Waco index targets new high in July

WACO – The Greater Waco Economic (GWEI) Index set a record in July, sparked by building permits for a new housing complex that will target Baylor University students and a new home for Baylor’s Hankamer School of Business.

The GWEI hit 114.2 in July, which was more than the 111.0 from July 2013 and marks the first time it has surpassed 114.

Highlighting the July performance was a building permit valued at $82 million for construction of the new Paul L. Foster Campus for Business and Innovation.

Another went toward construction of the $19 million apartment complex called The Domain at Waco.

Retail spending in Waco and nine suburbs topped $1.3 billion through July, up from $1.26 billion the previous year.

Auto sales in Greater Waco are on the rise as well — spending on new and used vehicles so far is trending 10 percent above figures from 2013.

Single-family home construction represented one of the few disappointing categories in the July report.

There were 25 permits issued in July 2014, down from 32 in July 2013. Overall, 206 have been issued during the first seven months of 2014, which is nearly 14 percent less than the 239 issued through July 2013.