Page 20 - NBIZ Magazine April 2021

KEY ECONOMIC INDICATORS

By Greater Houston Partnership

Inflation. The cost of consumer goods and services
as measured by the Consumer Price Index for All
Urban Consumers (CPI-U) rose 1.7 percent nationwide from
February ’20 to February ’21, according to the U.S. Bureau
of Labor Statistics. Core inflation (all items less the volatile
food and energy categories) increased 1.3 percent since
February ’20.
Natural Gas. In February ’21, natural gas averaged
$5.35 per million British thermal units (MMBtu), up
180.1 percent from $1.91 in February the year before.
Purchasing Managers. Index The PMI, which sunk
to 34.6 in April, has inched up in recent months, top-
ping out at 49.5 in June before contracting slightly in July
amid an escalation of COVID-19 cases. The February PMI
of 54.3 reflects the seventh consecutive reading above 50
and the ninth above 45. Readings above 45 correlate with
great snapshot of 11 Key Economic Indicators in expansion of the overall economy, below 45 a contraction.
the Houston market from aviation to unemploy- For Houston’s goods producing sectors, however, the PMI
A ment; noting the declines and upward swings. needs to top 50 to signal expansion.

Aviation. The Houston Airport System (HAS) handled Rig Count. Baker Hughes reports 403 drilling rigs
1.7 million passengers in February ’21, a 60.7 percent were working in the U.S. during the first week of
decline from the 4.6 million handled during February ’20. March ’21. That’s down from 790 rigs the same week in
Though a drop from last year’s volume, February reflects an in- March last year. The rig count has inched up steadily since
crease in air travel since the onset of the COVID-19 pandemic. bottoming at 244 in mid-August. However, it remains well
below its recent peak of 1,083 in late December ’18.
Building Permits. City of Houston building permits
totaled $6.3 billion for the 12 months ending January Sales Tax. Sales and use tax collections for the 12
’21, down 13.4 percent from $7.3 billion for the same period most populous Houston-area cities totaled $955.2 mil-
in ’20. lion in the 12 months ending January ’21, down 5.5 percent
from $1.0 billion for the same period a year ago. Collections
Crude Oil. The closing spot price for West Texas for January totaled $75.2 million, down 5.6 percent from
Intermediate (WTI), the U.S. benchmark for light, $79.7 million in January ’20.
sweet crude, averaged $59.04 per barrel in February ’21, up
16.8 percent from $50.54 for the same period in ’20. Unemployment. The unemployment rate for metro
Houston was 8.3 percent in January ’21, up from
Foreign Trade. The Houston-Galveston Customs 7.6 percent in December ’20 and 4.1 percent in December
District handled 341.6 million metric tons (“MT”) of ’20. The Texas rate was 7.3 percent, up from 6.7 percent in
goods and commodities in ’20, a 7.2 percent increase over December and 3.7 percent in January of last year. The U.S.
’19. These shipments were valued at $196.9 billion, down rate was 6.8 percent, up from 6.5 percent in December and
16.5 percent from ’19. 4.0 last January. The rates are not seasonally adjusted. N
Home Sales. Houston-area realtors sold 6,049 single-fam- Elizabeth Balderrama, Heath Duran, Annaissa Flores,
ily homes in February ’21, up 1.2 percent from February Patrick Jankowski, Roel Martinez, and Josh Pherigo
’20. The 12-month sales total for all property types (single-family, with the Greater Houston Partnership contributed to
duplexes, townhomes, condos and residential lots) was 117,244 the issue Houston, The Economy at a Glance/Key
homes, up 12.3 percent from the same period in ’20. Economic Indicators.

20 NBIZ ■ April 2021