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Fastest growing boomtowns

Rising oil and gas prices have brought big oil, plenty of workers and lots of housing headaches to the nation's fastest-growing boomtowns.

Odessa, Texas

boom towns odessa texas arts
Nearly $20 million was pledged by Permian Basin donors to help build the Wagner Noel Performing Arts Center located between Odessa and Midland, Texas.
  • Population: 141,325
  • 1-year growth*: 3.4%

Located just 20 miles from Midland, Texas, Odessa is a smaller, working-class city made famous by "Friday Night Lights," a book -- and later a film and television series -- that described the almost religious fervor of West Texas high school football.

Odessa's latest oil boom began once "[t]he oil companies figured out a way to make drilling old wells cost effective," said Mike George, president of Odessa's Chamber of Commerce. "That has turned an old oilfield -- the Permian Basin -- into the biggest play in the nation."

Developers built about 500 new homes last year to handle the newcomers. And nearly 2,500 new businesses opened in Odessa over the past three years, according to George.

Source: U.S. Census Bureau.
*Rankings are based on the change in annual population estimates for metropolitan and micropolitan areas between July 1, 2011 to July 1, 2012.
  @CNNMoney - Last updated March 19 2013 05:58 AM ET

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