Double-digit growth = Midland-OdessaDouble-digit growth = Midland-Odessahttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=80422013-03-06T07:37:00Z2013-03-05T00:00:00Z

MIDLAND - Midland and Odessa's economies began 2013 as they ended 2012 — with double-digit growth. The Midland-Odessa Economic Index for January 2013 was 11.8 percent above January 2012 levels and surpassed 200 for the first time in its history, according to Karr Ingham, the Amarillo economist who prepares the index

The number of drilling permits issued for the three Railroad Commission districts that comprise West Texas was up 36.6 percent over January 2012 at 1,012 permits issued and was easily the highest January total in the history of the analysis.

Consumer activity remained strong, with retail sales up 16.2 percent compared to January 2012. Automotive spending was up 9.2 percent, but Ingham said that January 2012 automotive spending was more than 40 percent above January 2011 levels.

Construction continued sharply higher, with the value of building permits 83.1 percent above January 2012 levels, the highest on record for January. Midland and Odessa issued 103 permits for new homes, 51.5 percent more than the 68 issued last January.

Existing home sales dipped 6.7 percent to 167 from 179, but Ingham said that's a reflection of a lack of homes to sell. The average sales price rose 2.2 percent to $217,706 from $212,930 last January. The January average was more than 15 percent higher than January 2011.

Midland Reporter-Telegram
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