April 12, 2017
A continually improving regional oil and gas economy added to the increase of Odessa’s Economic Index (OEI), which stood at 189.8 in February 2017. Though higher than the 189.1 posted in January 2017, it remained lower than the February 2016 peak of 205.2, according to economist Karr Ingham.
Ingham noted in his report that February’s economic indicators were positive, “with auto spending, construction, home building and existing home sales all higher, compared to year-ago levels.” Also helping Odessa are improvements in the Texas Permian Basin Petroleum Index and the regional rig count, which averaged 252 in February.
Ingham noted that the general economy is moving up, following its 21-month contraction, during which the OEI declined by more than 18.5%. “Improving conditions in the Permian Basin oil and gas sector, along with continued modest growth in the Texas and US economies, point to continued recovery and growth in Odessa in 2017,” he added.
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