June 21, 2018
The Odessa Economic Index continued its climb, ending up at 237.4 in April 2018. The index increased more than six points over March 2018’s 231.2, representing the largest single monthly increase ever reported, according to economist Karr Ingham.
The reasons for the boost are general spending (40% higher than in April 2017); hotel/motel activity (double the monthly and year-to-date totals from 2017); building permit valuations (60% higher) and new housing permits (up by 175%). Existing home sales and home prices increased as well.
Also on the rise, Ingham noted, was the Texas Permian Basin Petroleum Index, which experienced a 7-point increase in April. This, in turn, has led to an employment increase. “The current expansion has now been in place for 18 months . . . and this milestone . . . was achieved several months ahead of the schedule that was anticipated, given the pace of growth a few months ago,” Ingham said.
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