OVERALL PERFORMANCE

Nov 2017

Corpus Christi is rebounding at warp speed in the wake of Hurricane Harvey, which struck the Coastal Bend in August. Industries directly related to the region's rebuilding efforts added more than 4,000 jobs in October, bringing the local unemployment rate to one percentage point below that a year ago. New home construction has slowed down as much of construction activity has shifted temporarily to home repairs, particularly in communities devastated by Harvey.


NOTES: 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. This webpage will soon be replaced by the new report!

Jobs by Industry


LABOR MARKET


Corpus Christi added 2,500 nonfarm jobs in October. Over the year, the metro area gained 6,500 jobs. The current year-over-year job growth rate of 3.4 percent is the highest since the peak of the last shale oil boom ending in 2014. Employment gains spread across all sectors, except information, which includes publishing and media companies.

Extraordinarily strong employment growth brought Corpus Christi's unemployment rate down to 5.1 percent in October, one full percentage point below the rate a year earlier. Likewise, the unemployment rate of the broader Coastal Bend Workforce Development Area dipped to 5.2 percent, compared to 6.6 percent a year earlier. Rebuilding activity across South and Southeast Texas has also contributed to strong employment growth statewide, pushing the state's unemployment rate down to a historic low of 3.5 percent.


HOUSING MARKET


After hitting a peak of 7.4 months in July, the local housing inventory level has reduced to 6.3 months as both new home sales and construction have slowed down. Construction activity has shifted to home repairs around the areas severely damaged by Harvey.

BUSINESS CONDITIONS


Despite that the majority of businesses in Rockport-Fulton, Aransas Pass and Port Aransas remain closed, the overall business condition of the rest of the metro area has returned to the pre-Harvey level, as suggested by the latest local sales tax volumes.