October 23, 2019
Growth of the Odessa Economic Index in July 2019 was sluggish, due to a slowdown in Permian Basin oil and gas, according to a report by West Texas economist Karr Ingham. The OEI, which measures the strength of the economy, increased by one-tenth of a point to 270.2, up from June’s 270.1.
General spending was down, but remained positive for the year to date. Auto sales and hotel revenue also declined. And, while building-permit activity is in positive territory and home sales continue setting records, “new housing construction is down for the month and year to date,” he said.
Ingham pointed to the Texas Permian Basin Petroleum Index, which has been on the decline since its peak in October 2018. Oil and gas prices, rig counts and drilling permits are also lower for month and year to date, compared to year-ago levels, he added.
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