New Business Cycle Index shows strong economy in B/CS
The state of the Brazos Valley economy is strong.
That's what economists said Thursday at a new Brazos Valley Business Forum at the Texas A&M Campus.
A new Business-Cycle Index shows unemployment dropped to 2.9 percent in July.
"Unemployment in this local area tends to be low below the state average and below comparable cites and nearby cities," said Dennis Jansen, Ph.D., He's an economics professor at Texas A&M and Director of the Private Enterprise Research Center.
"I think the economy is doing well. I mean things could be better but they’re very good and compared to other cities we’ve been doing well," he added.
Inflation adjusted wages grew at an annual rate of 14.3 percent the first quarter of 2018, but Jansen says work still needs to be done to increase wages in our area.
"We all would like higher wages," he added.
"If you look at the levels of income or the levels of wages they might be lower here than they are in some of the comparable cities," he said.
Legal Monkey CEO Corey Cormier was one of the speakers in a breakout session talking about having cash for your business.
He says his company recently expanded in Downtown Bryan and now have nearly 70 employees.
"We saw it as a great investment opportunity for us to stay downtown.where we were as you mentioned just a block down the street. As downtown continues to grow we love being a part of that and helping support that and our people love being there," he said.
The keynote speaker was Rick Rigsby Ph.D., a former Texas A&M Professor and life skills coordinator for the Aggie football team.
"I really believe that the best days are ahead for the economic development of the Brazos Valley because I've met so many entrepreneurs and business leaders who are committee to making an impact and leaving a legacy." he said.
KBTX Vice President and General Manager Mike Wright was one of the guest speakers at the business forum.
The new Business-Cycle Index for the area will be released monthly. It also shows how we compare to other cities in the state.