Midland-Odessa economy shows impressive recovery as it journeys back to previous heights

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Midland Reporter - Telegram

Not quite there yet, but the Midland-Odessa Regional Economic Index continues its journey back to the heights reached in December 2014 as oil prices were beginning to plummet.

“That is a strong and impressive recovery, a resilient economy and an impressive bounceback” from the economic damage wrought by oil prices falling to 13-year lows, said Karr Ingham, the Amarillo economist who prepares the index for the Midland Development Corp.

The May index posted its sharpest month-to-month increase — 1.9 points from April to May — since December 2014 and now stands just 1.3 percent below the May 2016 level.

Ingham said the area economy is in the first phase of the recovery cycle, expansion as it works to return to its previous peak; once that’s accomplished, then it will enter the second phase, which is new growth, he said.

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