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Beaumont, Texas – May 17, 2024 – The Greater Beaumont Chamber of Commerce has released its Economic Pulse report for March, marking the 18th consecutive month of economic activity decline. The economic Pulse index, which is benched marked at 100 from January 2010, has experienced a 5% decrease compared to March 2023.

The report highlights several areas of concern. Retail spending, construction activities, new home construction, and existing home sales have declined over the past year. Construction activity, measured by building permit valuations, is at the lowest, with March permits down over 15%.

Despite the economic challenges, the report also brings some positive news. Hotel receipts have seen a sharp increase, indicating a rise in tourism and business travel. Home prices have shown a consistent upward trend, reflecting the stability of the housing market. Employment figures continue to grow, with a 1.4% increase over the previous year, indicating a strong job market. Auto sales, while remaining flat, demonstrate stability in this market segment.

“The mixed results in our March Economic Pulse report reflect challenges and opportunities for Beaumont,” said Steve Ahlenius, President and CEO of the Greater Beaumont Chamber of Commerce. “While declines in key areas such as construction and retail spending are concerning, the increase in hotel receipts and home prices and employment growth provides a silver lining. Our focus will continue to be on growing the economy and boosting opportunities.”

The Greater Beaumont Chamber of Commerce remains committed to supporting local businesses and fostering growth for our city. The Chamber’s efforts continue to address the challenges highlighted in the Economic Pulse and capitalize on areas of opportunity for growth and a resilient economic future for Beaumont.

About the Greater Beaumont Chamber of Commerce

The Greater Beaumont Chamber of Commerce is dedicated to growing the economy, promoting small businesses, leading economic development efforts, and making a positive impact. A thriving business community benefits all members.