Spending, buying surge hits Waco economy

WACO – People are finding jobs and buying cars and homes, causing the Greater Waco Economic Index to rise for the 20th consecutive month in September, according to Amarillo economist Karr Ingham. The index hit 112.9 in September, up from 112.4 in August and 105.9 in September of last year.

Through September, 1,797 existing homes were sold in the Waco area, a 9.4 percent increase from the same period last year.

Housing construction is on course to post the strongest year since 2008, with 300 permits issued through September, a year-over-year increase of 18 percent. Meanwhile, the average price of a home sold in Waco during third quarter 2013 stood at $147,007, up from $144,935 a year ago.

On the employment front, Ingham estimated that 109,000 people held jobs in McLennan County in September, 1,600 more than in the same month last year.

Consumers spent more than $540 million countywide in September, a 4.9 percent increase from the $517 million in September of last year.

Residents continue to buy new and used vehicles, with inflation-adjusted spending up 10 percent between July and September compared to 3Q 2012.