Spending, hotel stays spur Waco economic growthSpending, hotel stays spur Waco economic growthhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=43362014-04-28T14:14:00Z2014-04-28T00:00:00Z

WACO - The local economy continued to grow throughout the first quarter of the year, bolstered by increased consumer spending, more automobile purchases and stays in local hotels, according to Amarillo-based economist Karr Ingham.

The Greater Waco Economic Index rose to 113.1 in March, up from 112.8 in February and a jump from 108.5 in March 2013. Ingham cites higher overall spending as the driving force behind the growth.

March hotel/motel receipts climbed by 25 percent compared to last March, while spending in the first quarter at local hotels jumped by 19 percent compared to last year’s opening three months.

Automobile sales hit a record for the month of March, increasing by about 18 percent compared to the previous year. Also in March, the unemployment rate dropped to 5.1, down from 6.1 the previous March.

New construction has slowed compared to last year, with the dollar valuation of new building permits issued last month dropping 66.4 percent compared to March 2013.

Existing home sales grew by 9.9 percent compared to last March. But the average home sale price dropped 2.1 percent from $147,912 in March 2013 to $144,732 last month.

Waco Tribune-Herald
http://www.wacotrib.com/news/business/greater_waco_economic_index/increased-spending-hotel-stays-spur-growth-in-greater-waco-economic/article_3c59eabd-887e-5ea7-b09d-794008ca8e99.htmlRead more at {Source}

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