Commerce's Economic Index ends year on record high, spurred by good payroll, jobs news
The Bryan-College Station Economic Index closed the year at a record high of 154.5 as the area enjoyed a growth economy in 2016, according to the monthly report from Commerce National Bank.
In addition to a healthy 2016, the metro-area economy has seen 67 straight months of expansion.
The pace of growth slowed a bit in the fourth quarter as retail sales and auto sales slumped.
Leading the good news was ongoing growth in jobs and construction.
Payroll employment growth was 3.9 percent for the year and an estimated 3,300 jobs were added in 2016. That was third best among the state’s 26 metro areas.
The unemployment rate of 3.6 percent was unchanged in 2016 compared to 2015.
Value of all construction permits grew 45.8 percent in 2016.
Single-family housing permits grew 4.1 percent for the year.
Average home sale price grew 10 percent for the year.
Dollar volume of residential home sales activity was up 5.5 percent over 2016.