Economy Growth in Wichita Falls Tells Us There Is No Better Place for Investment

October 10 17:05 2018
Wichita Falls is currently beginning to move past the point where it was just prior to the Great Recession

Wichita Falls, Texas, United States – Based on the recent economic statistics, the Wichita Falls economy seems to grow in most sectors and it may be of interest to the masses that Wichita is at a time period which is comparable to the 2008 economy in many ways.

The millions coming in from those visiting Wichita Falls is good news for more than just businesses. It is also helping to fuel the economy. A new study done by the Texas Economic Development and Tourism Division of the Governor’s Office shows last year visitors spent $192 million in the city. That is $4 million more than the year before.

During May new housing starts (housing starts is an economic indicator that reflects the number of privately owned new houses on which construction has been started in a given period) were 36% below than those in May 2017. The year-to-date comparison is even with the first five months of 2017, so Wichita is cruising along at a mostly even pace.

By calculating the approximate value for all building permits issued in May, Wichita Falls is ahead of 2017 by almost 4.7 million or 47% month-to-month, whereas the year-over-year comparison is higher by almost 12.5%.

According to Times Record News, the employment statistics continue to grow fairly, there have been 4000 more jobs added so far in 2018. The May unemployment rate is 3.3 percent, lower than the May 2017 level and the May 2008 level. Staffigo Technical Services is also hiring an entry level business analyst for their company in Wichita Falls.

Many people have launched their own successful start-ups thanks to fast loan option in Wichita Falls.

Reports from the State of Texas relative to sales and use tax allocations are higher by 1.8 percent month-to-month and higher by 2.5 percent YEAR-OVER-YEAR. Similar growth shows up in the month-to-month and year-over-year comparisons with respect to retail sales estimates.

The local energy sector shows a minimal improvement, with nearly 30 percent improvement in oil prices. Meanwhile, natural gas prices continue their journey over the downside of the mountain. During April, natural gas prices continued to decline by a little less than ten percent.

Although Wichita has managed to climb back to the approximate point where they were at the time when the Great Recession began, the improvement that began during the first quarter of 2018 seems to be tailing off a bit and the General Business Index for the Wichita Falls region remains unchanged from March at 106.9.

These improvements may be somewhat lower than might be expected, but they do represent an orderly pattern of growth as opposed to bubbles that are likely to easily break.

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