OVERALL PERFORMANCE

Sep 2017

The Corpus Christi economy had held up in the month of August before Hurricane Harvey made landfall in the Coastal Bend. Employment growth spread across most industries, while the unemployment inched up slightly. Home construction remained active before the storm, and the volume of home inventories expanded further to 7.4 months.


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 another 600 nonfarm jobs in August. Over the year, the area gained 5,300 jobs, raising employment growth further to 2.8 percent. Construction and service sectors contributed the most net job gains. Only the information sector sustained a net job loss over the year.

Corpus Christi's unemployment rate inched up slightly to 5.8 percent in August, but posted a measurable improvement from the 6.2 percent level a year earlier. The unemployment rate of the broader Coastal Bend Workforce Development Area was 6.1 percent, compared with 6.9 percent a year earlier.


HOUSING MARKET


The local housing market has stayed active with an increasing number of home listings that exceeded 3,300 in August. The housing inventory level continued to expand beyond 7 months until Harvey struck Corpus Christi.

BUSINESS CONDITIONS


Overall business activity in Corpus Christi continued to expand before Harvey hit the area. Sales tax revenues for local taxing entities have shown year-over-year gains in most months since the beginning of the year.