Waco index ticks up with spending, construction growth

WACO – Riding strong showings in consumer spending and construction, the Greater Waco Economic Index improved to 114.3 in August from 114.2 in July, according to a report released by Amarillo economist Karr Ingham.

Inflation-adjusted taxable spending per August sales tax receipts was up nearly 4 percent compared to August 2013.

During the past 12 months, the area has seen an increase of 1,500 jobs, including 400 in construction, 700 in trade, transportation and utilities and 500 in leisure and hospitality.

The unemployment rate of 5.6 percent in August compares favorably with the August 2013 jobless rate of 6.2 percent.

Single-family housing construction was slightly improved in August, with 21 permits issued compared to 19 in August 2013.

A total of 230 existing homes were sold in August, a dip of more than 5 percent from August of last year. Year to date, existing home sales are 4.6 percent ahead of the first eight months of last year.

The $161,000 average sales prices of those homes is nearly 7 percent more than the average in August 2013.