Employment, construction surge in Waco

WACO – With spending and housing construction down but employment surging, November 2012 economic indicators produced a mixed bag that was good enough to give Waco its tenth consecutive month of good news.

The index hit 107.1 in November 2012, up from 106.5 in October and 102.5 in November 2011, as shown in a study prepared by Karr Ingham, Amarillo economist. It surpassed 107 for the first time since April 2009.

Waco’s jobless rate has declined steadily since October 2011, dropping to 5.6 percent in November, the lowest in four years.

Sales tax receipts in November were down slightly in the Waco area.

Auto sales in Waco continue to grow, with inflation-adjusted spending on new and used automobiles up by more than 8 percent compared to November 2011, and up more than 12 percent for the year to date.

Construction on projects such as new commercial or industrial buildings is up more than 50 percent compared to the first 11 months of last year. The number of permits to build new houses was down in November 2012 from November 2011, but they are up for the year 2012.

Sales of existing homes were up 27 percent compared to a year ago, Home prices continue to rise, up to an average of $132,692 compared to $119,745 in 2011.