Midland-Odessa economic path sharply higher

MIDLAND-ODESSA – The Midland-Odessa Regional Economic Index — which is prepared by Karr Ingham, an Amarillo-based economist — was up 13.5 percent in October 2012 compared to October 2011.

The average sale price for a home in Midland-Odessa was $216,191, up 14.7 percent from $188,549 last October.

Midland and Odessa issued 95 permits for new homes in October, up 50.8 percent from last October. To date, 950 permits have been issued, up 30.5 percent from 728 in 2011.

Existing home sales also rose, with 256 homes sold in October up 22.5 percent from 209 last October.

The valuation of building permits are up in double-digits for 16 straight months. October totals were up 55.7 percent compared to last October.

Consumer spending was up 13.5 percent over October 2011, while automotive spending returned to double-digit growth, rising 36.6 percent compared to last October.

Hotel-motel tax collections were up 45 percent during third quarter 2012 compared to 3Q 2011.