Midland-Odessa economy revved higher in AugustMidland-Odessa economy revved higher in Augusthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=94452012-10-02T10:24:00Z2012-10-02T00:00:00Z

MIDLAND-ODESSA - The Midland-Odessa Regional Economic Index for August 2012 is 14.9 percent above August 2011 and posted its 30th month of increase, according to Karr Ingham, economist who prepares the report.

Job growth is predicted at 4.7 percent for August.

Midland and Odessa issued 113 new housing permits in August, up 71.2 percent from 66 last August while.

Real estate agents sold 300 existing homes, up from 291 in August 2011. The average sales price soared 12.1 percent to $216,595 from $193,182 in August 2011.

The highest demand is for housing in the $100,000 to $150,000 range.

Consumer activity continued strong, with retail spending in August up 14.1 percent compared to August 2011, which was more than 18 percent above August 2010.

Automotive spending also remained strong, with spending up 21.8 percent over than the previous August. Year-to-date, automotive spending is up 34.8 percent more than the first eight months of 2011, which was up nearly 40 percent over the same eight-month period in 2010.

Economic growth continues to come from outside the region. Enplanements at Midland International spiked 16.2 percent to 44,700 compared to August 2011.

Hotel-motel tax receipts were 50.6 percent higher compared to the previous year and year-to-date are up 56.7 percent.

Midland Reporter-Telegram
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