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hud housing in odessa texas

Mella McEwen found at mywesttexas.com  02/01/2007

Midland-Odessa close books on 'spectacular' economic year

When Midland and Odessa's economies bid farewell to 2006, they closed the books on a year of economic growth that could only be called spectacular -- and extended.

"The two-city combined metro economy grew by double-digit percentage points, making 2006 the crown jewel of the four-year-long -- and counting -- expansion that began in early 2003," said Karr Ingham, the Amarillo economist who prepares the Midland-Odessa Regional Economic Index. According to Ingham, the Midland-Odessa economy posted 11.9 percent growth in the final month of 2006 compared to the final month of 2005.

"You look at that set of numbers and ask yourself if that can be right," he said. "There's double-digit expansion almost across the board; it's something to behold. I remain amazed at what's transpired down there."

That spectacular growth, he said, has been fueled by the area's core industry -- oil and natural gas. In fact, he pointed out that the Texas Permian Basin Petroleum Index that he also prepares, after peaking and flattening for several months, rebounded at the end of the year to post a 13 percent increase over December 2005 levels, reaching a record high.

Growth in some of the individual sectors would generate economic growth, he said, "and by moderate I mean 2 to 3 percent . And there's a positive influence when other economies are growing, but that doesn't account for what's seen in Midland-Odessa. That comes from the oil and gas industry."

"That's not to say," he continued, "that the region hasn't handled this expansion responsibly. It's one thing to be handed high oil and gas prices by the marketplace. It's another to take that ball and run with it, to take that cash flow and invest it, put it back in the ground and develop new technology to bring oil and gas to the ground. I'm greatly impressed by the response of the oil and gas industry in Texas and in the Permian Basin. It's shown a rapid but healthy, productive response and that response is what has led to these high economic numbers."

Given December's average crude oil price of $58.81 a barrel -- up 5.2 percent from $55.90 in December 2005, Ingham estimated that the value of oil production from Permian Basin wells was $15.9 billion, up 17 percent from $13.6 billion the previous December. That is why, he said, "the 'E' side of exploration and production is more stimulative to economic activity, and there's been a lot of 'E' in the Permian Basin. You can take that cash flow and do what consumers do with money when they get it; it's another thing to take that cash flow and expand business, expand business activity."

While oil and gas production was the source of the cash flowing through the Midland-Odessa economy, that cash found its way into the general economy not only through the energy sector's payment of sales tax and purchases of parts, supplies, equipment, vehicles and more, but from local and regional consumers' household spending. Retail spending in the fourth quarter was up 18.8 percent over the same quarter of 2005 while total retail sales was up 17.9 percent over 2005. Ingham noted that he has never witnessed sustained spending increases on that level before. Spending on automobiles was part of that upward trend, with fourth quarter spending up 26 percent compared to the previous year and up 22.2 percent in 2006 compared to 2005.

hud housing in odessa texas construction

Ingham said the Midland-Odessa construction sector "was simply on fire all year long" and wasn't slowing down at the end of the year with the nearly $370 million in construction projects offering economic stimulus for up to the next two years. Equally impressive has been hud housing in odessa texas construction, with 180 building permits issued in Midland-Odessa in the fourth quarter, up 52.5 percent from the same three-month period of 2005. For all of 2006, 740 permits were issued, up 38.8 percent from 533 in 2005.

Existing home sales continued to be the only negative in the index, with sales falling 8.8 percent to 715 homes sold in the fourth quarter from 784 sold in the fourth quarter of 2005. For 2006, 3,050 existing homes were sold, down 11.3 percent from 3,440 sold in 2005. The average sales price was $131,952 in the fourth quarter, up 16.2 percent from $113,581 a year earlier. The average sales price for 2006 was $129,829, up 21.4 percent from $106,969 in 2005.

The housing sector, Ingham predicted, could cause problems in the near future because solving a housing shortage takes time.

"The housing situation is among the most interesting individual sectors, and I think it will bring some attention to itself in the coming months," he said. "That housing market is probably strained. That market is just crying out for more inventory, more homes, to satisfy demand. Look at the average sales price, up 21 percent. That's not what you want to see because that prices people out of the market lickety-split."

He called the sharp increases in sales prices "a classic reflection of a shortage and building activity indicates that will get solved sooner or later."

Demand for housing could well increase as new workers arrive to fill jobs in Midland-Odessa. Job creation rose 3.4 percent in 2006, following a 5 percent increase in 2005, Ingham noted, offering a reminder that jobs at all levels, from unskilled to highly skilled, are needed for a thriving economy.

The oil and gas business is also bringing people to town, as evidenced by a 42.9 percent increase in hotel-motel taxes in the third quarter, the most recent report. Airline boardings also continue to rise, with the 123,798 boardings in the fourth quarter u p 6.4 percent from 116,366 in the fourth quarter of 2005 and the 2006 total of 473,851 up 6 percent from 446,937 in 2005.

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