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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.

Key Highlights:

  • 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.