December 18, 2019
The job growth in the Permian Basin has been sluggish for much of 2019, and October was no exception. According to information released by the Federal Reserve Bank of Dallas, employment growth was little changed at an annualized -0.2%, the first time since 2016 that Permian Basin employment lagged Texas job growth.
The Dallas Fed pointed out that mining, logging and construction contracted 13.9% on an annual basis, which is what dragged the entire employment metric down. The sector fell by 4.7% year-to-date. On the other end of the spectrum, leisure and hospitality grew at a 6.3% rate. Meanwhile, the overall unemployment rate stood at 2.3% for the fourth consecutive month.
Home sales slowed (down to 372 in October), while the median home price of $301,045 was down 2.6% from its August 2019 peak. Existing home inventory inched up, with Midland’s home supply at 3.1 months, and Odessa’s at 2.5 months.
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