Economic Indicators in Positive Territory for Coastal Bend - KiiiTV.com South Texas, Corpus Christi, Coastal Bend

Economic Indicators in Positive Territory for Coastal Bend

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CORPUS CHRISTI (Kiii News) -

There is more hopeful economic news for the Coastal Bend as lots of indicators are in positive territory, from personal wealth to residential building permits.

Kiii News Reporter Michael Gibson went Live from Highway 44 near the newly opened Baker Hughes plant with the details.

The Baker Hughes plant is one of a number of commercial projects that are a result of the Eagle Ford Shale boom. The facility is one of the shining examples of the turnaround in our economy, as Baker Hughes has four different production lines running out of the place; but City planners say there are other economic indicators which are showing a strong local economy.

Texas workforce numbers show that new home permits in 2012 were up by 44-percent over 2011. That value is placed at over $178 million. Bank deposits are also up by seven-percent over 2011. Even the per capita income rose by six-percent.

"It's always pleasing to report that we see a 50-percent increase in new residential permits, about a 50-percent increase in the value of those homes, 15-percent increase if you look at a calendar year on the sales tax," Assistant City Manager Oscar Martinez said.

Another sign of a real economic turnaround is that our unemployment rate has dropped down to 5.7-percent, whereas the end of 2011 saw it at 6.9-percent.