Monday, June 17, 2013

With the Shale Oil Boom Comes Another One Altogether

It’s a trend that’s seeing itself borne out time and again in cities and towns across America where shale oil has impacted the local economy for the better: with the steady output of new oil fields comes not only a corresponding need for new oil workers out at the well themselves, but also a need for energy company office workers in nearby cities. It’s one of the main reasons why the monthly rental cost of office space in cities close to these nearby shale formations is now at a three-year high. Case in point: Pittsburgh, PA, a Rust-Belt city known better in recent years for its steadily declining population, as well as the deterioration of its once all-powerful steel industry. For the first time in decades, the population trend seems to be headed in reverse. Jobs in the energy and technology centers abound in a city like Pittsburgh. But more importantly in terms of D.W. Lift Sales, the monthly rental cost of Pittsburgh-area office space has increased dramatically over the past several years. For the first time since 2000, Pittsburgh energy tenants are paying around $17.68/square foot, and the city has a vacancy rate well below the overall national average of 17.1%.
In short, all things point towards a building boom in regions where oil and gas have driven profits around. Thanks to our new Midwestern energy turnaround, a lot of good folks who’ve been hard-hit these past couple years are getting their lives and businesses back together.

The fact of the matter is, the Marcellus Shale Deposit now ranks as the most significant shale oil-producing formation in the United States, ahead even of the Bakken Shale Deposit in North Dakota. As a direct result, new oil wells have arisen overnight across eastern Ohio and western and central Pennsylvania; and suddenly there’s new office construction in cities like Pittsburgh, Cleveland, Akron, and Erie, where Texas and Oklahoma oil and gas companies have set up shop by the score. All this new infrastructure and building activity is providing fresh jobs for construction companies and crews that have been hard-pressed since the Housing Bubble Crisis and Great Recession came to town in 2007.

It’s nice to say that things are looking up for our friends and regional business partners, and to truly mean it. There are good things afoot going on out there, and we at D.W. Lift Sales are proud to be playing a part in helping out. We offer top-of-the-line trucks and short trailers for hauling construction equipment and materials into these newly-jumping oilfields: Wabashes, Great Danes, and 36’ x 12’ trailers are all brand-leading ways of hauling materials to their new-found worksites. Likewise, we offer some of the foremost-leading trucks and trailers when it comes to regular office construction. Finally, we carry our fair share of tractor equipment – always a good thing when it comes to heavy-duty construction of new oil wells and rig sites. Basically, let us know how we can be of service! Call us or email us today to request a quote and/or additional information on how we can help your company participate in the greatest American oil boom of the past 50 years!

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