Waco, housing, lodging, Magnolia factorWaco, housing, lodging, Magnolia factorhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=162282017-04-04T05:00:00Z2017-04-04T23:15:00Z

​​​​​​​WACO – ​Home construction and home sales paced the Greater Waco economy in February, and revised figures from the Texas Workforce Commission show the area created 2,900 jobs between February 2016 and this year, according to the monthly economic snapshot produced by Amarillo-based economist Karr Ingham. 

​The monthly average for the Waco Metropolitan Statistical Area, which includes McLennan and Falls counties, was revised upward by nearly 1,000 total jobs on average for 2016.

Ingham said employment grew at a 2.7 percent monthly average applying the revised figures, compared to 2.2 percent per original estimates. 

Home sales also blossomed in February, with 188 residences changing hands, compared to 159 in the same month last year.

The number of sales through February totaled 311, which is only three transactions shy of the record 314 sold during the first two months of 2015, Ingham said.

Revenue generated by local lodging establishments continues to have a positive impact on the index. The February total of $3.8 million represents a 28 percent increase, while the $6.5 million total in January and February reflects a jump of nearly 13 percent.

The average price of a home sold in the Waco metropolitan area during February rose to $166,926, an 8.4 percent increase from February of last year.

Ingham said his finding is merely an average achieved by dividing the number of homes sold into the combined value of those homes. He said it does not mean homes in Greater Waco are increasing in value at an 8 percent clip.

Permits issued for construction of new single-family homes in Waco soared to a record 62 in February, and the 95 permits issued through February is the highest January-February total on record.

Don't forget the Magnolia factor. Magnolia Market at the Silos, which attracts an estimated 25,000 to 35,000 tourists to Waco most weeks, more during spring break.

Waco Tribune-Herald
http://www.wacotrib.com/news/business/greater_waco_economic_index/waco-economy-shows-strength-in-february/article_ab0c2df5-0f0d-5e11-8e13-5751a5fcc51f.htmlRead the full article at the {Source}

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