August 7, 2017 Comments Off on Thank Oil Patch Conditions for Odessa’s Economy Views: 518 Texas - Other

Thank Oil Patch Conditions for Odessa’s Economy

The Odessa, TX Economic Index increased for the eighth straight month in June 2017, finishing at 197.9. According to West Texas economist Kar Ingham, the 3.4-point increase was the largest monthly gain since November 2011, and the second-highest ever.

“Vastly improved conditions in the oil patch are propelling the Odessa general economy upward in a hurry, midway through 2017,” Ingham noted. Factors such as spending, building permits, existing home sales and rig counts have increased, despite the decrease of crude oil prices in June.

However, “under the assumption that crude oil prices remain at least generally steady and do not decline appreciably in the near term, it is safe to assume that the balance of 2017 will bring continued economic growth and recovery in Odessa,” Ingham added.

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