May 10, 2019
The Odessa Economic Index rebounded from a decline in January 2019 to hit a record number of 267.9 in February 2019. The metric represents a 16.2% year-over-year increase. Economist Karr Ingham indicated that the massive increase in building permits was the cause. “The $213.7 million in permits issued . . . marks only the second time a monthly total has exceeded $200 million,” Ingham wrote.
He noted that more than $150 million of the total are oilfield-housing related, while an additional $44 million in permits were issued to build Parks Bell Ranch North’s multifamily component.
Other fundamentals include: lower single-family permits (compared to a record total from February 2018), higher home prices and sales, continual falling unemployment rate and robust employment growth. Despite some slowdown in the regional oil and gas economy, “it’s safe to say the Odessa general economy remains in a cycle of expansion, which dates back to November 2016,” Ingham wrote.
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