. . ... . ... .. .. . . .... .764.0 - 1.5
United States .............2,23. -- 0.3
Source: World Oi, October 1969.
Texas and Louisiana are the leading producers by a
substantial margin, producing a total of 1.3 billion bar-
rels of crude oil during the eight-month period. This was
59.4 percent of the United States total. In view of the
seizures of United States oil companies' properties in
foreign countries in recent months, it seems important
that this country maintain adequate production reserves.
These reserves should be as close to markets as possible.
It seems likely that oil from the North Slope of th-e
Brooks mountain range in Alaska will begin to reach
West Coast refineries by pipeline and tanker and East
Coast markets by tanker in 1972. This development does
318SELECTED BAROMETERS OF TEXAS BUSINESS
Indexes-Adljusted for seasonal 'ariation-1957-99=10O)
Percent change
Year-to-
date
Year-to- average
date Sep 1969 1969
Sep Aug average from from
Index 1969 1969 1969 Aug 1969 1968
Texas business activity . . 274.4 238.5 249.7 15 17
Crude-petroleum
production . ... . .. . .. ..113.5' 116.7* 113.8 - 3 -- 1
Crude-oil runs to stills .. .136.9 136.7 135.6 '5 2
Total electric-power use. . 264.1: 280.0* 249.3 -- 6 12
Industrial electric-power
use. . .... .. .. .. . .. .. .232.8* 228.2* 219.9 2 11
Bank debits. .. . ... .. .. .311.4 270.4 280.7 15 21
Sales of ordinary life
insurance . ... .. .. .. .. 236.9 236.2: 235.7 ** 8
Urban building permits
issued. .. . ... .. . .. .178.4 174.0 190.1 3 13
New residential ......122.7 120.7 151.6 2 1
New nonresidential . . 258.6 254.4 253.5 2 31
Total industrial
production ... . .. .. . ..178.7* 182.4* 173.6 - 2 5
Total nonfarm
employment ... .. .. . ..145.3* 145.5* 143.9 '* 5
Manufacturing
employment .. .. .. .. . .151.6: 152.5' 149.8 - 1 3
Total unemployment . . . .77.2 77.0 73.8 ** 3
Insured unemployment . .45.2 40.3 42.4 12 2
Average weekly earnings-
manufacturing ......146.8* 145.8* 143.6 1 4
Average weekly hours-
manufacturing......... 99.9" 99.8* 100.7 *
* Preliminary.
**Change is less than one half of 1 percent.
not mean that Texas oil will not be needed. Mideontinent
markets will still need Texas oil.
Crude-oil and natural-gas producers in Texas employed
99,400 workers in September at an average weekly wage
of $156.09. Petroleum refineries and related industries
employed 35,700 workers at an average weekly wage of
$180.18. Chemical manufacturers employed 61,900 workers
at an average weekly wage of $166.66 in September.
Oil-field machinery manufacturers employed 30,300 work-
ers at an average weekly wage of $148.41. This is a
total of 227,300 workers in the state in well-paid jobs in
industries which are part of petroleum production and
refining, or are directly related to it. These are among
the most important industries in Texas. Much of Texas
long-range economic development depends on them.
Although crude runs to stills in September were vir-
tually unchanged from their August level, the index was
6.5 percent above that of September 1968. This was the
highest level of any September in the history of the
index.
Total electric-power use fell 6 percent in September,
but industrial power use rose 2 percent. Both indexes
show good gains for the first three quarters of the year.
Sales of ordinary life insurance maintained about the
same level in September as in August. They were 8 per-
cent above the first three quarters of 1968. With inflation
in consumer prices proceeding at approximately 6 percent
a year and the state population increasing at a rate of
1.7 percent a year, sales of ordinary life insurance are
barely keeping up with inflation and population growth.
After declining 15 percent in August total September
urban building permits issued in Texas rose 3 percent.
TEXAS BUSINESS REVIEW
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University of Texas. Bureau of Business Research. Texas Business Review, Volume 43, Issue 11, November 1969, periodical, November 1969; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1203349/m1/4/?q=Lamar+University: accessed June 3, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.