Midland-Odessa economy stronger stillMidland-Odessa economy stronger stillhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=77322013-04-11T12:48:00Z2013-04-10T00:00:00Z

MIDLAND-ODESSA - Annual revisions to labor market data by the Texas Workforce Commission found the Midland-Odessa economy was even stronger in 2012 than believed.

The Midland-Odessa Regional Economic Index for February was 12.8 percent higher than February 2012 and marks the 36th consecutive month of increase, according to Karr Ingham, the Amarillo economist who prepares the index.

The figures showed Midland-Odessa had added an average 5,100 additional jobs in 2012, and by the end of the year, the monthly estimate was revised higher by an additional 9,100 jobs. Ingham estimated the two cities have added nearly 25,000 jobs over the last two years.

Retail sales in February were 10.5 percent higher than last February and so far this year sales are up 12.9 percent compared to 2012. Automotive spending in February was 1.9 percent above last February, but February 2012 automotive spending was 62 percent above February 2011 figures.

Building permit valuations in February were 13.8 percent below last February, but February 2012 was more than 80 percent higher than February 2011.

Midland and Odessa issued 119 new housing permits in February, down one from February 2012, which was more than double the number issued in February 2011.

Existing home sales fell 18.3 percent compared to last February, which was 40 percent above February 2011 sales. The average sales price rose 2.9 percent to $217,519 from $211,356 last February.

Midland Reporter-Telegram
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