August 15, 2016
The June Odessa Economic Index offered good-news and not-so-good-news. The not-so-good-news: The Index continued declining. The better news: The decline was slower than in the past.
Research from Ingham Economic Reporting and the Odessa Chamber of Commerce’s Economic Development Department indicated the Index fell to 200.3, down from 200.7 in May. The decline was an improvement from the 2.5 points-decline per month, on average, during the first six months of this year.
Though year-over-year increases were posted in building and construction permits and existing home sales, spending indicators registered sharp declines. Spending has been in negative territory, as households and businesses grapple with the oil and gas industry downturn.
Though a recovery is underway, “It may be a frustratingly slow process,” noted Karr Ingham with Ingham Economic Reporting. “It certainly has been thus far.”
All Texas. Every day, direct to your inbox. Beginning Sept. 19. Sign up here to receive Connect Daily Texas.
For comments, questions or concerns, please contact Amy Sorter