July 30, 2019
The Odessa Economic Index stood at a record 279.9 in April 2019, up from the 266.9 from March 2019, and representing an 11.1% increase from April 2018’s 241.1. The metrics mark the 30th straight month of increase from the index’s trough in October 2016, according to economist Karr Ingham.
He noted, however, that the year-over-year increases have declined, from close to 25% in mid-2018 and 20% at the end of 2018, “to about 11%, and falling, through April (2019),” Ingham wrote. While overall general spending is still increasing, Ingham said auto and hotel/motel spending are seeing a decline, though he allowed that the metrics from 2018 represented huge expansions.
The main influence on the OEI is the continual volatility of the oil and gas region. Ingham said that increasing production in the Permian Basin is being stymied by “insufficient capacity to move that production to the marketplace.”
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