HOUSTON--(BUSINESS WIRE)--August was another strong month for Texas’ oil and gas industry, despite declining crude prices. Taylor Consulting Inc. (OTCBB:TAYO) continues to execute its corporate plan to capitalize on the state’s historic boom as production there rises to unprecedented levels.
Crude oil production in Texas, spurred by unconventional drilling in the Permian Basin and elsewhere, rose more than 23 percent this August over the totals for the same period last year. Production was estimated at 95.56 million barrels compared with 77.6 million barrels in August 2013.
With the industry investing in Texas in a major way this year, employment in drilling and oil-field services surged to 307,700 in August, an 8.3-percent rise over the same period last year. With oil and gas pouring out of Texas, even U.S. intervention in Syria could not disrupt gasoline prices this month.
The major increase in oil and gas employment and activity in Texas has created a tight demand for real estate here—especially in West Texas near the Permian Basin, the new heart of U.S. oil production. TAYO is building a portfolio of real estate assets in the region to capitalize on West Texas’ rapid growth.
The company has already acquired multiple properties located on or near the Permian Basin as well as executed a letter of intent to form a property development joint venture with The Home Masters Inc.
TAYO recently created Third Avenue Development, LLC to invest in promising real estate assets to compete alongside American Homes 4 Rent (NYSE: AMH), Silver Bay Realty Trust Corp. (NYSE: SBY), Equity Residential (NYSE: EQR) and Essex Property Trust Inc. (NYSE: ESS) and more.
For more information on Third Avenue Development, please visit www.thirdavenuedevelopment.com.
About Third Avenue Development, LLC.
A division of Taylor Consulting, Inc. (TAYO), Third Avenue Development, LLC, is building a competitive portfolio of real estate assets in emerging oil and gas regions. The company is focused on acquiring and developing properties in the country's top-performing markets in order to capitalize on rising demand for housing and related infrastructure services.
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