OVERALL PERFORMANCE

Jul 2017

The Corpus Christi economy continued to expand in June. Employment growth was solid, and the jobless rate remained below 6 percent. The housing market remained active, with the volume of home inventories expanding to a five-year peak.


NOTES: Welcome to this redesigned issue of Economic Indicators. In addition to a new look, we have joined Workforce Solutions of the Coastal Bend and Corpus Christi Economic Development Corporation in a monthly report on economic conditions of the region, Coastal Bend Economic Briefing. Check it out!

Jobs by Industry


LABOR MARKET


Corpus Christi added 400 nonfarm jobs in June. Over the year, the area gained 5,000 jobs, bringing employment growth to a solid pace of 2.6 percent. The private sector added a total of 1,200 jobs, more than offsetting the loss of 800 positions in the government sector due mostly to the summer season.

Corpus Christi's unemployment rate in June was 5.9 percent without seasonal adjustment. The seasonally-unadjusted unemployment rate was 5.5 percent, the lowest within the past year. The unemployment rate of the broader Coastal Bend Workforce Development Area was 6.2 percent, compared to 7 percent a year earlier.


HOUSING MARKET


The local real estate market is active. While the number of new home starts has scaled back remarkably so far this year, the number of homes listed for sale has continued to rise, reaching a historic peak above 600 in June. The result is an inventory level now exceeding 7 months, compared with the average of 5 months in 2014.

BUSINESS CONDITIONS


Overall business activity in Corpus Christi has continued to improve. Sales tax revenues for local taxing entities showed persistent monthly gains during the last quarter.