May 16, 2018
The Odessa (TX) Economic Index continued its upward climb in March 2018, ending up at 231.2. The metric is up from February’s 228.7 and represents a whopping year-over-year increase of 20.5% from March 2017’s 191.9. According to West Texas economist Karr Ingham, the OEI expanded at an annualized rate of 18.5% over Q1 2018, and is “now poised to surpass its previous record of 231.9 (from January 2015) with the release of the April index,” Ingham noted.
The index measures economic indicators such as spending, existing home sales (and prices) and job growth, along with construction. Ingham said construction indicators posted “year-over-year negatives in March,” while the other metrics increased. March monthly and Q1 real taxable spending totals are at record levels by far, while total employment growth expanded, posting a 6.6% annualized gain in March. Meanwhile, the unemployment rate, at 3.1%, is “very near its all-time low point achieved in 2008,” Ingham said.
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