Oil price rebound refuels Midland-Odessa economyOil price rebound refuels Midland-Odessa economyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=97222012-09-06T12:06:00Z2012-09-05T00:00:00Z

ODESSA, Midland - The Midland-Odessa Regional Economic Index posted its 29th consecutive monthly increase in July and is 14.7 percent higher than July 2011, according to Karr Ingham, the Amarillo economist who prepares the index.

Retail spending in July 2012 was 18.8 percent above July 2011, which was up some 29 percent above July 2010 levels. Automotive spending was stronger, up 33 percent when compared to July 2011 levels.

Construction in the two cities set a record with nearly $72 million in building permits issued by Midland and Odessa in July, more than 50 percent above July 2011 figures while year-to-date valuations are more than 80 percent above year-ago levels.

The two cities issued 81 permits for new homes in July, up 17.4 percent from 69 last July. Real estate agents reported a 23.6 percent gain in existing home sales, with 293 sold in July.

The average sales price of $201,937 was only 1.1 percent above last July's average of $199,734, but Ingham said it was still a significant increase because the average price is up more than 9 percent year-to-date compared to last year.

Dollars coming into the region also remain high with airline boardings up 9.5 percent at 45,898 in July from 41,904 last July. Hotel-motel tax collections were up more than 50 percent in second quarter 2012 compared to 2Q 2011, which was up more than 46 percent from 2Q 2010.

Midland Reporter-Telegram
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