For nearly a year, the Bryan-College Station economy has been going downhill each month. October was no exception.
The area's economic index fell to 117.5 last month from 118.2 in September, according to a report compiled by Karr Ingham, an Amarillo-based economist. Ingham's study is conducted through a partnership between Commerce National Bank and The Eagle.
The index started with a baseline measure of 100 in January 2000.
Retail sales declined 16 percent in October compared to October 2008, and automobile sales fell 21.6 percent during the same time frame. The value of all construction is down significantly for the year, totaling slightly more than $178 million to date compared to more than $422 million for the same months in 2008.
Glen Davis, executive vice president and chief credit officer at Commerce National Bank, said even though most sectors of the economy experienced declines in October, there are reasons to believe things are getting better.
"I think you're seeing economic improvement signs, in particular as to how it relates to the housing market," he said, noting single-housing permits have increased for five consecutive months. "It shows activity in your housing market, and in my view, that's a leading indicator of an economy improving."
Despite being down year over year, Davis said, the fact that the unemployment rate fell to 6 percent in October from 6.5 percent in September is a sign that the economy is rebounding.
"In order for the recovery to be sustained," he said, "retail sales numbers need to be improved as well as the unemployment rate."
RSS
Mobile
Daily Emails
Twitter
Facebook
