Waco economy surges in 2012Waco economy surges in 2012https://www.recenter.tamu.edu/news/newstalk-texas/?Item=84622013-01-25T11:42:00Z2013-01-24T00:00:00Z

WACO - Waco achieved significant growth across several major economic markers in 2012, including rising employment and consumer spending, that pushed the Greater Waco Economic Index higher for the 11th straight month.

The index rose to 107.2 in December, only a slight gain from 107 in November, as shown in a study prepared by Karr Ingham, Amarillo economist. Still, it represents a 4.6 percent increase from its standing of 102.4 in December 2011.

Employment for December 2012 rose 2.3 percent compared to December 2011, an increase of about 2,400 jobs. Ingham noted that this is only the second month that employment has reached and surpassed 2008 prerecession levels.

Inflation-adjusted consumer spending rose 2.6 percent for the year in the Greater Waco area, with fourth-quarter spending up by 4 percent compared to 2011. Automobile sales increased by 11 percent.

New home construction in Waco grew by 7 percent, with 22 more building permits approved in 2012 than 2011. Existing home sales rose 11 percent, while the average annual home price climbed by 4.3 percent.

Greater Waco Economic Index
  Dec. 2012 Dec. 2011
Retail spending $543,471,135 $522,380,174
Automobile spending $95,586,552 $86,119,157
Hotel-motel tax receipts $487,033 $474,875
Building permit issued valuation $41,375,577 $22,828,554
Single-family residence permits 65 54
Existing home sales 519 420
Average home sale price $138,271 $131,373
Payroll employment 107,800 105,400
Umemployment rate 5.6 6.7
Cumulative index 107.2 102.4

For the full chart, see the Waco Tribune-Herald.

Waco Tribune-Herald
http://www.wacotrib.com/news/188168701.htmlRead more at {Source}

 Search NewsTalk Texas