Waco index ended 2013 on high note

WACO – The Greater Waco Economic Index (GWEI) began 2013 with a roar but finished with a whimper, though it still managed to enter record territory. The GWEI hit 113.0 in December, according to Amarillo-based economist Karr Ingham.

That number is the highest since Ingham began tracking trends using data dating to the year 2000 — and up from 107.8 in December of 2012.

The local economy created 2,100 jobs during the year that ended in December, but the growth rate of 2.6 percent per month during the first six months slipped to 1.4 percent per month down the stretch.

Spending on automobiles remains strong locally, climbing to $103 million during fourth quarter 2013 and $449 million for the year, a 7.4 percent increase.

Construction activity plummeted 21 percent during 4Q 2013, based on the value of permits issued. Permits were issued for construction of 51 single-family homes in 4Q 2013, the lowest fourth-quarter total since 2001 and tied with the 51 issued in 4Q 2008.

For the year, however, 351 permits issued to erect residences reflects a 10 percent increase from 2012, and was the highest since 2008. A total of 2,286 houses changed hands last year, 5.7 percent more than in 2012.

The average price of a home sold during the year hit $145,042, which was 3.5 percent above the previous year’s $140,163.