Wichita Falls economic index rises slightly in Feb. 2014

WICHITA FALLS – Based on the numbers reported for February, the Wichita Falls area economy continues to exhibit signs of improvement, maybe even recovery. The composite economic index for the Wichita Falls area during February rose moderately by 0.5 percent compared with the 2013 index value.

The estimate of retail sales suggests that consumers are spending a bit more compared with 2013, especially in the year-to-date comparison. The monthly estimate is higher by 2.5 percent, but the year-to-date estimate is higher by nearly 12 percent.

New permits issued for home construction during February took a leap of 240 percent compared with February 2013 and the new permits year-to-date in 2014 is higher by 125 percent over the 2013 year-to-date number.

Existing home sales that closed during February are down by nearly 8 percent in the month-to-month comparison, but the average price is higher by 2.6 percent. The year-to-date comparison is similar, with the number of closings lower by just under 12 percent but the average price higher by 9.4 percent.

The employment sector continues to tread water in many respects. Compared with 2013, our unemployment rate is down by 0.7 percent, but compared with the rate reported for January, it is up by 0.1 percent.