Wichita Falls sees slight improvement in Jan. 2014

WICHITA FALLS – For the first month of the New Year, the local economy seems to be holding its own compared to December 2013 and the local economic index remains at 104.7. This is almost a 1 percent improvement in the year-over-year comparison of last year.

The construction sector continues to struggle as the number of new home permits authorized in January is more than 40 percent lower compared to January 2013.

Also, the estimated value of these newly permitted homes is more than 25 percent lower compared to the same period in 2013.

Compared to December 2013, new construction permits are higher by two units and the total estimated value of these new projects is more than 50 percent higher.

The number of home sales closed during January 2014 is 12.7 percent higher than January 2013 numbers; however, the average price for these sales is lower by 11.6 percent.

Retail sales during January are estimated to be higher in the year-to-year comparison by more than 9 percent. Natural gas prices took a big jump compared to January 2013, rising by more than 40 percent over the past year.