OEI: Odessa Still Running on All Cylinders

Though not quite near its high point of 231.7 reached in January 2015, the Odessa Economic Index (OEI), continued expanding in October 2017, clocking in at 210.0. The figure represents the 12th straight monthly increase in the index, according to West Texas economist Karr Ingham.

Though construction numbers were down year over year, other components of the OEI – employment, the Texas Permian Basin Petroleum Index and the residential real estate market – continued their upward climb. October home sales increased 20% from the year before, while closed sales were up by 18%.

“The real total dollar volume of home sales activity established a new October monthly record, at the same time, outpacing October of a year ago by some 32%,” Ingham said. Though the total has not yet surpassed the previous January-October record set in 2014, it could “very likely overtake those numbers to set a new record in 2017,” Ingham observed.

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