September 5, 2017
A little more than a year ago, it was reported that the June 2016 economic index for Odessa, TX continued to decline, though it seemed as though things were starting to improve, albeit slowly.
What a difference a year makes.
The June 2017 Odessa Economic Index increased 3.6 basis points compared to May, which economist Kar Ingham called “the largest single monthly gain over the entire history of the index analysis. The July 2017 OEI’s stood at 201.1, compared to July 2016’s 193.1.
The reasons for the increase include improvements in real spending and auto sales, as well as increasing construction activity. Then, there is the Texas Permian Basin Petroleum Index, which had its 10th straight monthly increase in July. As such, “The table of monthly economic indicators for the Odessa metro area is simply stellar in July, with year-over-year improvements of all components of the Odessa Economic Index,” Ingham said.
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