Waco economy roars; homes snapped up

WACO – Spurred by a record-setting number of people working, the Greater Waco Economic Index posted its 13th consecutive monthly increase in February.

The index rose to 108.6 in February, continuing a recovery that began more than a year ago, in a study prepared by Karr Ingham, Amarillo economist.

The number of people with jobs in the Waco/McLennan County 
area grew by 3,100 people between February of last year and this year. During January and February, Waco and nine suburbs and nearby cities had retail spending of more than $400 million.

The index showed area residents continue to spend money for new and used vehicles. For the first two months of 2013, inflation-adjusted 
auto spending was up about 
4 percent from the first two months of last year, which was up nearly 16 percent compared to the year 
before.

With the weather warming, builders were scrambling for home construction permits in February. The 54 permits issued represent the most for that month since at least 1999.

Buyers snapped up 163 homes in February, nearly 30 percent more than in January. Also, buyers 
closed on the sale of 
281 homes during the first two months of this year, 15.6 percent more than during the same period last year.

Home values continue to remain solid, with the average price of homes sold during the first two months standing at $138,730, up 
9.6 percent from 2012.