Midland-Odessa permit valuations cross $1B barrierMidland-Odessa permit valuations cross $1B barrierhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=58452013-11-04T14:56:00Z2013-11-01T00:00:00Z

MIDLAND-ODESSA - The Midland-Odessa Regional Economic Index grew to 213.8 from 212.3 in August 2013 and was up 8.6 percent compared to August 2012.

Over third quarter 2013, the index increased 1.6 percent for an annualized growth rate of 6.3 percent, according to Karr Ingham, the Amarillo economist who prepares the index.

After showing signs of flattening, the Index gained strength as 3Q 2013 ended.

The late-quarter resurgence is attributed to two factors:

•  solid growth in retail sales, which were up 4.8 percent in 3Q 2013 compared to 3Q 2012 as measured by sales tax rebates received by the two cities. For 2013, retails pending is up 8.2 percent compared to the first three quarters 2012.

•  construction, which crossed the $1 billion level for the first time in history as measured by building permit valuations.

That $1 billion-plus record bests the previous total of $753.6 million in 2012 and is 65.4 percent above the $615 million issued in the same period in 2012.

Building permits in 3Q 2013 totaled $418.7 million, up 67.5 percent from 3Q 2012.

Housing construction is also setting records, with Midland alone issuing more than 600 permits so far in 2013.

Midland and Odessa issued 338 permits in 3Q 2013, up 24.7 percent from the 271 issued in 3Q 2012. The total surpassed 1,000 this year for the first time, with the two cities issuing 1,030 permits so far this year, up 20.5 percent from 855 in the first three quarters 2012.

The sale of existing homes slipped 2 percent in 3Q 2013 to 836 from 853 sold in 3Q 2012. Flat home sales are attributed to soaring prices, which climbed to $243,651 in 3Q 2013, up 16.3 percent from $209,480 a year ago.

Midland Reporter-Telegram
http://www.mywesttexas.com/business/article_6a4093a6-4410-11e3-8ef2-0019bb2963f4.htmlRead more at {Source}

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