Another strong month posted for Waco index

WACO – Employment and spending are intertwined, and the Waco area is experiencing improvement in both. January marked the 12th straight increasing month for the Greater Waco Economic Index.

The index rose to 107.8 in January 2013 from 101.7 in January 2012, as shown in a study prepared by Karr Ingham, Amarillo economist. The numbers indicate that Waco continues to pull out of recession and is even showing signs of growth.

Real spending adjusted for inflation jumped 5 percent in January from a year ago. Ingham estimated that January saw a 6 percent jobless rate and 105,500 people with jobs.

Construction is off to a great start in 2013, with the value of building permits issued in January up nearly 150 percent from January a year ago. Commercial building activity led the way, with nearly $12 million in new construction permits and $8.5 million in commercial remodeling permits issued.

The average sales price on existing homes spiked, increasing about 17 percent from $125,528 to $147,337. The total dollar volume of activity rose by more than 18 percent from a year ago.

Auto sales continue to improve, with inflation-adjusted spending on new and used automobiles enjoying a 9.5 percent increase from last January, which was up nearly 10 percent compared with January 2011.