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B-CS economy fine now, slowdown likely, according to Ingham
By Trevor | May 12, 2008
April 3, 2008
The Bryan-College Station economy started 2008 on a high note, but locals should be prepared for an eventual slowdown, economist Karr Ingham said. Ingham assigned the Bryan-College Station area an index of 123.5 for January. The index marks a 3 percent increase from the economist’s revised figure for December of 123.4. He revised the area’s index to reflect updated employment data the Texas Workforce Commission released in March. The change affected data Ingham and others tracked for 2006 and 2007. Revised numbers show the area actually added 1,300 fewer total jobs for both years than the commission originally reported, according to Ingham’s report. Mark Dotzour, chief economist with the Real Estate Center at Texas A&M University, said Bryan-College Station faces the same challenges with job growth as other metropolitan areas of similar size. “There’s a big trend of job growth going to the major cities,” he said. “In that respect, we’re no different from, say, a Lubbock or Abilene or an Amarillo.” Both economists agree the big story in Bryan-College Station, however, is ongoing growth in the consumer sector. The sector recorded its fourth consecutive year of strong expansion, growing 5.7 percent to $135.5 million from January 2007, according to Ingham’s indicators. Figures for February, which reflect Christmas activity, stood 10.3 percent higher than a year ago, Ingham said. Home building activity dropped 23 percent in January from the same period in 2007, with builders filing only 51 permits for single-family housing. Dotzour said local residents can expect to see a slowing of activity in the home building sector in the coming months. The total valuation of building permits issued for the same period exceeded $100 million for one month for the first time in the history of the index, Ingham said.
[Bryan-College Station Eagle]
Topics: College Station Real Estate |
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