SAN ANGELO, Texas (Concho Valley Homepage) — Every quarter, the Economic Development Department from the San Angelo Chamber of Commerce publishes a detailed analysis of our local economy’s current and past performance.
The most notable data, according to the Chamber of Commerce in the 2nd Quarter, regarded the 30-Year Mortgage Rate dataset, which was added to show correlations with the local Housing Affordability Index. Additionally, regarding the Industrial Production Index, national Wholesale Inventory to Sales Ratio (ISR) data was included to highlight the interrelationship between local production of raw goods and national supply chain inventory levels.
According to the overall assessment of the 2nd Quarter, San Angelos’s economy was characterized by ‘continued stability.’ Examples of this can be seen in payroll expansions and natural population growth which is stronger than nationwide.
The median age of the population is below average. This means that the working-age population and labor force is predicted to only grow.
“As job creation increasingly hinges upon labor availability, this will help employers find employees as well as provide a faster consumer base,” said the report.
Despite this, there is a chronic labor shortage that is reported as not going away anytime soon. According to the report, there are no ready replacements for the working generation currently going into retirement and while the job market is ‘tight’ it is not yet operating beyond full employment.
Over the summer, economic data has shown ‘resilient growth and easing inflation’. Inflation, while still too high, has been showing signs that it will continue to decelerate. Recession risks while currently elevated, are waning.
To read the full report, go here.