Midland-Odessa construction sector on fire

MIDLAND, ODESSA – The Midland-Odessa Regional Economic Index posted its 48th consecutive month of increase in February 2014, and was 5.5 percent above February 2013 levels, according to economist Karr Ingham.

Midland-Odessa’s construction sector saw a February 2014 total permit valuation of just more than $63 million, up 46.7 percent from February 2013. During the first two months of 2014, the combined permit valuations totaled $140.4 million, up 36.6 percent from the $107.8 million issued during the first two months 2013.

Existing home sales were slightly higher in February 2014, with the 202 closed home sales up 2.5 percent from 197 in February 2013. There have been 403 closed sales so far in 2014, up 10.7 percent from 364 during the same time in 2013.

In February 2014, the average home sales price was $225,403, up 3.6 percent from $217,519 in February 2014. During the first two months of 2014, the average sales price has been $227,323, up 4.5 percent from $217,605 averaged in the first two months of 2013.

Payroll employment — the number of jobs estimated to exist in the Midland-Odessa combined metro area — was up by 3.2 percent in February 2014 compared to February 2013, reflecting the addition of 5,000 jobs to the economy over the last 12 months.

The unemployment rate remains the lowest in the state, averaging 3.3 percent in February 2014, down from 3.7 percent in February 2013.

Consumer spending — inflation adjusted — was up 7 percent over February 2013, which was more than 10 percent higher than February 2012. Automotive spending remains on the rise, with February 2014 figures up 8 percent compared to February 2013.