Mar 8, 2017
Waco economic index slips in January 2017
WACO – Consumer spending and permits issued for construction of new homes showed solid gains in January, but the Greater Waco Economic Index (GWEI) slipped for the month because of a decline in...
WACO – Consumer spending and permits issued for construction of new homes showed solid gains in January, but the Greater Waco Economic Index (GWEI) slipped for the month because of a decline in existing home sales, according to a report released by Amarillo-based economist Karr Ingham.
Ingham said raw figures for the GWEI show the index slipped to 124.1 in January from 124.2 in December. It was up from 120.7 in January of last year.
Spending saved the day for the January index, as consumers shelled out $265 million for retail purchases, an almost 3 percent increase from the $258 million spent in January 2016.
Whitney Richter, manager of business development and marketing for the Greater Waco Chamber of Commerce, said she is hearing reports of homes selling so quickly they do not appear on the Multiple Listing Service and would not be reflected in sales totals.
“Also, our inventory is low,” Richter said.
“Auto spending in Waco continues to press ever deeper into record territory. Total real auto spending in the 12 months ending January 2017 was up by a stout 8 percent compared to the previous 12 months,” Ingham said in his report.
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