Waco’s economy in August apparently did not get the message that a recession threatens.
Spending topped $453 million, the jobless rate dipped to 3.7% and permits to build commercial and industrial buildings totaled $170 million, the highest one-month total since Amazon built its fulfillment center.
But not all is rosy, according to Karr Ingham, a West Texas economist who prepares a monthly snapshot of trends using data dating to 2000. His Greater Waco Economic Index, sponsored by the First National Bank of Central Texas and Tribune-Herald, came out this week. Greater Waco Chamber of Commerce Vice President Kris Collins presented the findings to business leaders Thursday.
In his summary, Ingham said “recession storm clouds are gathering,” but that there is no undeniable evidence of a sustained downturn in the statewide or nationwide economies.
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