Dr. James Owen, Midwestern State University
Economic performance in the Wichita Falls area during November continue to support the robust activity that has been evident throughout most of 2019.
Overall, our local economy reflects reasonably well the reports that have been provided about the national economy. We are now past the 10-year mark for the beginning of our recovery from the Great Recession. Prospects for continued economic growth are favorable.
Particularly encouraging is the number of new home construction permits issued during November. Permits for new homes are more than 80 percent higher in the month-to-month comparison with last year.
The year-over-year comparison is nearly 17 percent higher and in line for an annual number that is in line with past years that have exhibited favorable overall economic performance.
Our market for existing home sales is holding its own. The number of closings during November is lower by 14 percent while the average price is higher by nearly four percent. The year-over-year numbers are more nearly in line with performance exhibited in past favorable years. Compared to the year-to-date number of closings in 2018, current performance is 1.2 percent lower but the average price thus far this year is 1.1 percent higher.