Wichita Falls economy a mixed bag

WICHITA FALLS – Wichita Falls economic trends over the past decade are a mixed bag, according to figures gathered by John E. Martinez, Ph.D., director of the Business and Government Research at Dillard College of Business, Midwestern State University.

The economic index tracked by the bureau grew from 103.4 in 2002 to 104.4 in 2012. That’s off the high of 106.4 in 2007, before the recession struck.

Gross sales in all industries in 2002 were $2,953,000,000. The figure in 2012 rocketed to $4,579,000,000.

The number of new home construction was 490 in 2002 compared to just 172 in 2012, and the number of existing homes sold in 2002 was 1,781 compared to 1,349 in 2012.

In 2002, 70,411 people were employed in the city, while 67,972 were employed in 2012. The unemployment rate was 5.7 percent in 2002 and had risen to 6.3 percent in 2012 after hitting a low of 4.1 percent in 2007.

The oil and gas industries showed dramatic improvements over the decade, with sales rising 79.8 percent.