Waco economy improves again

WACO – Contractors are building more and consumers are buying more, causing Waco’s economy to improve in September for the eighth straight month, as shown in a study prepared by Karr Ingham, Amarillo economist.

The Greater Waco Economic Index hit 105.9 in September, up from 105.5 in August and 102.6 in September of last year.

Sales of existing homes rose sharply during the third quarter, with closed sales up nearly 24 percent from last year. Housing sales year to date in greater Waco is beating last year by 7.5 percent.

The average home price during 3Q 2012 hit $144,935, which is the second-highest third-quarter average on record.

Waco issued 87 housing permits during 3Q 2012, beating the total for 3Q 2011 by 17 percent. Year to date, the number of new housing permits issued by the city exceeds the first nine months of last year by 4.5 percent.

Spending on vehicles hit $109 million during 3Q 2012, “which is a record for any quarter in the history of my report,” Ingham said.