July 14, 2017
The Odessa Economic Index for May 2017 stood at 194.5, the seventh straight month of increases, according to data from economist Karr Ingham. The May index was up from the 192.8 from April 2017, and increased by more than 3% from its cyclical trough of 188.5 in October 2016. Though total building permit valuations and employment were down, “the table of economic indicators for the month, and year-to-date, contains very few year-over-year negatives,” Ingham said.
Leading the way was the Texas Permian Basin Petroleum Index (246.7 in May) and the monthly rig count, which surpassed 300 for the first time since February 2015, when the count was in decline. However, Ingham pointed out that crude oil prices have stalled, with the outlook becoming somewhat more bearish. Still, Odessa’s recovery, overall, is gaining momentum, Ingham said.
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