Waco Economic Snapshot Shows Continuous Improvement | News from local businesses
The GWEI in October reached a raw score of 142.2 compared to 141.9 in September and 132 in October of last year. The index suffered its âtroughâ or trough in June 2020, when it fell to 129.4, Ingham reported.
âThe economy of Metro Waco is set for a year of impressive growth, and it will be, no matter what happens to the Greater Waco Economic Index in the last two months of the year, it doesn’t. There’s no reason to suspect the index won’t continue to improve in November and December either, âIngham wrote.
Ingham uses sales tax rebates at Waco, Bellmead, Beverly Hills, Hewitt, Lacy Lakeview, McGregor, Robinson, West, and Woodway to calculate expenses.
Around a year ago around the same time, Amazon began construction of its 700,000 square foot distribution center on Exchange Parkway. Construction was valued at over $ 250 million, bringing the total dollar value of building permits issued in October last year to $ 284 million. The valuation of building permits fell drastically, to $ 14.7 million, in October of this year.
“The 95% year-over-year decline reflects this phenomenon and, incredibly, only brought the cumulative total down 9.5% from the total for the first 10 months of last year,” Ingham wrote. “And again, these are inflation-adjusted numbers, so the comparisons over time are accurate.”