TEXAS BUSINESS REVIEW Bureau of Business Research • The University of Texas at Austin July 1973 ...... . _,,_ "" .. TEXAS BUSINESS REVIEW VOL. XLVll, NO. 7, JULY 1973 Editor, Robert H. Ryan Managing Editor, Kathleen Luft Editorial Board: Robert H. Ryan, Chairman; Stanley A. Arbingast; John R. Stockton; Francis B. May; Robert B. Williamson; Kathleen Luft. CONTENTS ARTICLES 149: The Business Situation in Texas, by John R. Stockton 153: Direct Oil-and Gas-Finding Methods: An Answer to the Energy Crisis in the United States? by Sylvain J. Pirson 160: Texas Construction, by Stanley A. Arbingast TABLES 150 : Selected Barometers of Texas Business 1 51: Business-Activity Indexes for Twenty Selected Texas Cities 153: Ranking of Oil-Producing States 154: Existing and Potentially Discoverable Hydrocarbon Reserves in the United States 158 : Prediction Track Record by Direct Oil-Finding Exploration for Stratigraphic Oil and Gas Traps 160: Number of Commercial Fishermen in Leading States, 1972 160: Wholesale Price Index, Lumber and Wood Products 161 : Estimated Values of Building Authorized in Texas 161: Rising Costs of Residence Maintenance 162: Home-Mortgage Interest Rates and Residential Building Authorized in Texas, 1968-1973 162: Employment and Average Weekly Earnings in Con­tract Construction, 1972-1973 163 : Local Business Conditions Barometers of Texas Business (inside back cover) CHARTS 149: Texas Business Activity 150: Total Electric-Power Use, Texas 150: Residential Electric-Power Use, Texas 151: Total Unemployment, Texas 151: Insured Unemployment, Texas 152: Comparison of Consumer Prices and Wholesale Prices, United States 152: Estimated Personal Income, Texas 152: Manufacturing Employment, Texas 152: Average Weekly Earnings, Manufacturing Industries, Texas 155: Projective Well Log Interpretation Param~ters Correlated with Electrotelluric Currents Associated with an Oil-Bearing Stratigraphic 'frap 156: Electrotelluric Currents Associated with an Oil-Bearing Stratigraphic Trap 156: Hypothetical Electrotelluric Survey Projected Downward 161 : Residential Building Authorized, Texas 161: Total Building Authorized, Texas 162: Nonresidential Building Authorized, Texas 162: Bank Debits, Texas Published monthly by the Bureau of Business Research, Graduate School of Business, The University of Tex~s at Austin, Austm, Texa: 7 871 2. Second-class postage paid at Austm, Texas. Content of th1 publication is not copyrighted and may .be reproduced freely, bu~ acknowledgment of source will be appreciated. The views expresse by authors are not necessarily those of the Bu.reau of Business Research. Subscription, $4.00 a year; individual copies 35 cents. BUREAU OF BUSINESS RESEARCH Business Research Council: Vernon M. Briggs, James R. Bright, Robert T. Green, Darwin D. Klingman, George Kozmetsky, George M. Scott, Lee A. Tavis Director: Stanley A. Arbingast Assistant Directors: Florence Escott, David L. Karney Statistician : John R. Stockton Consulting Statistician: Francis B. May Cooperating Faculty : C. P. Blair, Charles T. Clark, Lawrence L. Crum, Clark C. Gill, Robert K. Holz, David L. Huff, Lorrin G. Kennamer, Charles H. Smith, H. K. Snell, Jerry Todd, Ernest W. Walker, Robert B. Williamson Administrative Assistant: Margaret Robb Energy Specialist and Coordinator of Radio Programs: Robert M. Lockwood Transportation Specialist : Charles P. Zlatkovich Coordinator ofSpecial Projects and of Television Programs: Robert H. Ryan Research Associates: J. Bryan Adair, Connie Cone, Gary Cunningham, Robert Easterwood, Christine Fox, Ida M. Lambeth, Kathleen Luft, Carlos Marin, Maureen Meehan, Eugene Robinson, Thomas A. Taylor, Barbara Terrell, James S. Wilson Computer Programmer: Marilyn Turnbull Statistical Associate: Mildred Anderson Statistical Assistant: Constance Cooledge Statistical Technician : Kay Davis Cartographers: James Buchanan, Alice Lo Librarian: Merle Danz Administrative Clerk: Karin Meyer Senior Secretaries: Jennifer Brewster, Clintsy Sturgill Senior Clerk Typists: Susan Cox, Geraldine Edwards, Agnes Marie Sullivan Senior Clerks: Robert Jenkins, Salvador B. Macias Printing Coordinator: Daniel P. Rosas Print Shop Foreman : Robert L. Dorsett COVER DESIGN BY MARY LANGRIDGE Reprints of feature articles are available from the Bureau at ten cents each. · ti n The Bureau of Business Research is a member of the Associa o for University Business and Economic Research. US ISSN 0040-4209 THE BUSINESS SITUATION IN TEXAS John R. Stockton Business activity in Texas in May continued the strong upward movement that characterized the earlier months of the year. The composite index of business activity rose 4 percent from its April level after adjustment for seasonal variation; for the year to date, the index was 8 percent above the figure for the first five months of 1972. The Texas economy provides little evidence to support the view of some economists that the boom is beginning to slacken throughout the country. The index of personal income in Texas rose only 2 percent in May after adjustment for seasonal variation but was also 8 percent higher for the first five months of 19 73 than in the same period last year. The personal income index, derived from a regression analysis of current statisti­cal barometers with the Department of Commerce data on personal income for the state, is used to estimate the official figure before it is published. The business-activity index is based on checks written against demand deposits in Texas banks and represents a substantial proportion of the total volume of spending in the state. Since most trans­actions are carried out by check, bank debits are a reasonably accurate measure of total business transacted. Since changes in prices will also affect the total value of checks drawn on banks, an adjustment is made for price changes. As a result, the index measures fairly accurately the change in the real volume of business. One of the strongest supports to the present boom in business has been consumer spending. Throughout 1970 and 1971 consumer savings were at an all-time high, but beginning in 1972 the percentage of consumer income saved declined , and retail sales began to rise strongly. In 1973 sales volume has continued to rise, and to date it shows no sign of slackening. For the four weeks ended May 26, 1973, department store sales in the 11th Federal Reserve District were 20 percent higher than they were a year ago. Sales the first five months of 1973 were 13 percent higher than in the same period of 1972. Since Texas constitutes a major part of the 11th Federal Reserve District, the above retail sales figures can be considered representative of Texas. The five cities in Texas for which department store sales are available showed increases for four weeks in May ranging from a high of 22 percent in Houston to 14 percent in San Antonio. Dallas and El Paso sales increased 21 percent; Austin sales rose 18 percent. Economists generally agree that the present upswing in business is due for a slowing down, probably as soon as the third quarter of 1973. The business barometers for Texas do not lend any support to this opinion, and it is difficult to find much support in the national data for such a conclusion. The index of industrial production for the United States rose only .5 percent in May, but this is hardly conclusive evidence that a decline is imminent. The national economy during the past year registered one of the most vigorous increases on record. The gross national product in the first quarter of 1973 was 7.8 percent higher than a year earlier. Industrial production was 9 percent higher. Retail sales in April were 14 percent higher than a year earlier and May figures apparently will show a further increase. Sales have been rising so fast that businesses have difficulty keeping adequate inventories. This spurt in sales has put pressure on factories, with the result that industrial production is fast approaching full capacity and in some instances has already reached it. Backlogs of orders are piling up and it seems inevitable that manufacturers will continue to expand capacity. Capital spending has been accelerating since 1971, and even though building costs continue to rise many com­panies apparently believe it is better to build now than wait for higher costs. Even the talk of a recession has had little effect on the decision to acquire new plants and equipment. Capital spending in the first quarter of 1973 increased 4.6 percent over the total in the last quarter of 1972. With an impressive record of expansion turned in by the national economy it is not certain that the predicted declines in business will actually occur. Furthermore, with the new freeze on prices consumers may decide to buy while the controls are in force. If such reasoning is carried to its logical conclusion, the boom in retail sales could continue. Most businessmen appear to expect a continua­tion of good business, judging from their attempts to build up inventories. The inventory-sales ratio of wholesalers in April was substantially below that a year earlier, and with sales soaring as they are at present there is little indication that substantial curtailment in ordering is likely in the immediate future. An area in which there is no sign of a decline is capital spending for business. A government survey indicates that expenditures for new plant and equipment will be 13.2 percent higher in 1973 than last year. and private estimates indicate that 1974 might register an increase of at least 11 percent. The expenditure of funds for plant and equipment is a strong stimulus to the whole business picture. Since Texas industry is expanding at a rate somewhat higher than the rest of the country, these funds should continue to exert strong upward pressure on business. Since capital expenditures are made over a considerable period of time, even if the number of new projects declined it would be a SELECTED BAROMETERS OF TEXAS BUSINESS (Indexes Adjusted for seasonal variation-1967=100) Percent change Year-to­ Year-to­date May 1973 from date average 1973 Index May 1973 Apr 1973 average 1973 Apr 1973 from 1972 Estimated personal income 169.8p 16S.9p 164.8 2 8 Business activity 179.5 172.6 173.2 4 8 Crude-petroleum production Crude-oil runs to stills 115.3p 115.6p 121.8 121.2 115.5 121.1 •••• 3 5 Total electric-power use 151.9p 151.lp 154.1 4 Industrial electric- power use Bank debits 141.3p 145.5p 239.6 225.6 138.9 223.5 3 6 4 19 Urban building permits issued 191.2 17 5.4 192.2 9 5 New residential 182.0 187.1 205.9 3 ** New nonresidential (unadjusted) 202.9 159.4 184.5 27 11 Total industrial production 137.8p 137.2p 135.6 •• 6 Total nonfarm em­ployment 123.8p 123.5p 123.3 •• 5 Manufacturing em­ployment Total unemployment Insured unemployment 11s.1P 114.7p 126.0 130.0 143.4 143.7 115.2 129.4 138.0 - •• 3•• -- 5 15 20 Average weekly earn-ings-manufacturing 136.4p 136.2p 134.0 •• 5 Average weekly hours-manufacturing 98.7p 99.7p 98.0 - 1 p Preliminary. Change is less than one half of 1 percent. ** I SO number of months before the effect could be felt in actual manufacturing and construction. The construction industry in Texas continues to expand even though its rate of growth has slowed somewhat. It is becoming obvious that the rate of increase that has been registered in the past could not be expected to continue indefinitely, but nothing indicates that a serious decline is to be expected. New construction authorized in Texas cities rose 12 percent in May, and for the first five months of 1973 the index was 4 percent higher than in the same period last year. Residential building authorized in May was I percent lower than in the previous month but nonresidential permits were up 27 percent. Some of the increase in the value of permits issued must be attributed to rising costs, which continue their relentless climb from month to month. For example, lumber costs rose 4 percent between April and May, and in May 1973 they were 37 percent higher than a year earlier. In spite of spiralling material costs, the demand for housing continues to be reflected in increased permits issued. Probably one of the most serious threats to a continua­tion of the upswing in business is the availability of credit. The steady rise in interest rates has not curtailed borrowing so there is more and more evidence of actual shortages of credit. The Federal Reserve is apparently doing all it can to restrain the expansion of borrowing, but in spite of continually increasing interest rates the amount of credit in demand grows. The increases in tax collections and some restraint in government spending are resulting in a more favorable budget position in Washington. This improvement is helpful in the fight to control inflation, but cutting expenditures enough to produce a budget surplus is extremely difficult in a government that must rely on the voter to stay in power. Some observers question whether it is possible for a TOTAL ELECTRIC-POWER USE, TEXAS Index Adjusted for Seasonal Variotion-1967=100 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 250~~...-~-,-~~r--~-.~~~~,-~-,~--r~~r---:i RESIDENTIAL ELECTRIC-POWER USE Index Adjusted lor Seosonol Variotion -1967=100 Ol_.,,19~4_L~19651~96~6_L019°'6~7_Lu19~6°8...L1~9<.69;-L>10,97~0-L"19'77"1-'-1~9~72,-'-119J97']"3 6'~~~ democratic government to institute the needed restraints on government spending to avoid a continual pressure toward inflation. Any attempt to cut expenditures is met with vigorous resistance, even from the same groups that advocate a balanced budget. It appears to be human nature to prefer that the budget be reduced by cutting expendi­tures in some area other than the one a particular group supports. Eventually this approach will result in no cut in spending. Though government spending is one of the causes of inflation, it is not the sole reason prices have continued to climb. Inflation is a world-wide phenomenon apparently resulting from the fact that rising consumer standards of living are creating demand for more goods than the economy can produce. Our high level of income has created an enormous supply of purchasing power which consumers everywhere are anxious to exercise. When income is not adequate to provide all the purchasing power needed, modern banking systems are able to create additional power. For example, the total consumer credit outstanding at the end of March 1973 was 58 percent greater than at the end of 1967. This increase was used to buy additional consumer goods and services, particularly durable goods. Control of credit is one weapon that can be used to combat inflation, but it does not counteract the long-term imbalance created when purchasing power runs in excess of goods and services available for the consumers to buy. The surest way to control inflation is to increase the output of goods and services fast enough to supply the potential demand. In spite of the efficiency of the economic systems of the United States and other industrialized nations, they have been unable to increase the supply of goods fast enough to prevent a general increase in prices. BUSINESS-ACTIVITY INDEXES FOR lWENTY SELECTl:.D TEXAS CITIES (Adjusted for seasonal variation 1967=100) Percent change Year-to­ Year-to­date May 1973 from date average 1973 City May 1973 Apr 1973 average 1973 Apr 1973 from 1972 Abilene 13S.2 12S.7 130.9 8 10 Amarillo 162.S lS7.4 I S9.9 3 IS Austin 210.9 221.6 217.1 s - I Beaumont 102.4 IOI.I 104.0 I 7 Corpus Christi I S9.3 167.6 lS9.2 s 4 Corsicana 139.9 143.1 139.8 2 19 Dallas 198.6 183.3 182.8 8 8 El Paso I SO. S 160.9 I S8. l 6 6 Fort Worth IS2.4 IS7.7 I S8.0 3 s Galveston lOS.3 124.1 123.3 - lS 8 Houston 187.1 176.S 181.1 6 10 Laredo 172.8 160.1 166.8 8 11 Lubbock 1S9. I 173.4 I S7.S 8 18 Port Arthur 102.9 113. 1 104.6 9 4 San Angelo 166.9 I S7.3 163.8 6 8 San Antonio 167.6 161.4 161.6 4 7 Texarkana 114.6 112.0 11 S.9 2 2 Tyler 131.3 134.2 142.S 2 8 Waco I S2.3 I S4.S 1S9.0 8 Wichita Falls 128.1 122.3 124.4 s 2 JULY 1973 196• 1965 1966 1967 1968 1969 1970 1971 1972 1973 300>.----.---...--,----.----,--.,----,----,--,----, INSURED UNEMPLOYMENT, TEXAS Index Adjusted for Seosono/ Voriotion-1967=100 2501----+---+----rat illll tools such as the seismograph and thl' i!ravity rnt'lc·r. h i!. I is an isometric representation of a cubic volume of rL'c·ks. at the bottom of which the oil trap is loc·ated. Four \\·ells arc schematically represented as h:iving bl'L'n drilkd to t hL' depth of oil-production expectation. hut only Well .:' encountered oil. For each of thc·se wells sd1t'matic' c>lectriL· logs are drawn. the SP curve to the ldt and one rc>sistivity curve to the right. On W.:lls I, 3. and 4 (the dry hoks) an SP gndient from right (positive) to left (negative) is observed. This means that vertiL'JI upward ekctric t·urrents :ire flowing in the earth. On Well .:'. thl' SP gradient is reversed. indicating a downward-flowing ve rtical ele L·t ric current. The electric current vortict'S issuin)! from the trappL·d oil and gas pool (see Fig . .:')extend all thl' way to thl' surfacl' of the earth whcrl' their L'xistencl' and inknsitic·s may he ascntained by application of Ohm's Law. whil'11 says that the flow of an electric current in a resistive medium (such as the near surface rocks and soils) neates an ckl'triL' potential drop in such a medium. Oil and Gas \-ligration . Acn1111ulatio11. and Rock \1odifications Oil and gas are pooled in commercial quantities within rock reservoir traps as the overlying rocks are permeated by compactio n-ex pelled shale (source beds) waters fro m which myriads of oil and gas droplt'ts are filtered out by the caprock overlying thL' region of entrapment. During their substantially vertical escape. such waters. still containing traces of hydrocarhons. modify the overlying rocks. Thus the resulting physicochernical rock modifications are more intense directly over the pooled oil and gas fields. An·ord­ingly. differential lateral changes exist between the roL·ks within. the overlying modified rock ''chimney" and the rocks outside this chimney. The most obvious rock modifications are the lak ral variations in shale radioactivity as observed by a markL·d reduction in the gamma-ray intensity. Such modifiL·ations are schematically represented in Fig. I at two shale marker beds. I Subsurface mapping of the natural radioactivity of marker beds (i.e., mostly shales that may be corre\Jted over large areas, such as the Woodford shale) has been most effective in establishing the exislt'nce of a "\:himney." '"funnel." or " plume" of geochemically modified rocks over known oil and gas fields in FranL·e (Coulo mmesl. Canada (Westerose, Wizard Lake. and lnisfaill. and the:? United States. Additional confirmation of the theory was provided by successful prediction of the discovery of such fields as Coulo mmes Extension (BE-+). France: XBC field l F ussd­man). Upton County. Texas: and "lorth Heluma field (El!t~nberger). Upton County. Texas. Figure 2 ELECTROTELLURIC CURRENTS ASSOCIATED WITH AN OIL-BEARING STRATIGRAPHIC TRAP Of more significance is the change in the reduction­oxidation (redox) properties of the rocks permeated by the filtered compaction-expelled waters. The remaining un­filtered hydrocarbons that percolated upward with the compaction-expelled shale waters over geologic time changed the rock redox propcrties.2 The mechanism by which such changes occur and are maintained, however, is more difficult to understand. Apparently chemisorption of hydrocarbons on clay parti­cles releases negative electric charges, which tend to be neutralized through a process of polymerization of the ab­sorbed hydrocarbon radicals. Since the vertical escape pro­cess of hydrocarbons is continuous, because of the continu­ous expulsion of shale waters by compaction, a "chimney" of rocks possessing a net negative electric charge is constantly present over the oil and gas pools. By contrast, the rocks outside this chimney may be viewed as possessing a positive electric charge. Therefore an electromotive force is distributed over the cylindrical surface of the "chimney." Since this electro­motive force is present in an electrically conductive medium, an "electrotelluric effect" -an electric current such as in a giant "fuel cell"-is generated. Flectrotcll11ric (LT) Surveys The ex ploration technique that will detect oil and gas directly is quite simple; it consists mainly in measuring the electric potential between two nonpolarizable electrodes I ~ ti embedded in the earth surface and in repeating such measurements judiciously at various and successive elec­trode set-ups so as to cover in a systematic manner the area under investigation by an interlocking grid of closed measuring profiles. The data collected must be processed so as to eliminate many possible sources of errors. Corrections for such errors have now been satisfactorily worked out, and it is possible to map reliably the dist ribution of electric currents in the near surface rocks by means of an equipotential (EP) map (shown in the upper level of Figs. I, 2, and 3). The vertical electrotelluric currents generated by a buried oil and gas pool change direction and flow substan­tially horizontally within the near surface rocks, and in so doing they generate near the earth surface an ohmic electric potential drop which is relatively easily measured. But if Figure 3 HYPOTHETICAL ELECTROTELLURIC SURVEY PROJECTED DOWNWARD -1Mile­ TEXAS BUSINESS REVIEW measurements reproducible within ± 0.1 millivolt are to be obtained, considerable care must be exerted. This precision is required in exploration for natural gas, which generates an ET effect of lower intensity than oil. Surface potential drop measurements are made between pairs of non­polarizable and balanced electrodes. The most severe problem, elimination of the junction potentials of such electrodes with ground moisture, has been solved satis­factorily. Other problems include differential soil tempera­ture effects, proximity to stray currents of industrial and natural sources, near surface underground streaming potent­ial caused by ground water in motion, and metallic corrosion. Application of a special processing technique to field data permits the elimination of such disturbances. The one disturbance which remains a problem is that created by cathodic protection of metallic structures by application of electric currents, especially to pipe lines. The problem may be solved by leaving an unsurveyed gap abng such pipe lines or by seeking permission to temporarily disconnect the rectifiers while the surveys are in progress in the field. Another disturbance which may occasionally be present is that produced by earth magnetic storms, known to generate strong and variable magnetotelluric currents. The best procedure is to wait for the storm to subside. Equipotential and electrotelluric surveys rely on the measurement of near surface electric potential differences which are caused by the horizontally flowing part of the electrotelluric current vortices that penetrate deep into the earth and which are generated on the cylindrical surface of the geochemically modified rock "chimneys." These sur­ veys are surface extensions of the observations made from electric logs and they permit interpolation and extrapola­ tion of the projective well log interpretation maps. These surface exploration techniques measure the same phenom­ enon as the electrotelluric effect of oil fields but at different places in the earth; the techniques complement or supplement each other, with various degrees of efficiency. Equipolential (EP) Surveys Equipotential surveys are resorted to when travel con­ditions on the surface of the earth are difficult and when profile closing is possible only occasionally. The profile closing errors, if any, are uniformly distributed over the individual profiles of a measured loop. The process is much like topographic surveying. The major problem in EP surveys is determination of the limit of expected pro­duction. This may be surmised from experience as the "lows" observed on the topographic maps of the equipo­tential surfaces. Such lows are considered to be the favorable areas because they indicate where the electro­telluric currents return downward. Several failures of this simple interpretation procedure have forced a review of the analysis technique, and presently the interpretation has been much improved by projective methods permitting determination of the distribution of the vertical electro­telluric currents in intensity and in sign at any desired depth below the surface of the earth. \tagnel tlL' lt'l'I riL· (\IF) Surl'eys Verification of this new concept by field tests established that the vertical electric currents generated in the earth by the electrotelluric effect of oil and gas accumulations give rise to anomalies in the static earth magnetic field . That there should be a relation between such electro­telluric currents and the static earth magnetic field is evident by virtue of Maxwell's equations of electro­magnetism. However, the present case is simpler: nearly steady-state conditions prevail in both the electric current and in the magnetic field. It is therefore possible to deduce the direction and magnitude of vertical electrotelluric currents from anomalies represented by maps of the earth magnetic field. The total magnetic vector, its vertical components, or its horizontal components may be mea­sured on the surface of the earth or by an airborne magnetometer (fluxgate or proton type). For magneto­electric computations, readings to one gamma (1 o-5 Oersted) are desirable, but maps with contour intervals of 10 to 20 gammas are readily transformed into vertical electric current intensity maps at any desired depth below the surface. The depth of downward projection of the anomalies is selected to be approximately that at which the electrochemical sources are expected. In the data-processing routine used in magnetoelectric exploration, the effects of the basement rock structure and of its magnetic polarization are removed and only the residual magnetic part related to vertical electric currents remains. The mapping and contouring of the polarity and of the intensity of such currents therefore depict the subsurface "fuel cell" anomalies and thereby delineate the probable areal extent and the probable depth range at which oil and gas accumulations may be found. The processing of geomagnetic data to date has been made from existing contoured magnetic maps, but ulti­mately it will be possible to computer-process directly the digital continuous recordings obtained from an airborne or truck-borne magnetometer and to computer-plot contoured maps of the vertical electrotelluric currents at various desired depths. The results of magnetoelectric interpre­tation may be checked readily by surface ET surveys. Accordingly, the amount of ET field work required for checking an ME discovery is considerably reduced in those areas that have already been surveyed magnetically. This applies to land as well as to offshore operations. However, in the case of offshore operations, surface ET surveys are difficult, if not impossible. Confirmation of the magneto­electric prospects outlined offshore may be obtained from redox surveys, which are feasible at sea. One of the most obvious features of magnetic maps is the large relief (in gammas) of the anomalies observed. These are seldom significant from a structural standpoint, as they are usually associated with anomalous magnetic polarization in the basement rocks, polarization which may be both positive and negative. In the northern hemisphere, the positive polarization anomalies are generally the results of deep igneous intrusions into the base ment rocks or of some presedimentary time stresses and strains in the basement rocks which generated disseminated secondary magnetic minerals. The direction of magnetization in such intrusions and stressed areas may be totally different from that of the present earth magnetic field. Paleomagnetism studies have revealed that the magnetic poles of the earth have wandered greatly in the last four billion years. Structural relief in the basement rocks gives rise to surface and airborne magnetic anomalies which may be interpreted in terms of structural relief. However, the effect is often combined and obscured by basement polarization effects. Both of these magnetic effects, structural and polarization anomalies, overshadow by their magnitude the oil-and gas-significant magnetoelectric effects which are sought and outlined by the present technique. A difficulty is encountered in using past surface mag­netic and especially aeromagnetic surveys: they are seldom reliable because of poor instrument calibration and mainly because of inadequate corrections of the profiles for diurnal variations and in the distribution of errors around closed profiles. By means of appropriate numerical filtering of the digitized maps, however, it has been possible to isolate significant magnetoelectric anomalies which then should be checked on the ground or at sea with adequate magneto­meters especially designed and operated to obtain more reliable ME information. Favorable prospects may also be resurveyed by airborne magnetometers of special design so as to eliminate the extensive filtering required over past conventional airborne magnetometer results. As is expected, the smaller the amount of numerical filtering required, the greater the reliablility of the final results. Redox potential mapping of rocks below the zo ne of aeration and weathering is not new; it was proposed as an exploration method for oil by Russian investigators about 1958, and BaijaJ3 tried it successfully over the known Hilbig field in 1961-1962. A number of difficulties are generally encountered, first, because it is necessary to reach below the zone of soil aeration with a drill that does not contaminate the rocks, and second, because achievement of redox equilibrium between the rocks and the platinum electrode of the redox probe may require considerable time. Both of these difficulties have now been solved. At least one successful survey was made ahead of drilling, in Cameron Parish, Louisiana, and several other surveys checked known oil and gas pools. The main purpose of redox surveys is to verify at the surface of the earth whether the physicochemical properties of underlying rocks are actually of such environmental character as to give rise to electrotelluric potentials and currents in the near surface rocks. This approach is based on the expectation that near surface rocks eventually Table 3 PREDICTION TRACK RECORD BY DIRECT OIL-FINDING EXPLORATION FOR STRATIGRAPHIC OIL AND GAS TRAPS a. Electrotelluric Surveys, February 1973 15 -::r. P nii•~· h' jm °""' ·n °'t>•°' P.tbn 73 11·ith th,• 1,,1al for the same period l:rst YL'ar n·n·:ils dc,·lin,·s in all standard metropolitan statisti,·al an·as t' x,·,·pt five: :\bik1ll'. Browns­ville-Harlingen-San Benito. Bryan-C,,lkgL' Station. Lubbock. and San Antonio. In L'Ontrast. thL' fi\'L'-month lL)tal for RISING COSTS OF RESIDENCE MAINTENANCE* United States, 1967-1973 Percent change from previous year Classification 1967 1968 1969 1970 1971 1972 1973P Shelter I 3.3 4.8 8.1 9.1 4.2 4.4 3.7 Rent 1.8 2.4 3.2 4.2 4.6 3.5 3.7 Homeownershi~2 3.9 5.7 9.8 10.8 4.0 4.8 3.6 Fuel and utilities 1.2 1.3 2.3 3.9 7.0 4.3 4.0 Gas and electricity 0.4 0.9 1.8 4.4 6.9 5.1 4.3 Household furnishings and operations 3.0 4.4 4.3 4.0 4.1 2.5 2.5 * Percent changes based on Consumer Price Indexes from Bureau of Labor Statistics, U.S. Department of Labor. P Percent changes for 1973 are based on prices January-May 1973. 1 Includes hotel and motel rates not shown separately. 2 Includes home purchases, mortgage interest, taxes, insurance, and maintenance and repairs. 3 Includes telephone, water, and sewerage not shown separately. RESIDENTIAL BUILDING AUTHORIZED, TEXAS Index Ad1usted for Seasonal Variotian-1967=100 196.4 1965 1966 1967 1968 1969 1970 1971 1972 1973 Excludes additions, alterations, and repairs. TOTAL BUILDING AUTHO RIZED, TEXAS Index Adjusted for Seasonal Voriation -1967=100 OL.,,19~6~ 5....L"19~67 • ....L~l9~676-'-T.19u6'7-'-l/19~68;;--'-;-;;l9~69,,-'-1~9~70;;-'-;;;l9~71,-.J.~1~9~72,-.i.~1~9~73,-J Includes additions, a lterations, and repairs The nonresidential component is not seasonally adjusted . llOMl..-~ORTGAGF INTEREST RATES A"ID RESIDENTIAL 'l \l OlllfDl"IHX\, 1968·1973 Avg. Res. Avg. Res. int. rate 1 bldg. auth. 2 int. rate 1 bldg. auth.2 Month (percent) (index) Month (percent) (index) 1968 1971 January ...... 6.95 123 January ...... 8.50 173 February . .... 7.00 116 February ..... 8.15 157 March ... . .... 7.00 122 March ........ 7.85 170 April ...... . .. 6.95 113 April ...... .. . 7.71 171 May . . .. . .... 7.15 117 May ...... . .. 7.70 173 June . . ...... . 7.35 121 June ....... . . 7.80 172 July ... . . .. .. 7.40 119 July ......... 7.90 178 August . . ..... 7.45 127 August ....... 8.00 186 September .... 7.40 133 September .... 7.95 191 October . ..... 7.35 146 October ...... 8.00 192 November ..... 7.35 157 November ..... 8.00 197 December ..... 7.45 157 December ..... 8.00 200 1969 1972 January . . .. .. 7.55 153 January .... .. 7.95 211 February ..... 7.75 135 February ..... 7.90 213 March ... . ... . 7.75 141 March . ... ... . 7.80 207 April .... . .. . . 7.85 136 April .......... 7.75 201 May ......... 7.90 132 May ......... 7.75 198 June ......... 7.85 116 June ......... 7.75 193 July ... . ..... 8.30 108 July ......... 7.80 199 August ....... 8.40 107 August ....... 7.80 194 September .... 8.50 102 September ... . 7.85 214 October ...... 8.55 107 October ...... 7.90 214 November .. . .. 8.55 102 November ... .. 7.90 234 December ..... 8.60 101 December ..... 7.85 244 1970 1973 January . . . . .. 8.65 97 January ...... 7.80 232 February ..... 8. 70 100 February ..... 7.80 220 March ........ 8. 70 105 March ........ 7.85 198 April ...... . .. 8.85 113 April . .. . .. .. . 7.90 194 May . . ..... .. 8.85 124 May . . ....... 8.00 n.a. June ......... 8.85 126 July ........ . 8.85 123 August ...... . 8.75 123 September .... 8.75 124 October ...... 8.70 141 November ..... 8.65 166 December ..... 8.60 171 Average for conventional first-mortgage, new-house loans in the Southwest, on the first of the month, as reported by the Federal Housing Administration. Three-month moving average, centered on the middle month, of the seasonally adjusted index (1967= 100) of the value of residential authorizations. n.a. Not available. apartment dwelling-unit authorizations declined in only six SMSA's--Beaumont-Port Arthur-Orange, El Paso, Gal­veston-Texas City, Houston, Laredo, and Waco-in com­parison with figures for the previous year. Apartment-unit authorizations are up 9 percent statewide. Nonresidential building was up l 0 percent in the state from January through May. Most SMSA's recorded in­creases but the following had totals below those for the first five months of 1972: Dallas ( 16 percent), Galveston­Texas City (50 percent), Midland (49 perce nt), Odessa (81 percent). San Antonio (31 percent), Sherman-Denison (31 pcrccn t l. and Texarkana ( 69 percent). Largest percentage incrl'ascs in this category were in Laredo and Tyler. 1n summary, despite some short-run handicaps the outlook for construction in Texas in the long run is one of optimism. but nonresidential construction will probably continue to he more dynamic than residential. I (1.2 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 Excludes additions, alterations , and repairs. EMPLOYMENT AND AVERAGE WEEKLY EARNINGS IN CONTRACT CONSTRUCTION, 1972-1973 Number Average weekly Date employed earnings 1972 Jan 226,200 $213.37 Feb 230,600 214.20 Mar 239,400 218.59 Apr 245,400 218.14 May 246,900 221.17 Jun 261,500 223.34 Jul 262,700 225.88 Aug 262,500 230.35 Sep 260,600 234.93 Oct 261,600 237.60 Nov 262,200 224.28 Dec 259,200 222.46 1973 Jan 253,700 223.42 Feb 259,000 220.22 Mar 263,600 229.85 Apr 268,600 233.10 May 271,000 n.a. n.a. Not available. Employment data are for Texas. Average weekly earnings are U.S. city averages as these data are not computed for Texas. 196• 1965 1966 1967 1968 1969 1970 1971 1972 1973 Of the three rivers that bound Texas-the Red, the Sabine, and the Rio Grande-only the Rio Grande is crossed by a ferry on the Texas border. This ferry, at Los Ebanos in Starr County, is the only international ferry and the only remaining man-powered ferry in Texas. TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Statistical data con1piled by .\Jildred Anderson, statistical associate, technician. Business conditions are reported in the following tables first by metropolitan areas, second by counties and cities. Standard metropolitan statistical areas (SMSA's) are defined by county lines and include the counties listed. All SMSA's are desi~nated as such by the U.S. Bureau of the Census except one, the Longview­Marshall area, which is now a significant metropolitan node. Population figures represent the 1970 Census counts except where otherwise noted. The population estimates not taken from the Census are gener<.1lly based on utility connections and are subject to substantial error. Building-permit values are collected from municipalities by the Bureau of Business Research in l'Ooperation with the Bureau of the Constance Coo/edge, statisth:al assistant. and f\.'ay nal'is. statistical C~nsus. They represent only huildinµ intentions \vithin \.'.'ity limits, since construction permits are not issued t'Xl'ept by in\..'orporated cities in Texas. The building data also exclude federal u>ntracts and puhlk works projects. such as highways. \\·att>rways, and reservoirs. The hank debit statistics for SMSA·s and most central metropolita n cities are collected by the Federal Reserve Hank of Dallas. Most other hank debits figures shown arc collected from cooperating hanks hy the Bureau of Business Research. Employment estimates are compiled by the Texas Employment Com mission in cooperation with the U.S. Bureau of Labor Statistics. Footnote symbols are explained on pages 164 and 172. INDICATORS OF LOCAL BUSINESS CONDITIONS FOR ST 4.NDARD METROPOLITAN STATISTICAL AREAS Reported area and indicator May 1973 Percent change from Apr May 1973 1972 Reported area and indicator May 1973 Percent change from Apr May 1973 1972 ABILENE SMSA Jones and Taylor Counties; population 113,959 Urban building permits 3,983,365 197 Bank debits, seas. adj. ($1,000) 259,346 7 Non farm employment 40,700 .. Manufacturing employment 5,900 1 Unemployed (percent) 2.9 12 AMARILLO SMSA Potter and Randall Counties; population 144,396 Urban building permits (dollars) 4,42 6,460 -24 Bank debits, seas. adj. ($1,000) 788,396 4 Nonfarm employment 60,400 Manufacturing employment 8,2 20 •• Unemployed (percent) 3.0 25 AUSTIN SMSA Travis County; population 295,516 Urban building permits (dollars) 18,032,300 -25 Bank debits, seas. adj. ($1,000) 1,091,851 -10 Nonfarm employment 157,700 .. Manufacturing employment 13,560 .. Unemployed (percent) 2.1 17 BEAUMONT-PORT ARTHUR-ORANGE SMSA Jefferson and Orange Counties; population 315,943 Urban building permits (dollars) 6,345,863 97 Bank debits, seas. adj.($ I ,000) 644,103 -I Non farm employment 123,200 •• Manufacturing employment 38,600 •• Unemployed (percent) 4.8 -4 BROWNSVILLE-HARLINGEN-SAN BENITO SMSA Cameron County; population 140,368 Urban building permits (dollars) 5,S64,898 -14 Bank debits, seas. adj . ($1,000) 261,162 -3 Nonfarm employment 4S,SOO •• Manufacturing employment 8,130 ** Unemployed (percent) 6.8 8 BRYAN-COLLEGE STATION SMSA Brazos County; population 57,978 Urban building permits (dollars) 4,3S4,362 14 Bank debits, seas. adj. ($1,000) 139,3S3 27 (Monthly employment reports are not available for the College Station SMSA). CORPUS CHRISTI SMSA Nueces and San Patricio Counties; population 284,832 206 Urban building permits (dollars) 6,200,493 21 22 Bank debits, seas. adj. ($1,000) 691,350 -7 2 Non farm employment 101,500 •• 9 Manufacturing employment 11,230 I 6 Unemployed (percent) 4.8 14 DALLAS SMSA Collin, Dallas, Denton, Ellis, Kaufman, and 81 Rockwall Counties; population 1,555,950 21 Urban building permits (dollars) 6S,08 l ,S72 SS•• Bank debits, seas. adj. ( 1,000) 16,062,007 10 3 Nonfarm employment 782,200 1 -25 Manufacturing employment 162,6SO Unemployed (percent) 2.1 11 FORT WORTH SMSA 1 Johnson and Tarrant Counties; population 762,086 8 Urban building permits (dollars) I 3,492,222 -23 6 Bank debits, seas. adj. ($1,000) 2,6S0,397 -I s Nonfarm employment 308,200 •• 9 Manufacturing employment 73,S2S •• Unemployed (percent) 3.2 7 SOUTHWEST METROPLEX: DALLAS/FORT WORTH JO Collin, Dallas, Denton, Ellis, Johnson, Kaufman, 16 Rockwall, and Tarrant Counties; population 2,318,036 .. Urban building permits (dollars) 78,S73,794 32 3 Bank debits, seas. adj. ($1,000) 18,667,404 8 -6 Nonfarm employment I ,090,400 1 Manufacturing employment 236,17S 1 Unemployed (percent) 2.S 14 187 EL PASO SMSA 17 El Paso County; population 359,291 6 Urban building permits (dollars) 19,S66,361 8 14 Bank debits, seas. adj. ($1,000) 87 8,692 4 -16 Non farm employment 133,400 •• Manufacturing employ men! 2 7,8 SO •• Unemployed (percent) 4.4 -6 34 28 Bryan­ -3 17 1 4 -16 30 4 7 -2S -so 14 2 I -29 -2S 27 4 S -24 27 13 4 s 6 Percent change Percent change from from May Apr May May Apr May 1973 1973 1972 Reported area and indicator 1973 1973 1972 Reported area and indicator ODESSA SMSA Galveston County; population 169,812 Ector County; population 91,805 Urban building permits (dollars) 1,892,712 -17 -44 Urban building permits (dollars) 1,016,479 -22 -49 Bank debits, seas, adj. ($1,000) 272,150 -8 10 Bank debits, seas. adj. ($1 ,000) 204,764 8 36 Nonfarm employment 64,300 2 5 Nonfarm employment 60,800 -2 Manufacturing employment 11,000 •• -2 Manufacturing employment 5,670 l 6 Unemployed (percent) 4.9 17 -21 Unemployed (percent) 2.9 21 -31 (Employment data are reported for the combined Midland and HOUSTON SMSA Odessa SMSA's since employment fi gures for Midland and Ector Brazoria, Fort Bend, Harris, Liberty, and Counties, composing one labor-market area, are recorded in co m· Montgomery Counties; population 1,985,031 bined form by the Texas Employment Commission.) Urban building permits (dollars) 71,898,445 14 9 Bank debits, seas. adj. ($1,000) 13,83 1,807 4 26 GALVESTON-TEXAS CITY SMSA SAN ANGELO SMSA Non farm employment 930,400 3 Tom Green County; population 71,047 ** Manufacturing employment 155,400 .. 3 Urban building permits (dollars) 988,992 17 46 Unemployed (percent) 2.7 8 -18 Bank debits, seas. adj. ($1,000) 170, I 58 9 32 Non farm employment 24,900 •• 3 KILLEEN-TEMPLE SMSA Manufacturing employment 4,530 I 7 Bell and Coryell Counties; population 159,794 Unemployed (percent) 3.5 13 -8 Urban building permits (dollars) 4 ,623,174 -11 29 Bank debits, seas. adj. ($1,000) 201,537 -6 25 SAN ANTONIO SMSA (Monthly employment reports are not available for the Killeen-Bexar and Guadalupe Counties; population 864,014 Temple SMSA.) Urban building permits (dollars) 22 ,417,118 5 54 Bank debits, seas. adj. ($ 1,000) 2,244,742 3 25 LAREDO SMSA Non farm employment 319,300 •• 3 Webb County; population 72,859 Manufacturing employment 36,075 I 2 Urban building permits (dollars) 2,272,020 394 329 Unemployed (percent) 3.4 17 -19 Bank debits, seas. adj. ($1,000) 114,384 2 27 Non farm employment 24,900 l •• SHERMAN-DENISON SMSA Manufacturing employment 1,530 7 -2 Grayson County; population 83,225 Unemployed (percent) 9.2 6 -21 Urban building permits (dollars) 1,067,124 5 92 Bank debits, seas. adj. ($1,000) 118,875 7 23 LONGVIEW-MARSHALL METROPOLITAN AREA Non farm employment 32,900 •• Gregg and Harrison Counties; population 120,770 Manufacturing employment 10,500 2 •• Urban building permits (dollars) 4,403,841 25 5 Unemployed (percent) 3.3 3 -IS Bank debits ($ 1,000) 207,715 ** 16 Nonfarm employment 5 1,300 2 TEXARKANA SMSA Manufacturing employment I 5,620 5 Bowie County, Texas, and Miller County, Arkansas; Unemployed (percent) 3.7 3 -20 population 101,198 (Building permits and bank debits are included for those portions of Urban building permits (dollars) 341,146 -35 -65 Kilgore and Gladewater in Rusk County and Upshur County.) Bank debits, seas. adj. ($1,000) 162,242 -1 13 Nonfarm employment 40,500 • • 2LUBBOCK SMSA Manufacturing employment 8,960 -1 2 Lubbock County; population 179,295 Unemployed (percent) 5.0 -4 -22 Urban building permits (dollars) 6,616,358 -27 20 (Since the Texarkana SMSA includes Bowie County in Texas and Bank debits, seas. adj. ($1,000) 640,535 •• 36 Miller County in Arkansas, all data, including population, refer to Non farm employment 76,000 .. 7 the two-county region.)Manufacturing employment 8,670 2 9 Unemployed (percent) 2.1 24 -25 TYLER SMSA Smith County; population 97,096 McALLEN-PHARR-EDINBURG SMSA Urban building permits (dollars) 2,567,390 •• 212 Hidalgo County; population 181,535 Bank debits, seas. adj. ($1,000) 245,614 17 4 Urban building permits (dollars) 3,526,313 -23 6 Non farm employment 42,000 •• Bank debits, seas. adj. ($ 1,000) 281,710 l 42 Manufacturing employment 13,730 I 6 Non farm employment Unemployed (percent) 4.0 18 18 46,750 l 7 Manufacturing employment 5,070 5 24 Unemployed (percent) 6.4 4 -25 WACO SMSA McLennan County; population 147,553 MIDLAND SMSA Urban building permits (dollars) 1,887,975 -2 -31 2 12 Midland County; population 65,433 Bank debits, seas. adj . ($1,000) 374,905 2 Urban building permits (dollars) 2,635,290 86 210 Non farm employment 63,000 •• Manufacturing employment 13,510 -2 3 Bank debits, seas. adj. ($1,000) 209,879 5 16 Unemployed (percent) 3.2 19 -11 Nonfarm employ ment 60,800 l -2 Manufacturing employment 5,670 1 6 WICHITA FALLS SMSA Unemployed (percent) 2.9 21 -31 (Employment data are reported for the combined Midland and Archer and Wichita Counties; population 127,621 .. 283 Odessa SMSA's since employment figures for Midland and Ector Urban building permits (dollars) 3,765,996 445 Counties, composing one labor-market area, are recorded in com­Bank debits, seas. adj. ($ 1,000) 275,451 16 2 bined form by the Texas Employment Commission.) Non farm employment 45,500 •• 10 Manufacturing employment 5,650 3 Unemployed (percent) 2.5 4 -22 •• Absolute change is less than one half of 1 percent. Urban building-permit data are preliminary and subject to revision. TE XAS BUSINESS REVIEW INDICATORS OF LOCAL BUSINESS CONDITIONS FOR INDIVIDUAL MUNICIPALITIES Urban building permits Bank debits COUNTY City Population May 1973 {dollars) Percent change from Apr May 1973 1972 May 1973 {thousands of dollars) Percent change from Apr May 1973 1972 ANDERSON Palestine 27,789 14,525 188,250 -47 -11 27,413 4 16 ANDREWS Andrews 10,372 8,625 615 - 90 -98 11 ,055 28 ANGELINA Lufkin 49,349 23,049 1,036,226 195 -47 ARANSAS Aransas Pass (see San Patricio) 8,902 ATASCOSA Pleasanton I 8,696 5,407 7,562 15 12 AUSTIN Bellville 13,831 2,371 27,600 6 -85 10,162 8 21 BAILEY Muleshoe 8,487 4,52 5 20,75 I 48 BASTROP Smithville 17,297 2,959 44,791 171 32 3,591 7 44 BEE Beeville 22,737 13,506 145,884 81 29 32,259 23 49 BELL {In Killeen-Temple SMSA) Bartlett (see Williamson) Belton Harker Heights Killeen Temple 124,483 8,696 4,216 35,507 33,431 111,900 198,527 2,149,592 1,098,700 -70 -33 157 -61 -39 -30 22 50 56,251 97,445 4 -4 57 21 BEXAR {In San Antonio SMSA) San Antonio 830,460 654,153 19,090,263 -9 33 2,257,9 I 9 7 25 BOWIE (In Texarkana SMSA) Texarkana 67,813 52,179 312,946 -40 -65 149,308 6 13 BRAZORIA (In Houston SMSA) Angleton Clute Freeport Pearland 108,312 9,770 6,023 11 ,997 6,444 209,400 10,600 271,122 895,258 SI 99 166 -9 13 -57 82 -19 22,960 6,837 41,937 10,025 -15 I 6 -I 9 16 26 5 BRAZOS (Constitutes Bryan-College Station SMSA) Bryan College Station 57,978 33,719 17,676 1,453,162 2,901,200 110 -7 138 10 120,062 I 5,586 18 6 28 JO BREWSTER Alpine 7,780 5,971 85,885 561 7,098 8 -22 BROWN Brownwood 25,877 17,368 279,160 -76 BURLESON Caldwell 9,999 2,308 5,173 6 9 BURNET Marble Falls 11 ,420 2 ,209 20,743 5 138 CALDWELL Lockhart 21,178 6,489 206,485 161 - 42 12,924 39 Urban building permits Bank debits COUNTY City Population May 1973 (dollars) Percent change from Apr May 1973 1972 May 1973 (thousands of dollars) Percent change from Apr May 1973 1972 CALHOUN Point Comfort Port Lavaca Seadrift I 7,831 1,446 10,491 1,092 0 I S6,l 78 6SO •• -94 1,897 19,747 6S6 18 -8 -18 63 -II -4S CAMERON (Constitutes Brownsville­Harlingen-San Benito SMSA) Brownsville Harlingen La Feria Los Fresnos Port Isabel San Benito 140,368 S2,S22 33,S03 2,642 1,297 3,067 I S,176 3,197,97S l,2SI ,31 s 16,6SO 367,78S 728,743 -40 4S -S8 SIS 397 129 IS6 -IS 99,808 102,829 3,841 2,387 6,641 1 I ,S34 -8 2 -12 4 -4 12 II 20 33 17 39 39 CASTRO Dimmitt 10,394 4,327 37,188 22 3S CHEROKEE Jacksonville 32,008 9,734 230,894 8S -2 COLEMAN Coleman 10,288 S,608 0 COLLIN (In Dallas SMSA) McKinney Plano 66,920 I S,193 17,872 3S8,IOO 398 - 66 I 7,793 37,30S -s 4 78 COLORADO Eagle Lake 17,638 3,S87 4,93S -9 -16 COMAL New Braunfels 24,16S 17,8S9 620,000 -IS 81 31,911 -s 20 COOKE Gainesville Muenster 23,471 13,830 1,41 I 262,940 0 114 48 31,363 S,393 II 14 36 31 CORYELL (In Killeen-Temple SMSA) Copperas Cove Gatesville 3S,31 I 10,818 4,683 l,063,90S 24 68 7,8S9 13,410 36 17 CRANE Crane 4,172 3,427 9,800 180 3,020 -4 DALLAS (In Dallas SMSA) Carrollton Dallas Farmers Branch Garland Grand Prairie Irving Lancaster Mesquite Richardson Seagoville 1,327,321 13,8SS 844,401 27,492 81,437 S0,904 97,260 10,S22 SS,131 48,S82 4,390 7,030,611 24,120,133 2,S43,S62 3,901,338 3,620,367 4,SS 1,896 411,6SO 2,8S0,646 8,149,9S9 121,973 84 11 76 -s -9 6S -29 608 IS2 21 29 -23 -S4 -6S 19S 34 113 -32 208 -46 22,6SS 14,893,886 27,166 89,267 43,79S 119,182 12,307 38,779 99,076 10,90S -7 8.. 3 I 4 I s 5 6 28 8 23 18 24 10 16 IS 32 DAWSON Lamesa 16,604 I I ,SS9 27,423 -20 30 DEAF SMITH Hereford 18,999 13,414 I 10,400 -63 -66 DENTON (In Dallas SMSA) Denton Justin Lewisville Pilot Point 75,633 39,874 741 9,264 1,663 2,0S2,I 59 1,220,476 43,900 48 117 36 -19 136 -39 90,628 2,036 33,978 3,134 - •• 2 I 18 IS S2 26 -IS Urban building permits Bank debits COUNTY City Population May 1973 (dollars) Percent change from Apr May 1973 1972 May 1973 (thousands of dollars) Percent change from Apr May 1973 1972 DE WITT Yoakum (see Lavaca) 18,660 EASTLAND Cisco 18,092 4,160 9,936 12 100 ECTOR (Constitutes Odessa SMSA) Odessa 9 l ,80S 78,380 1,016,479 -22 -49 207,S39 10 31 ELLIS (In Dallas SMSA) Midlothian Waxahachie 46,638 2,322 13,4S2 269,000 3SS,SOO 791 1S7 210 -38 4,491 28,IS7 2 2 29 21 EL PASO (Constitutes El Paso SMSA) El Paso 3S9,291 322,261 19,S66,361 8 27 888,373 ** 9 ERATH Stephenville 18,191 9,277 I S3,0SO -so -8 20,097 7 29 FANNIN Bonham 22,70S 7,698 I S9,4SO 6S 17,842 ** -4 FAYETTE Schulenburg l 7,6SO 2,294 40,46S 289 - 11 FORT BEND (In Houston SMSA) Richmond Rosenberg S2,314 S,777 12,098 S8S,100 123,476 -39 -49 667 -S8 12,983 13,998 6 3 8 34 GAINES Seagraves Seminole ll,S93 2,440 S,007 0 79,300 - I 18 3,4Sl 13,2 S2 -17 -9 21 63 GALVESTON (Constitutes Galveston-Texas City SMSA) Dickinson Galveston La Marque Texas City 169,812 10,776 61,809 16,131 38,908 1,408,961 483,7S I 31 -60 -36 -S4 18,876 1S7,S16 23,407 40,664 ** -13 8 9 7 13 21 -s GILLESPIE Fredericksburg 10,SS3 S,326 162,247 -20 2S 23,01 s 4 23 GONZALES Nixon 16,37 s l,92S 20,000 233 GRAY Pampa 26,949 21,726 127,800 212 SO,S S6 11 23 GRAYSON (Constitutes Sherman-Denison SMSA) Denison Sherman 83,22S 24,923 29,061 281,69S 726,429 272 -23 40 130 34,869 73,802 ** 16 27 GREGG (In Longview-Marshall Metropolitan Area) Gladewater Kilgore Longview 7 S,929 S,S74 9,49S 4S,S47 9S,000 230,840 3,92S,200 90 -37 32 102 -8S 93 7,202 29,016 131,683 - 16 ** 2 - 1 21 17 GUADALUPE (In San Antonio SMSA) Schertz Seguin 33,SS4 4,061 lS,934 379,603 S48,S84 39 -6 40 2,S81 35,634 ** 5 SI 20 Urban building permits Bank debits COUNTY City Population May 1973 (dollars) Percent change from Apr May 1973 1972 May 1973 (thousands of dollars) Percent change from Apr May 1973 1972 HALE Hale Center Plainview 34,137 1,964 19,096 1,400 881,74S 40 124 -IS 71 84,042 40 HARDEMAN Quanah 6,79S 3,948 0 HARDIN Silsbee 29,996 7,271 17,827 - I 14 HARRIS (In Houston SMSA) Baytown Bellaire Deer Park Houston Humble La Porte Pasadena South Houston Tomball 1,741,912 43,980 19,009 12,773 1,232,802 3,278 7,149 89,277 ll ,S27 2,734 1,149,683 l,429,9S 461,194 S8,880,633 301,108 174,180 3,S 13,926 99,600 49 341 -26 7 -49 -8 16S 47 -S7 643 -80 11 -3S 28 78,311 83,898 18,03S l J,002,298 17,173 6,243 27,363 -20 3 12 4 8 3 -4 6 IO 8 24 29 32 HARRISON (In Longview-Marshall Metropolitan Area) Hallsville Marshall 44,841 1,038 22,937 I S2,801 s -74 1,887 37,927 7 I 12 HASKELL Haskell 8,Sl2 3,6SS 8,000 -84 6,864 -1 18 HAYS San Marcos 27,642 18,860 976,0SO S31 227 18,870 8 HENDERSON Athens 26,466 9,S82 l 2S ,SOO -43 -18 26,1 so -I 18 HIDALGO (Constitutes McAllen-Pharr-Edinburg SMSA) Alamo Donna Edinburg McAllen Mercedes Mission Pharr San Juan Weslaco 181,S3S 4,291 7,36S 17,163 37,636 9,3SS 13,043 IS,829 S,070 I S,313 36,900 30,840 9S7,732 1,167,394 88,840 2SS,630 88,01 s 900,962 -23 -46 7S -42 62 -74 -34 39 -37 87 -49 46 30 -47 4,16S 6,0S7 40,S60 107,926 12,198 33,082 12,932 6,6SO 23,491 -s -8 12 -I 4 -19 24 I 4 -9 JO 39 45 33 29 42 33 6 HOCKLEY Levelland 20,396 11,44S 270,307 341 106 30,822 7 25 HOOD Granbury 6,368 2,473 S,098 3 24 HOPKINS Sulphur Springs 20,710 10,642 40,9S2 7 22 HOWARD Big Spring 37,796 28,73S 70,800 -S2 210 70,369 -10 10 HUNT Greenville 47,948 22,043 312,290 -10 6 4S,2SS 24 44 JACKSON Edna 12,97S S,332 72,S23 74 10,S92 s JASPER Jasper Kirbyville 24,692 6,2Sl 1,869 89,4SO S99 - 66 22,7S2 4,647 I s 19 41 Urban building permits Bank debits COUNTY City Population May 1973 (dollars) Percent change from Apr May 1973 1972 May 1973 (thousands of dollars) Percent change from Apr May 1973 1972 JEFFERSON (In Beaumont-Port Arthur-Orange SMSA) Beaumont Groves Nederland Port AJ'thur Port Neches 244,773 llS,919 18,067 16,810 S7,371 10,894 3,699,424 234,372 400,486 1,846,717 49 207 144 677 - 14 42 86 43 41S,4S2 23.7S I 16,S4S 108,643 24,298 .. 3 I s 13 16 11 10 18 22 JIM WELLS Alice 33,032 U>,121 194,SSS -SS -S9 82,955 10 17 JOHNSON (In Fort Worth SMSA) Burleson Cleburne 4S,769 7,713 16,01 s 330,443 428,SOO 66 97 32 S93 I 1,93S 30,749 s 4 29 40 KARNES Karnes City (In Dallas SMSA) Terrell 13,462 2,926 14,182 2,700 9S,07S -90 -49 -98 -so S,89S - 10 17 KIMBLE Junction 3,904 2,6S4 4,188 - 2 2S KLEBERG j(jngsville 33,166 28,711 236,884 -43 -IS 32 ,271 - 7 16 LAMAR Paris 36,062 23,441 473,644 61 19S LAMB Littlefield 17,770 6,738 600 2S3 11,S3S - 7 21 LAMPASAS Lampasas 9,323 S,922 33,4SO -47 -S9 16,404 - 12 30 LAVACA Hallettsville Yoakum 17,903 2,712 S,7S S S9,899 89,78S -82 171 609 18S 6,470 16,S 12 - 14 II 32 16 LEE Giddings 8,048 2,783 44,0SO -63 347 10,496 II 28 LIBERTY (In Houston SMSA) Dayton Liberty 33,014 3,804 S,S91 I 19,7SO 291,692 166 19 128 333 11,102 18,272 2 2 26 10 LIMESTONE Mexia 18,100 S,943 21,200 -7S 12,44 1 - 4 IS LLANO Kingsland Llano 6,979 1,262 2 ,608 43,000 -13 36 7,904 10,782 I 8 s S3 LUBBOCK (Constitutes Lubbock SMSA) Lubbock Slaton I 79,29S 149,101 6,S83 6,S08,0S9 I 08,299 -28 19 218 S83,401 8, 136 - .. 6 36 29 LYNN Tahoka 9,107 2,9S6 3S,000 ** 6,8S3 - 28 23 MCCULLOCH Brady 8,S71 S,SS7 1S0,000 230 300 I S,292 2 30 MCLENNAN (Constitutes Waco SMSA) McGregor Waco 147,SS3 4,36S 9S,326 68,77S 1,214,SSO -23 -27 934 -SS 8,222 332,678 4 7 36 II COUNTY City Population Urban building permits Percent change from May 1973 Apr May (dollars) 1973 1972 Bank debits Percent change May 1973 from (thousands Apr May of dollars) 1973 1972 MATAGORDA Bay City 27,913 11,733 92,679 -IS 9 29,0SO 3 J2 MAVERICK Eagle Pass J8,093 JS,364 J80,613 - 3 - 74 J7,847 •• -16 MEDINA Castroville Hondo 20,249 1,893 S,487 97,3SO 32 l,99J 7,379 s 7 -J 38 MIDLAND (Constitutes Midland SMSA) Midland 6S,433 S9,463 2,63S,290 86 210 207,437 II MILAM Cameron Rockdale 20,028 S,S46 4,6SS 4,2SO - 68 21 J0,668 J0,039 4 8 3J 14 MILLS Goldthwaite 4,212 1,693 J0,83J 22 25 MITCHELL Colorado City 9,073 S,227 8,S27 -2 J2 MONTGOMERY (In Houston SMSA) Conroe 49,479 JJ,969 78,948 7 J4 MOORE Dumas 14,060 9,771 298,830 so 776 NACOGDOCHES Nacogdoches 36,362 22,S44 46,992 16 NAVARRO Corsicana 3J, ISO J9,972 262,897 J89 - 38 46,0J8 - 4 32 NOLAN Sweetwater 16,220 J2,020 74,300 -SS 2J 26,8S3 - JO NUECES (In Corpus Christi SMSA) Bishop Corpus Christi Port Aransas Robstown 237,S44 3,466 204,S2 s J,2J8 J J ,2J 7 S,269,J98 201,328 23 47 3 JS9 4,6S I 601,27S 1,279 2 I ,4SO - 7 4 14 7 68 18 s IS ORANGE (In Beaumont-Port Arthur-Orange SMSA) Orange 71,170 24,4S7 92,88S -74 -4S S9,9S8 4 .. PALO PINTO Mineral Wells 28,962 18,41 J I S,62S 21 -so 39,286 JI 32 PANOLA Carthage 1S,894 S,392 I 18,8SO 13S 139 8,S34 4 22 PARKER Weatherford 33,888 ll,7SO 43,687 29 -90 32,386 14 PARMER Friona IO,S09 3, J11 44,600 -JO -38 46,068 so 46 PECOS Fort Stockton 13,748 8,283 J,980,0SO I S,167 -J2 17 POTTER (In Amarillo SMSA) Amarillo 90,Sll 127,010 4,J32,760 -26 79 7S7,S03 6 19 Urban building permits Bank debits COUNTY City Population May J973 {dollars) Percent change from Apr May J973 1972 May 1973 {thousands of dollars) Percent change from Apr May J973 1972 RANDALL {In Amarillo SMSA) Amarillo (see Potter) Canyon 53,885 8,333 293,700 19 126 20,J44 22 36 REEVES Pecos 16,526 12,682 81,600 -61 -92 30,346 6 REFUGIO Refugio 9,494 4,340 30,000 -8 6,786 5 40 RUSK Henderson Kilgore (see Gregg) 34, 102 10,187 249,476 -86 48 29,954 ** 23 SAN PATRICIO (In Corpus Christi SMSA) Aransas Pass Sinton 47,288 5,813 5,563 395,800 42,000 376 -SI 58 30 14,305 9,647 17 -2 35 8 SAN SABA San Saba 5,540 2,555 96,200 9 613 J6,149 44 SCURRY Snyder I 5,760 11,171 I 57,020 92 -37 26,789 .. 22 SHACKELFORD Albany 3,323 1,978 0 3,5 J4 -15 SHERMAN Stratford 3,657 2,139 204,900 583 28,853 JS 48 SMITH (Constitutes Tyler SMSA) Tyler 97,096 57,770 2,527,390 .. 244 233,697 2 12 STEPHENS Breckenridge 8,4J4 5,944 16,500 16 SUTTON Sonora 3,175 2,149 18,534 -94 - s 4,581 -4 39 TARRANT (In Fort Worth SMSA) Arlington Bedford Burleson (see Johnson) Euless Fort Worth Grapevine North Richland Hills White Settlement 716,317 90,643 10,049 19,316 393,476 7,023 16,SJ4 13,449 364,001 680,179 8,207,076 160,J20 832,908 20,460 -70 262 -26 -79 49 -98 -68 -48 -8 -58 J6 -88 141,794 I 5,588 2,377,294 J6,79J 26,918 10,782 17 3 -16 20 9 IS JO 13 J5 12 29 TAYLOR (In Abilene SMSA) Abilene 97,853 89,653 3,749,91 s 180 189 230,930 8 21 TERRY Brownfield 14,118 9,647 44,J 25 J4 -77 30,100 -2 9 TITUS Mount Pleasant J 6,702 8,877 J82,025 190 - JO TOM GREEN (Constitutes San Angelo SMSA) San Angelo 71,047 63,884 988,992 17 46 173,577 II 29 TRAVIS (Constitutes Austin SMSA) Austin 295,516 251,808 J 7,897,300 -25 .. 1,301,718 J3 10 Urban building permits Bank debits COUNTY City Population May 1973 (dollars) Percent change from Apr May 1973 1972 May 1973 (thousands of dollars) Percent change from Apr May 1973 1972 UPSHUR Gladewater (see Gregg) 20,976 UPTON McCamey 4,697 2,647 2,167 s -12 UVALDE Uvalde 17,348 10,764 162,440 4 -58 33,687 - 9 38 VAL VERDE Del Rio 27,471 21 ,330 32,132 •• 19 VI CTORIA Vi cto ria 53,766 41 ,349 565,997 13 54 138,299 -4 WALK ER Huntsville 27,680 17,6 10 562,000 33 - 3 35,360 •• 22 WARD Monahans 13,019 8,333 45,500 -16 14,405 -12 -2 WASHINGTON Brenham 18,842 8,922 2,403,560 120 36,945 7 29 WEBB (Constitutes Laredo SMSA) Laredo 72,859 69,024 2,2 72,020 394 329 120,644 6 27 WHARTO N El Campo 36,729 8,563 23,026 -2 4 WI CHITA (Jn Wi chita Falls SMSA) Burkburnett Iowa Park Wichita Falls 121,862 9,230 5,796 97,564 36,600 17,925 3,711,471 130 187 455 2 -SI 307 4,66 1 256,434 2 6 -5 16 WILBARGER Vernon I S,35 S 11,454 73,0 IS 8 -95 46,125 •• 38 WILLACY Raymondville I 5,570 7,987 42,550 395 -79 12,821 6 17 WILLIAMSON Bartlett Georgetown Taylor 37,305 1,622 6,395 9,616 196,650 72,575 -52 10 -59 -89 1,654 14,103 18,393 s 6 JO 6 25 WINKLER Kermit 9,640 7,884 0 WISE Decatur 19,687 3,240 148,000 957 432 8,933 -20 40 YOUNG Graham Olney 1 S,400 7,477 3,624 91,000 11 ,200 -60 707 -26 -24 23,314 10,141 6 7 36 36 ZAVALA 11,370 Crystal City 8,104 .. Absolute change is less than one h alf of I percent. . . . No data, or inadequate basis for reporting. 65,626 201 7 11,062 22 45 BAROMETERS OF TEXAS BUSINESS (All figures are for Texas unles.s otherwise indicated.) All indexes are based on the average months for 1967=100 except where other specification is made; all except annual indexes arc adjusted for seasonal variation unless otherwise noted. Employment estimates are co mpiled by the Texas Employment Commission in rnopcration with the Bureau of Labor Statistics of the U.S. Department of Labor. The symbols used below impose qualifications as indicated here: p · preliminary data subject to revision; r-revised data; *-dollar totals for the fiscal year to date; t -employment data for wa):C and salary wmkcrs only. Year-to-date averageMay Apr May 1973 1973 1972 1973 1972 GENERAL BUSINESS ACTIVITY Texas business activity (index) ............... . ................ 179.S 172.6 163.4 173.2 160.2 Estimates of personal income (millions of dollars, seasonally adjusted) ....................... $ 4,247p $ 4,149p $ 3,837r $ 4,122 $ 3,821 Income payments to individuals in U.S. (billions, at seasonally adjusted annual rate) ...... . . . ....... ..... ........ $ l,012.2P $ l,007.4p $ 924.or $ 1,000.3 $ 912.9 Wholesale prices in U.S. (unadjusted index) ............. . ........ 133.S 130.7 118.2 129.1 117.3 Consumer prices in Dallas (unadjusted index) ... .. .. ........... 130.6 124.6 129.2 124.2 Consumer prices in U.S. (unadjusted index) ..... .... . ............ 131.S 130.7 124.7 129.7 124.0 Business failures (number) ... ..... .................... ....... 49 78 74 Business failures (liabilities, thousands) ......................... $ $ 7,513 $ 18,328 $ $ 17,135 Sales of ordinary life insurance (index) .. ....................... 193.1 189.9 167.2 186.8 162.4 PRODUCTION Total electric-power use (index) ........................•...... Industrial electric-power use (index) ................. ..... ..... p151.9p 141.3 151.lp 145.sP 148.6r 131.1 r 154.1 138.9 147.7 133.0 Crude-oil production (index) ................................. 115.3p 11 S.6P 115.2 11 5.5 I I 1.9 Average daily production per oil well (bbl.) ........ .............. 19.8 19.4 19.6 19.3 18.7 Crude-oil runs to stills (index) .... ... ....................... .. 121.8 121.2 116.4 121.1 114.9 Industrial production in U.S. (index) ......... .......... ........ 123.4p 122.8p 113.2 121.8 I I 1.2 Texas industrial production-total (index) .................... . .. 137.8p 137.2p 130.Sr 135.6 127.8 Texas industrial production-total manufactures (index) ............ 142.3p 142.lp 131. sr 139.8 129.S Texas industrial production-durable manufactures (index) ... ... .... 156.1 p 156.8p 143.6r 154.1 139.3 Texas industrial production-nondurable manufactures (index) ....... 132.4p 131.Sp 122.8r 129.S 122.S Texas industrial production-mining (index) .... . .. ........ ...... 120.6p ll8.9p 120.3r 118.0 116.4 Texas industrial production-utilities (index) ....... . ......... . ... 161.8p 161.Sp 160.1 r 163.4 I 55.6 Urban building permits issued (index) .......................... 191.2 175.4 181.1r 192.2 183.6 New residential building authorized (index) .................... 182.0 187.1 210.0r 205.9 205.3 New residential units authorized (index) . ................... . .. 128.S 153.2 178.2 159.3 168.1 New nonresidential building authorized (unadjusted index) . ....... 202.9 159.4 I 50.8 184.S 166.8 AGRICULTURE Prices received by farme rs (unadjusted index, 1910-14= 100) . . .. . . . .. Prices paid by farmers in U.S. (unadjusted index, 1910-14= 100) . . .... 446 488 433 480r 339 428 424 473 332 424 Ratio of Texas farm prices received to U.S. prices paid by farme rs 91 90r 79 90 78 FINANCE Bank debits (index) Bank debits, U.S. (index) Bank commercial loans outstanding (index) 239.6 I 59.9 225.6 216.1 I 56.S 193. 1 I 97.S 132.S 223.S I 53.7 187.9 191.3 128.4 Reporting member banks, Dallas Federal Reserve District Loans (millions) Loans and investments (millions) Adjusted demand deposits (millions) Revenue receipts of the state comptroller (thousands) Federal Internal Revenue collections (thousands) . $ 9,698 .$ 13,732 . $ 4,166 . $ 524,798 . $1,072,219 $ 9,578 $ 13,645 $ 4,1 1 s $ 385,707 $1,036,525 $ 7,777 $ l l,399 $ 3,897 $ 490,577 $1,151,099 $ 9,290 $ 13,339 $ 4,185 $ 393,575 $9,414,582* $ 7,607 $ 11,130 $ 3,730 $ 355,168 $8,408,704* Securities registrations-original applications Mutual investment companies (thousands) .$ 42,451 $ 28,579 $ 39,750 $ 345,605* $ 223,601* All other corporate securities Texas companies (thousands) Other companies (thousands) .$ 14,41 s . $ 8,379 $ 13,420 $ 13,724 $ 19,079 $ 34,728 $ $ 201,870* 156,760* $ $ 213,309* 358,256* Securities registration-renewals Mutual investment companies (thousands) ·$ 36,765 $ 40,444 $ 44,890 $ 324,890* $ 312,025* Other corporate securities (thousands) . $ 6,461 $ 0 $ so $ 7,868* $ 13,265* LABOR Total nonagricultural employment in Texas (index)t Manufacturing employment in Texas (index)t Average weekly hours-manufacturing (index)t I 23.8p II 5.1 p 98.7p 123.Sp I 14.7p 99.7p I I 8.9r I 11. 2r 98.2r 123.3 11 5.2 98.0 117.7 110.l 98.6 Average weekly earnings-manufacturing (index)t I 36.4p 136.2p I28.3r 134.0 127. S Total nonagricultural employment (thousands)t 4,032.8p 4,017.8p 3,871.0r 3,986.9 3,806.S Total manufacturing employment (thousands)t Durable-goods employment (thousands)t ondurable-goods employment (thousands)t 764.4p 419.6p 344.8p 762.2p 416.6p 345.6p 738.8r 396.or 342.8r 760.S 414.9 345.6 727.0 388.8 338.2 Percent of total labor force unemployed 3.0 2.8 3. 7 2.9 3.6 Total civilian labor force in selected labor-market areas (thousands) 3,786.1 3,758.S 3,614.7 3,722.3 3,579.S Nonagricultural employment in selected labor-market areas (thousands) 3,57 5.4 3,560.8 3,389.0 3,530.S 3,364.7 Manufacturing employment in selected labor-market areas (thousands) 645.6 643.7 601.4 636.6 596.0 Total unemployment in selected labor-market areas (thousands) 11 9.6 109.2 142.3 112.7 134.9 Percent of labor force unemployed in selected labor-market areas 3.2 2.9 3.9 3.0 3.8 BUREAU OF BUSINESS RESEARCH RETURN REQUESTED THE UNIVERSITY OF TEXAS AT AUSTIN SECOND-CLASS POSTAGE PAID AT AUSTIN, TEXAS AUSTIN, TEXAS 78712 DIRECTORY OF TEXAS MANUFACTURERS, 1973 The 1973 Directory of Texas Manufacturers is the most complete and authoritative source of information on manufacturing plants in Texas. The Directory provides the following information for approximately 12,000 plants: name and complete address of plants, date of establishment, name of executive officer, a description of products manufactured, and the name and main office address of parent company where applicable. In compiling, editing, and publishing the Directory the Bureau of Business Research at The University of Texas at Austin makes use of data obtained principally from the manufacturers themselves, with supplementary information from Texas chambers of commerce. The varied uses of this two-volume reference work include its functions as a sales-management aid, as a source of information for purchasing agents, as a plant-location tool, as a useful classification for mailing lists. The Directory consists of five helpful sections: a convenient alphabetical listing of all plants by firm name with city location and home office; a geographical listing of plants according to city of location, with both cities and plants in alphabetical order, and with the detailed information for each plant; an organizational reference section giving the main office address of each parent company and the addresses of regional and subsidiary offices; a product section in which all products manufactured in Texas are listed under at least the first four digits of their Standard Industrial Classification number, in arithmetical order and geographical suborder for each number; an excellent product index, on the basis of alphabetical name order. 810 pp. (Texas residents pay $1.13 sales tax.) $22.50 per set Bureau of Business Research · The University of Texas at Austin