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Waco economy benefits from regional activities, hotel bookings | Local business news

Collins said economic controls kept spending from refueling last year.

Spending on overnight stays in local hotels has risen off the charts, up 171% year over year in August, the fifth month in a row with a three-digit year-over-year improvement. Spending on accommodation so far this year has been $ 46 million, double the previous year’s figure of $ 23 million. Hotel occupancy is 75.6%, making it the second highest in Texas, Waco Mayor Dillon Meek said during a meeting on Thursday.

Vehicle sales reached nearly $ 554 million through August, up 15% year over year. Ingham said he adjusted for inflation in his calculation.

Most sectors had excellent performances in August, the only slips that manifested themselves in the housing sector for a change. Permits to build single-family homes suggest that local builders booked a late summer junket, which fell from 153 last August to 59 this August. The number of permits for single-family homes has so far been 461, a decrease of 3.8% compared to the previous year.

Still resilient, existing home sales fell from 360 in August last year to 326 in August this year, down 9.4%. Since the beginning of the year, sales are 3.5% up on the previous year. Collins said sales were down due to inventory shortages.

Home prices continue to rise, with the average sales per August reaching $ 274,405, well above the norm of $ 256,063 in August last year.

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