July 13, 2018
Odessa’s economic indicators from May 2018 showed continued spending growth, climbing hotel/motel revenue and home sales activity in record territory. According to economist Karr Ingham, the Odessa Economic Index stood at 240.5 for the month, which meant it “achieved full recovery . . . surpassing its previous record from January 2015.”
Inflation-adjusted taxable spending, based on May tax receipts, increased 50% year over year, with the year-to-date total up by 47%, compared to the first five months of 2017. Ingham noted that auto spending was also up by more than 46%, compared to year-ago levels. Existing home sales increased by 36% year-over-year, and 40%, compared to the first five months of 2017.
Employment growth in May was 4.4%, ranking as the third highest among all Texas metros, while unemployment stood at 2.8%. Still, total employment remains down by 5,200 jobs, compared to the December 2014 employment peak, Ingham noted.
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