Bars are still closed and people are forced to wear masks in grocery stores and other enclosed spaces, but economists believe that the business environment in Corpus Christi is showing signs of a return to normal.
So a new normal.
The general business environment in Corpus Christi has slowly returned to normal as the number of new local COVID-19 cases declines. This comes from the South Texas Economic Development Center at Texas A&M University-Corpus Christi, which released its monthly economic update on Tuesday.
The coronavirus pandemic has played a significant role in reshaping the economy of a region previously heavily influenced by both energy growth and tourism.
Here are some of his conclusions:
A slowdown in pedestrian traffic for local businesses after an initial surge in May and June has caused business to rebound. Weekly unemployment claims and monthly unemployment rates rose in July.
Still, Corpus Christi companies managed to create another 500 jobs in July after creating more than 15,000 jobs in the previous month, the report said. The unemployment rate in the metropolitan area was 10%.
Employment in the leisure and hospitality industry still fell by around 26 percent year-on-year.
The number of jobs in the statistical metropolitan area of Corpus Christi fell from 197,600 to 181,000 in June, a 6.9 percent year-over-year decrease, according to the Texas Workforce Commission.
Over the past five years the employment growth rate has declined by an average of 1.5% per year. In addition, the unemployment rate rose from 4.5% in 2019 to 10.1% in June.
Real estate market
Since the outbreak of the COVID-19 pandemic, people have been spending more time at home.
This has in some ways helped prop up the Corpus Christi property market, which broke records for market indicators in 2020, the report concluded.
A combination of a lifestyle change and a record low in interest rates has boosted demand for residential property. Both the number of houses and the volume of house sales reached record levels in recent months.
Median home price is up 14% year over year to $ 240,000 in the Corpus Christi area, the report said. The home stock has also fallen to an all-time low of 3.4 months, compared to 5.7 months last year.
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Chris Ramirez writes on energy, commerce and anything business related. In this way, help support local coverage by checking out our subscription options and specials at Caller.com/subscribe