Economic Pulse for December 2023

Beaumont, Texas – The Greater Beaumont Chamber of Commerce released the final Economic Pulse for 2023.  The Chamber’s Economic Pulse provides insights into the local economy and its performance over the last 12 months. The report highlights a period of economic contractions, with the index falling for 15 consecutive months, contrasting from the peak in March 2022 at 106.2. This trend reflects a broader trend of reduced general spending across Beaumont compared to the previous year.

Notably, sales tax revenue, hotel tax revenue, total construction activity, new single-family housing construction, and existing home sales declined in 2023. These sectors are often seen as bellwethers for the local economic health, suggesting a cautious approach by consumers and investors.

On the positive side, Employment levels remained strong throughout the year, a testament to a strong construction and Petro/chemical job market. Additionally, car sales experienced an uptick, indicating consumer confidence in specific sectors. These mixed numbers underscore the complex nature of Beaumont’s local economy and the existing opportunities.

The Chamber views these mixed numbers as called to action. “These numbers remind us that the core of the Greater Beaumont Chamber of Commerce mission is to foster economic growth and job creation,” said Steve Ahlenius, President and CEO of the Greater Beaumont Chamber of Commerce. 

The Chamber remains committed to its strategic goal of growing the economy, supporting local businesses, and positively impacting the community. “We believe that by focusing on these areas, we can navigate through a slow-down and lay the foundation for economic growth,” said Ahlenius.

The Greater Beaumont Chamber of Commerce will continue to partner with the City of Beaumont, Jefferson County, LIT, Lamar University, and other groups to drive economic development and improve opportunities for all residents of Beaumont.

About the Greater Beaumont Chamber of Commerce

The Greater Beaumont Chamber of Commerce fosters economic growth and supports local businesses, focusing on creating a vibrant and sustainable economy. The Chamber provides resources for businesses, advocacy, promotion & marketing, and networking opportunities to its members, striving to make Beaumont a thriving place to live, work, and do business.