Energy & Marine Production and Support Services
Terrebonne Parish is one of the leading areas for oil and gas production in the United States. In addition to having a significant base of employment in the energy sector, the Oil and Gas industry also sustains a major marine and port economy. At present, though, the Marine industry in the Parish is primarily geared to the local energy and aquaculture sectors, as existing port facilities do not support major cargo operations.
Global demand for shipping is on the rise due to increased trade activity. While this will help increase activity at all ports, the Port of Terrebonne cannot accommodate major oceangoing vessels, and thus cannot compete with larger Gulf ports. Efforts for the marine portion of this target should therefore focus more on smaller operations and inland transportation along major rivers.
There are many opportunities to leverage the region’s existing assets in this target group to support growth in new industries. For example, the region already has more than 1,500 jobs in the ship- and boat-building industry, but most of this is geared to the oil and gas sector. This existing base could be expanded to companies that build or repair commercial vessels, operate machine shops, or repair heavy equipment. Also, the region has about 600 jobs that provide support to the water transportation industry—again, much of this is related to oil and gas. These cargo handling, navigation, freight arrangement, and packing operators can adapt their capabilities to serve other industries.
The energy sector itself remains a major component of Terrebonne’s economy and offers continued growth opportunity. Although the Oil and Gas industry is highly volatile and subject to global economic and political forces, it is projected to show growth and stability in the near term. The energy sector in Terrebonne Parish is therefore likely to grow over the next few years.
Rationales
- Well positioned to serve regional and national markets
- Access to four-lane highways, rail service, port facilities
- General aviation airports capable of handling corporate aircraft
- Availability of skilled industrial workers
- Reasonable availability of managerial personnel
- Quality of labor-management relations
- Availability of post-secondary vocational training
- Availability of on-the-job training assistance
- Availability of manufacturing processes
- Within ½ hour of major university/college
- Availability of engineering programs at local institutions
- Low rate of unionization in local labor force
- Opportunity to retain resident workers within the region
- Ability to protect and leverage historic oil, gas, and marine industries
- Strong growth in regional Manufacturing sector
- Expected growth in global Oil & Gas industry
- Average subsector national earnings of $79,954
- Average subsector 10-year past employment growth rate: 10.8%
- Average subsector 10-year forecast employment growth rate: 13.5%
- An existing local pool of high-demand occupations
- Quality of place assets: availability of all types of housing, low cost of living, cultural activity, recreational opportunities, medical facilities