Beaumont, TX – Greater Beaumont Chamber of Commerce presents the Economic Pulse for November, offering a detailed look at the current state of our economy. While there are positive indicators of growth and resilience, we approach the economic outlook with careful optimism, acknowledging the challenges ahead.
- Hotel Occupancy. November saw a 5.4% increase in hotel occupancy rates, signaling a positive trend in contractor work in the region and the holiday season.
- Auto. The auto sector reported a 7.8% increase in inflation-adjusted spending for November, with year-to-year growth of 1.6%. Auto purchases are an indicator of consumer confidence; we anticipate a more robust 2024 as supply chain issues are finally reduced.
- Home Prices. The real estate market experienced an uptick, with home prices rising 17% compared to 2022. This increase reflects lower interest rates and limited inventory.
Understanding the November Economic Landscape:
The Economic Pulse for November indicates a slight decline from October 2023 and a 6% decline from November 2022. These figures represent a complex interplay of economic forces, and the Greater Beaumont Chamber of Commerce is committed to navigating these challenges for our community.
Retail Sector Concerns: The retail sector saw an 8.5% downturn in sales in November. This trend is a concern, highlighting the need for targeted strategies to support our local businesses and stimulate retail growth.
Strong Job Growth. On a positive note, creating over 1,400 jobs for the year-to-date number underscores strong job creation in the construction and retail sectors for the holiday season.
A Guarded Outlook. Reflecting on November’s economic indicators, we adopt a guarded stance, balancing options with a realistic assessment of the challenges ahead. The Greater Beaumont Chamber is dedicated to fostering economic growth, helping businesses be successful, and making a positive impact.
We remain vigilant and proactive, ready to adapt and change our strategies to support the economic well-being of Beaumont.