January 16, 2017
The Odessa Economic Index stood at 194.2 in November 2016, up from October’s 193.6. West Texas economist Karr Ingham was cautiously optimistic about the numbers, writing that November’s metrics represented the index’s first increase in 19 months, and only the second since the contraction officially began in February 2015.
Ingham was cautious in indicating a turning point from cyclical contraction, pointing out that the increase “was fueled in part by sizable year-over-year increases in home-building permits and existing home sales . . .” He added that the index also is supported by “overstated employment data,” noting that the OEI would be adjusted in light of revised employment figures.
However, following months of gloomy reporting, Ingham allowed that it could be a turning point for the Odessa economy, with October 2016 proving to the contraction trough leading up to a starting point in November.
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