Odessa Economy Keeps on Growing
CBS 7 News
September 21, 2012
Odessa - The city's economy keeps getting better and better. Sales tax revenue is up half a million dollars and rising. July of 2011 sales tax revenue was 2.4 million dollars compared to 2.9 million in July of this year. That's a 20.5 percent increase.
New residential and commercial building permits are both up 66 percent. There was a total of 4,742 building permits issued in Odessa with a valuation of 280 million dollars.
Labor statistics show our civilian labor force grew by almost four thousand in the last year. The total number of those employed was up about five thousand with unemployment down by one thousand. The unemployment rate declined from six percent to four-point-five percent from August of 2011 to August of 2012.
Last, but certainly not least, the Permian Basin rig count is up 56 for a total of 429 wells pumping out the best sweet crude oil in the country.
These statistics were made available courtesy of the Economic Development department of the Odessa Chamber of Commerce.