Beaumont, Texas – October Economic Pulse shows Challenges and Growth.
The Greater Beaumont Chamber of Commerce released its October Economic Pulse, showing mixed signals for the economy. The Economic Pulse presents a detailed analysis of Beaumont’s current economic climate. The Economic Pulse continues to show a decline for the last 13 months. Down by 6.1% (99.2) compared to the high of 105.7 in October 2022.
- Decrease in General Spending and Housing Market: There continues to be a notable decrease in overall spending, home building, and existing home sales, especially compared to the same period last year.
- Positive Trends in Certain Sectors: On a brighter note, there have been increases in auto spending and hotel/motel revenues. October witnessed the third-highest valuation of permits for the year, amounting to $24 million. This number includes new residential construction, commercial construction, and remodeling projects.
- Impact of Interest Rates on Home Sales: The housing markets, particularly existing home sales, continue to be adversely impacted by higher interest rates.
- Strong Employment Indicator: Employment remains a bright spot for Beaumont’s economy, with over 1,100 jobs added over the last 12 months.
About the Chamber.
The Greater Beaumont Chamber of Commerce is leading the City’s economic development opportunities and addressing challenges while focusing on growing the economy, helping businesses be successful, and making a positive impact.