Odessa Economic Index Continues in State of Decline
The Odessa Economic Index (OEI) declined once again in November 2020, falling to 216.5 for the month, down from 219.2 in October and down 20.2 percent from the November 2019 OEI of 271.2. The index, based at 100 in January 1996, has been in a state of decline for 17 months through November, losing 20.6 percent of its value during that time.
The all-important general spending and employment components of the OEI remain sharply lower compared to year-ago levels. Auto sales activity continues to exhibit deep year-over-year declines as well along with the travel-related components of the index. Construction and housing were higher for the month, however, albeit compared to low numbers in November 2019, and new housing construction remains on pace to set a new annual record. Existing home sales continue to recover after the sharp COVID-inflicted decline in activity, though the average price of those sales predictably flattened in 2020.