OEI Reflects “Stratospheric” Gains

In January 2015, the Odessa Economic Index hit a record high of 231.9. More than three years later, in February 2018, the OEI stood at 228.7, a four-point increase from January 2018’s 224.5, and a 20% jump from February 2017. “The index is now just 1.4% below its January 2015 pinnacle, strongly suggesting it will move into record territory and a new round of real growth in either March or April 2018,” said West Texas economist Karr Ingham.

Ingham noted that most of the OEI’s components, with the exception of monthly building permit valuations, continue to climb. Spending indicators? Between 40%-50% higher, year over year. Home sales activity? Also up. Hotel/motel revenues and the issuance of new single-family housing construction permits are nearly double year-ago levels,” Ingham said. Rig counts are also climbing. Meanwhile, unemployment is down.

For comments, questions or concerns, please contact Amy Sorter