Wichita Falls economic index improves in April

WICHITA FALLS – The Wichita Falls Economic Index for April improved by 0.6 percent and now stands at 105.3. Taken as a whole, the local area continues to exhibit economic recovery.

The local unemployment rate is 4.4 percent, well below the 5.6 percent for April 2013. Local job numbers have increased by more than 200 since the beginning of 2014.

Newly issued home permits during 2014 increased by more than 65 percent for the first four months of 2013. The estimated value of home construction permits issued during April was more than 20 percent higher compared with April 2013, and the year-to-date number issued is 40 percent higher.

The number of closings during April 2014 was higher by 15 percent and the average closing price up by 14 percent in month-to-month comparisons.

Local sales and use tax receipts were lower by 3.4 percent month-to-month but higher by 2.1 percent year-to-date. Similarly, retail sales were lower by 3.6 percent month-to-month but higher by 2.1 percent year-to-date.

The natural gas price spike that occurred during March 2014 was reversed during April. The month-to-month comparison with April 2013 prices, however, shows oil prices were higher in April 2014 by just under 11 percent. The active rig count is 32 percent lower compared with April 2013.