OVERALL PERFORMANCE

Jun 2017

Corpus Christi is gaining momentum in its recovery from the 2015-2016 downturn. Employment growth begins to accelerate, while the unemployment rate falls below 6 percent. The housing market remains robust but home inventories have expanded 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 1,100 nonfarm jobs in May. Over the year, the area gained 4,000 jobs, bringing employment growth to a solid pace of 2.1 percent. The mining and construction supersector was the leader in job gains, due in large part to capital development projects near the port.

With continued improvements in the labor market, the metro area's seasonally-unadjusted unemployment rate dipped below 6 percent for the first time this year to 5.7 percent in May. The unemployment rate of the broader Coastal Bend Workforce Development Area also reduced by half of one percentage point to 6 percent.


HOUSING MARKET


The local real estate market remains active, with a growing number of homes listed across the metro area. The number of home starts in the area has tapered off as the amount of home inventory has exceeded 7 months, the highest level since 2012.

BUSINESS CONDITIONS


Local business activity is showing strong signs of growth going forward. The local taxing entities collected year-over-year 2 percent more in sales taxes in the latest month.