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Economic outlook for San Angelo 101917

By Clip Syndicate
Economic Outlook for San Angelo Video: Economic outlook for San Angelo 101917
Economic Outlook for San Angelo Wed, 18 Oct 2017 23:02:47 +0000 Economic outlook for San Angelo 101917 Economic Outlook for San Angelo KLST in san angelo recently-- the chamber of commerce says the possible resurgence of the oil industry in the area could boost san angelo's economy. victor guzman has the details. <<san angelo is seeing a number of businesses shutting down recently. an applebees restaurant announced its closure while the local neighbors emergency center--which just celebrated its 1 year anniversary--has announced it will close soon. (michael looney/san angelo chamber of commerce): "retail is always changing it's always evolving and it's always based on a fickle market. they'll have a small group of local customers and sometimes they'll stay loyal and sometimes they'll move on to the next big thing." michael looney says these closures are not the sign of a poor economy in san angelo. evidence of this--and what may provide a boost to san angelo's economy--is the presence of "dragon products," which manufactures the components and parts to make the oil field possible. (michael looney/san angelo chamber of commerce): "they purchased the nov facility, which is at about 117,000 square feet, they closed on that in september. they're in the process of hiring an inital phase of 125 employees. looney says the positive effects of an oil-parts manufacturer moving in are already being felt as more businesses begin to roll in. he says the presence of an oil-related manufacturer could show other companies the importance of having a location near the permian basin, as san angelo is. this confidence is boosted further with oil prices ranging between 40 and 50 dollars per barrel. (michael looney/san angelo chamber of commerce): "when that tracks for a couple of quarters and goes into a few years, you're gonna find oil companies are a lot more confident because they spent all their heavy capital in 2014 or 2015 and now they can go back and finish with those wells they drilled so furiously back in 14 and 15." :18 victor guzman--klst news>> >> have a look at your

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