The latest reading of the local Business Cycle Index confirms that the economy of Corpus Christi has expanded at a sustainable pace. Except sale tax revenues, the economic indicators that make up the Index present a picture of continued growth.
According to Texas Workforce Commission's latest data releases, the Corpus Christi metro area gained 700 non-farm jobs in September. Employment gains were concentrated in the public sector. The net increase of 1,500 government jobs alone offset all job losses in other sectors. The mining and construction industries continued to expand, with an over 8 percent job gain over the past year.
Corpus Christi's unemployment rate registered at 4.9 percent in August, compared with 6.0 percent a year earlier. Its seasonally adjusted unemployment rate at 4.7 percent was the lowest since early 2008. The official unemployment rate for the Coastal Bend region also edged down to 4.7 percent. Those local and regional unemployment rates were about one percentage point below the national average.
The local wage rate in constant dollars gained an annualized rate of 4.8 percent in September, the strongest monthly gain in nearly two years. In addition to higher nominal wages, a fall in the overall cost of living has helped to boost wage earnings in real terms.
Sales tax collections for local taxing entities in the metro area declined about 10 percent, after a substantial gain of about 20 percent in August. Compared with a year earlier, the volume of local tax revenues remained about 5 percent larger.
An update to Corpus Christi Economic Indicators is posted once a month. The publication is a joint program of the South Texas Economic Development Center and the EDA University Center.
Both centers are housed in the College of Business at Texas A&M University-Corpus Christi. Researchers at the centers continuously monitor the ever-evolving economic landscape of South Texas.
This monthly newsflash is disseminated to the public with free subscription. Viewpoints and opinions expressed do not necessarily reflect the views of Texas A&M University-Corpus Christi or its College of Business.