Forget building this city on Rock and Roll and try Fracking instead. Just don’t try building it on solar power, wind power or pixie dust.
The U.S. metro area with the lowest unemployment rate is a shale oil boomtown. The one with the highest unemployment rate houses the world’s largest solar plant.
According to data released on Friday by the Bureau of Labor Statistics (BLS), Midland, Texas, has a 2.9 percent unemployment rate, the lowest in the country. Midland sits above the Permian Basin Shale, a massive formation that constitutes a large chunk of Texas’ booming shale oil industry.
The West Texas town is also one of the fastest growing metro areas in the country, which many attribute to its booming oil-fueled economy.
In contrast to the successes of those oil and gas boomtowns, Yuma, Ariz., is facing the highest unemployment rate of any U.S. metro area at a whopping 26.1 percent.
Yuma is the site of the Agua Caliente solar plant—the largest photovoltaic solar generation facility in the world.
Agua Caliente received a $967 million loan guarantee from the Department of Energy (DOE) in 2011. According to DOE, federal financing helped create 10 permanent jobs
1 billion dollars to 10 jobs. That’s only 100 million dollars a job. At that rate it will only take all the money in the world to create enough Green Jobs to end unemployment.
If only we had an industry that created revenues and jobs.