Activity Continues Boosting Odessa Economics

The Odessa (TX) Economic Index ended up with another strong increase in November 2017, increasing to 213.0 from 2010.1 in October. West Texas economist Kar Ingham indicated that Odessa economics continue running on all cylinders, with the one negative involving “the monthly number of new single-family construction permits issued,” which had decreased.

However, Ingham noted that crude oil prices increased, as did auto sales (which set a new November monthly record) and home sales (the 1,193 closed sales was also the highest sales total recorded in the first 11 months of the year). Taxable spending also increased to a new record, he noted.

“Rapid increases in regional oil and gas activity, and the resulting increases in industry spending and employment, continue to swell general activity in the Odessa economy, with some indicators already approaching or achieving record levels just 13 months into the economy,” Ingham said.

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