Despite moderating employment growth over the past few months, the Federal Reserve Bank of Dallas indicated that the “Permian Basin economy remains robust” in its September 2018 report. The 2.4% unemployment rate was flat month over month, but remained below historic lows, while job growth increased by 0.2% over August 2018.
The month-over-month growth in oil production also slowed, “but production is still over 34% higher than it was a year ago,” Dallas Fed analysts noted. As mentioned in previous articles, production growth is surpassing capacity, though the Q3 2018 Dallas Fed Energy Survey showed that 56% of those questioned expect pipeline constraints to loosen by the end of 2019.
On the housing front, single-family inventory in the Midland-Odessa remains tight, hovering at 1.4 months. The median home sales price was at $284,000, falling from its peak of $286,000 in July 2018, while home sales fell by 0.5%, which is 10% higher than the year before.
Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.
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