Austin (KXAN) -- Despite Texas' economic dependence on water and the infrastructure that moves it, a new report finds the state faces a long-term water supply deficit. The report by the Center for Energy Studies at Rice University’s Baker Institute and commissioned by Texas 2036, said the state is economically vulnerable should a severe drought occur. It estimates that if a years-long drought similar to that of the 1950s happened, then as soon as 2030 Texas will endure $160 billion in annual GDP losses, 800,000 jobs lost, and an exodus of hundreds of thousands of people leaving for other states. The report finds a drought would also impact the state's ability to generate energy, costing millions and perhaps billions in economic damages per day. "It creates a real possibility of having rolling blackouts and electrical outages that are sustained over time," said Jeremy Mazur, Texas 2036 Director of Infrastructure and Natural Resources Policy. Texas 2036 is a nonpartisan nonprofit organization focused on shaping Texas' future. The report found Texas' water woes could be exacerbated by infrastructure issues as well. It said that barring significant infrastructure investments, deteriorating water and wastewater systems will contribute to nearly $320 billion in GDP losses, "an amount equal to the size of the state’s current two-year budget." The report quantifies the water supply deficit as nearly 6.9 million acre-feet of water by the year 2070, enough water to supply as many as 20.7 million homes for a year. It said over the next 50 years the state will need to invest $59 billion in new water supplies, $74 billion in fixing deteriorating water systems, and $21 billion in fixing broken wastewater systems. While state and federal funding are expected to provide $40-45 billion of that, the report said a long-term gap of more than $110 billion remains. Texas 2036 is urging state lawmakers to prioritize water infrastructure spending during the upcoming legislative session. "What we're trying to do is to try and get the legislature to say yes to funding water infrastructure in the same way that we already have dedicated reliable funding for our state parks and our transportation infrastructure," Mazur said.