November 30, 2018
The Odessa, TX general economy continued expanding through Q3 2018, with the Odessa Economic Index at 249.4 in September. The metric represents an increase from the 247.9 reported in August 2018, and a 17.9% hike from the 211.6 reported in September 2017.
According to economist Karr Ingham, the pace of growth slowed quarter over quarter, as well as month over month, with “significantly lower rates of year-over-year employment growth” and decline in new housing construction permits the culprits. “General spending growth remains fantastic, existing home sales and prices continue to soar, and the unemployment rate posted another sharp year-over-year decline to an all-time low in September,” Ingham added.
While employment growth did narrow year over year in September 2018, Ingham believed that the numbers will be revised upward at the next opportunity. “The Odessa metro labor market is extremely tight, more so than has ever been the case in the past,” he noted.
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