Waco’s wave of economic growth

​​​WACO – Applying factors such as vehicle sales, hotel and motel tax revenues, home construction and job creation, the Greater Waco Economic Index created by Karr Ingham set a new record last month. 

Its total score reached 124, an increase from 123.2 in August 2016 and 120.1 in September 2015

“Through the end of the third quarter 2016, the greater Waco metro area economy has enjoyed steady expansion for 56 months and counting, and the index has grown by nearly 24 percent during that time,” Ingham said.

The housing industry continues to demand attention. The City of Waco issued 130 permits to build single-family homes during the months of July, August and September 2016.

Home sales remain hot, with 240 existing residences changing hands in September 2016, up from 200 in September 2015.

The result is that Waco’s housing inventory stands at 2.7 months, which means it would take less than three months to sell every home on the market at the current pace.

The average price for a home sold in September 2016 stood at $179,905, which was 3.5 percent less than the $186,521 in September 2015.

​​But the third quarter 2016 average of $185,993 was 5 percent higher than the comparable period in 2015.