I 31 nrt ..... ) SSR MAY 1967 TEXAS BUSINESS REVIEW A Monthly Summary of B1tsiness and Economic Conditions in Texas BUREAU OF BUSINESS RESEARCH: THE UNIVERSITY OF TEXAS TEXAS BUSINESS REVIEW VOL. XL I, NO. 5, MAY 1967 Editor, Stanley A. Arbingast; Associate Editor, Robert H. Ryan; Managing Editor, Graham Blackstock Editorial Board: Stanley A. Arbingast, Chairman; John R. Stockton, Francis B. May, Robert H. Ryan, Graham Blackstock CONTENTS ARTICLES 137: THE BUSINESS SITUATION IN TEXAS, by Francis B. May 139: THE ECONOMICAL POTENTIAL OF TEXAS, by John R. Stockton 143: TEXAS BUILDING CONSTRUCTION IN MARCH, by Robert B. Williamson 146: TEXAS RETAIL SALES, FIRST QUARTER 1967, by John R. Stockton CHARTS AND TABLES 137: TEXAS BUSINESS ACTIVITY 138: LEADING OIL-PRODUCING STATES, JANUARY-FEBRUARY 1967 138: BUSINESS-ACTIVITY INDEXES FOR 20 SELECTED TEXAS CITIES 138: SELECTED BAROMETERS OF TEXAS BUSINESS 140: TEXAS MANUFACTURING, 1947 AND 1963: CLASSIFIED BY INDUSTRY 141: PERCENTAGE CHANGE IN TEXAS MANUFACTURING EM­PLOYMENT AND VALUE ADDED BY MANUFACTURE, 1947 TO 1963 142: PER CAPITA PERSONAL INCOME, TEXAS AND THE UNITED STATES, 1935-1966 144: BUILDING CONSTRUCTION AUTHORIZED IN TEXAS: SIX­MONTH MOVING AVERAGES OF SEASONALLY ADJUSTED INDEXES 145: BUILDING CONSTRUCTION AUTHORIZED IN TEXAS: INDEX 145: ESTIMATED VALUES OF BUILDING AUTHORIZED IN TEXAS 145~ DOLLAR ESTIMATES OF ANNUAL TEXAS RETAIL SALES 146: ESTIMATES OF RETAIL SALES IN TEXAS 147: RETAIL-SALES TRENDS BY KINDS OF BUSINESS 147: CREDIT RATIOS IN DEPARTMENT AND APPAREL STORES 148: LOCAL BUSINESS CONDITIONS BAROMETERS OF TEXAS BUSINESS (INSIDE BACK COVER) BUSINESS RESEARCH COUNCIL George Kozmetsky, Dean of the College of Business Ad­ministration (ex officio); John R. Stockton, Jessamon Dawe, Thomas E. Gossett, James R. Kay, Stephen L. McDonald, Charles R. Klasson, and W. T. Tucker BUREAU OF BUSINESS RESEARCH Director: John R. Stockton Associate Director and Resources Specialist: Stanley A. Arbingaat Assistant to the Director: Florence Escott Consulting Sta.tistician: Francia B. May Administrative Assistant: Cynthia Bettinger Research Associates: Charles 0. Bettinger, Graham Black­ stock, Ida M. Lambeth, Robert M. Lockwood, Roqert H. Ryan, Elizabeth R. Turpin, Joyzelle Wilke, Robert B. Williamson Research Assistants: James E. Bobbitt, Claire S. Howard, Selma Kallus, Kamal Said, John W. Townsend, James E. Willingham Senior Secretary: Betty Sue Hoch Senior Clerk Typists: Lois Conrad, Carolyn Harris, Kathryn Powell, Peggy Wilmot Cartographers: Michael E. Bonine, Mary Helen Parks, Elizabeth E. Snoddy, Doug Winters, Jr. Library Assistant: Merle Danz Statistical Assistants: Mildred Anderson, Constance Cooledge, Margaret Tannich Statistical Technicians: Doris Dismuke, Mary Gorham Senior Clerk: Salvador B. Maci!l.S Clerical Assistants: Peggy Bobo, Berge Garabedian, Jo­ seph H. Sevier Offset Press Operators: Robert Dorsett, Daniel P. Rosas Published monthly by the Bureau of Business Research, Graduate School of Business, The University of Texas at Austin, Austin, Texas 78712. Second-class postage paid at Austin, Texas. Content of this publication is not copyrighted and may be reproduced freely, but acknowl· edgment of source will be appreciated. The views expressed by authors are not nece&earily ·those of the Bureau of Business Research. Subscrip­tion,' $3.00 a year; individual copies, 25 cents. The Bureau of Business Research is a member of the Associated University Bureaus of Business and Economic Research. THE B·USINE~ SITUATION IN TEXAS Francis B. May· Texas business activity rose, after seasonal adjustment, 5 percent in March to an all-time high of 190.2 percent of its 1957-1959 base value. As a result of it&. increases in January and March, the index averaged 9 percent above 1966 during the first quarter. This behavior of the index suggests that the pause in business activity that occurred in the latter part of 1966 has ended and that business will improve in the second quarter of the year. End­of-the-year forecasts of business in 1966 predicted an upturn in the last half of this year. It appears that the long upswing that began in February 1961 has resumed its upward course. March was the seventy-third month of the current cyclical upswing, making it the second longest rise since December 1954. The eighty-month expansion from June 1938 to February 1945 was the longest. World War II affected both the duration and the amplitude of the 1938­1945 expansion. The Vietnamese war has protracted the current wave of business activity but has affected it to a lesser degree than World War II affected the 1938-1945 upswing. An unusually long and vigorous expansion of investment in new plant and equipment contributed great­ly to the boom. Rising sales of durable goods also con­tributed to the expansion. This was particularly true of automobile sales, which, contrary to the industry ex­perience that a good year was followed by a poor one, rose four successive years from 1962 to 1965. Examination of the seasonally adjusted business activ­ ity indexes for twenty Texas cities shows that the Feb­ ruary-to-March gain was well distributed over the state. Abilene, Beaumont, Corsicana, El Paso, Fort Worth, Houston, Laredo, Lubbock, and San Antonio had increases ranging from 9 percent for El Paso and Houston to 2 percent for Corsicana. Comparison on the basis of quar­terly averages indicates that gains were more wide­spread. Sixteen cities had increases over the first quarter of 1966. They ranged from 20 percent for Texarkana to 2 percent for Port Arthur and Waco. Among the state's large cities gains ranged from 12 percent for Dallas to 3 percent for San Antonio. Crude-oil production in the state declined 1 percent in March after seasonal factors were taken into account. Production for the first quarter averaged 5 percent above the comparable period of last year. After rising in January to 106.2 percent of average monthly pro­duction during the 1957-1959 base period, the index declined in February to 102.5. At 101.9 percent the March value of the index was the lowest since April 1966, when it dropped to 100.9 percent. Data in the April issue of World Oil show that during the January-February period of this year total United States production of crude oil rose 6.7 percent over production in the like 1966 period. Texas production rose 5.4 percent. The accompanying table compares produc­tion and production gains during the period for the six leading petroleum-producing states. The increase in Louisiana production was almost twice the United States average of 6.7 percent. New Mexico was the only state that had a lower percentage gain than Texas. March crude-oil runs to stills declined 2 percent after seasonal adjustment. At 116.9 percent of average monthly runs during 1957-1959 the index was at the highest TEXAS BUSINESS ACTIVITY INDEX-ADJUSTED FOR SEASONAL VARIATION-1957-59=100 250 250 200 200 150 150 100 100 50 50 0 0 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 NOTE: Shaded areas indicate periods of decline of total business activity in the United States. SOURCE: Based on bank debits reported by the Federal Reserve Bank of Dallas and adjusted for seasonal variation and changes in the price level by the Bureau of Business Research. LEADING OIL-PRODUCING STATES JANUARY-FEBRUARY 1967 January-February 1967 Percent change State Production (thousands of barrels) January-February 1967 from January-February 1966 California 56,972 + 6.2 Louisiana .. ... 120,349 + 12.5 N ew Mexico · 20,865 + 4.8 Oklahoma 37,721 + 7.4 Texas . . .. 180,971 + 5.4 Wyoming 23,041 + 13.9 United States .. ... 514,560 + 6.7 Source: World Oil, April 1967. value for any March during its history. It was 2 percent above March 1966. During the first quarter crude runs averaged 3 percent higher than during the first quarter of last year. Demand for petroleum products is strong. During the second quarter demand for all oils is ex­pected to be 3 percent above demand during the second quarter of 1966. Total electric-power use, after seasonal adjustment, de­clined 1 percent in March. At 192.0 percent of the 1957­1959 average monthly production the index was 8.6 per­cent above that of March 1966. During the first quarter electric-power use averaged 8 percent above the com­parable 1966 period. Industrial electric-power use declined 3 percent in March. At 178.3 percent of average monthly use during the 1957-1959 base period the index was 8.3 percent above that of March 1966. During the first quarter the index averaged 8 percent above that of the first quarter of last year. The first-quarter growth rate of 8 percent, if continued, would result in a doubling of industrial electric-power consumption every nine years. This is a high growth rate. BUSINESS-ACTIVITY INDEXES FOR 20 SELECTED TEXAS CITIES (Adjusted for seasonal variation-1957-59= 10()) Percent change Index Mar 1967 Feb 1967 Year-to­date average 1967 Mar 1967 from Feb 1967 Year-to­date average 1967 from 1966 Abilene ... .. 147.7 140.2 146.9 + 5 + 4 Amarillo .. '. 166.6 181.5 172.8 -8 -2 Austin .... . . 199.5 199.6 195.3 •• + 10 Beaumont .. 192.6 181.5 Corpus Christi ....141.0 140.7 183.4 140.7 + 6 •• + 7 + Corsicana ........ 150.9 148.3 147.4 + 2 + 7 Dallas .. .. 211.0 2-13.4 211.0 + 12 El Paso .. ...... .. 136.4 125.1 130.7 + + 10 Fort Worth .......146.7 137.0 140.6 + + 7 Galveston .....110.4 114.9 115.3 4 + Houston ........ . . 207.5 190.6 200.5 + 9 + 11 Laredo .......188.1 174.7 180.7 + 8 + 8 Lubbock . ......... 154.2 147.3 155.0 + 5 Port Arthur .. 105.7 127.0 113.8 -17 + 2 San Angelo ..... 145.8 147.6 148.1 + 4 San Antonio ...... 169.9 160.3 167.5 + + 3 Texarkana .196.3 213.0 Tyler .. ......... . 140.5 '42.9 Waco ... 151.1 151.2 205.5 145.1 154.0 8 2.. + 20 •• + Wichita Falls . . ... 124.1 137.4 134.7 -10 -8 •• Change is less than one half of percent. 138 March sales of ordinary life insurance were virtually unchanged from February after seasonal factors were taken into account. First-quarter sales averaged 4 per­cent above the first quarter of 1966. In view of the fact that the consumer price index in January and February averaged 3.1 percent above that of January-February of 1966, this gain seems low. It is little more than enough to compensate for the increase in the price level. Population increase and gains in personal income should have resulted in a higher level of sales. Total urban building permits issued in March rose 1 percent on a seasonally -adjusted basis. The gain resulted from a 13-percent rise in residential permits issued. Non­residential permits declined. Residential permits have risen steadily since reaching a ten-year low of 64.0 percent of the 1957-1959 average in September of last year. The March value of 111.6 percent was the highest since March 1966. Nonresidential permits declined 8 percent in March after seasonal adjustment. At 232.9 percent of the 1957­1959 monthly average the index was 16.9 percent above that of March 1966. During the first quarter the index averaged 7 percent higher than during the first three months of last year. Throughout the past year strength in nonresidential permits has offset to some degree the weakness in residential permits issued. The index of gasoline consumption in Texas rose fractionally in January to 130.8 percent after seasonal adjustment. January was the latest month for which data on Texas gasoline consumption are available. The January index was 10 percent above that of January 1966. Gasoline consumption has shown· a noticeably in­creased growth rate since 1963. Seasonally adjusted production of natural gas in Texas rose to 130.9 percent of 1957-1959 in December, Data (Continued bottom next page) SELECTED BAROMETERS OF TEXAS BUSINESS (lndexes--ase in Texas, as in most regions of the United States. The cotton farmers from the Southeast moved to the new land in Texas and developed an extension of the cotton belt in the eastern portion of the state. Although the location of cotton farm­ ing has shifted from East Texas to the High Plains, cotton is still an important part of the state's economy. Texas cotton production remains larger than that of any other state; in 1965 cotton produced in Texas, worth $633,719,000, represented 26 percent of the state's farm income and 47 percent of income from 211 crops. Just as the cotton plantation was typical of East Texas, the cattle ranch early characterized West Texas, and even before the railroads reached the state, cattle were being driven north to markets. At the same time that cotton production has been shifting from the eastern part of the state to the western section, cattle growing for later months are not available. This index has had a steady increase for twenty years. Recent increases in personal income, retail sales, and automobile output have kindled optimism concerning the course of the economy during the remainder of 1967; however, these are a single month's results, which do not establish a trend. Slackening of the rise in prices in recent months means that &"ains in income represent gains in purchasing power of the consumer and rising living standards. The change of the Federal Reserve Board to a policy of monetary ease has strengthened the forces of expansion. This will be a good year for Texas and the nation if these expansive forces continue to strengthen. has been shifting from west to east. The number of cat­tle on farms in Texas exceeds the number of cattle in every other state. Farm income from livestock and live­stock products in 1965 totaled $1,123,928,000 and was 45 percent of total farm income. Cattle and calves accounted for 28 percent of total farm cash income. In addition to these two major agricultural products, Texas has developed a wide variety of other crops and livestock products. More wool and mohair are produced in Texas than in any other state. Citrus fruits and vege­tables are produced in the semitropical Lower Rio Grande Valley. Wheat, dairy products, and a variety of feed grains add to the total farm income, with the result that Texas ranks third among the states in value of farm products sold. With the discovery of the Spindletop gusher in 1901 the oil industry became an important factor in the economy of Texas. A long succession of discoveries and a steadily increasing world demand boosted Texas oil production year after year until in 1951 it reached 45 percent of United States production. After 1951 the Texas percent­age of United States production began to decline, and since 1956 the absolute amount of oil produced in Texas has remained relatively stable. In 1966 Texas production was 35 percent of United States production, and Texas reserves were 46 percent of total reserves in the United States. Gas production in the early days of the petroleum in­dustry in Texas was small and for many years suffered from the lack of facilities for marketing gas. Recent years, however, have witnessed the construction of pipe­lines to the large population centers of the north and east, and the result has been a rapid growth in ·the pro­duction of Texas natural gas. In 1961 Texas natural­gas production was 52 percent of United States pro­duction. This increase in gas production has offset to a certain extent the leveling off in oil production, but the price of natural gas has been so much lower than the price of oil that it has not had as much influence on the income of the state as has oil. By 1965 Texas production had dropped to 41 percent of United States production. The third phase of the economic growth of Texas was the development of manufacturing. Texas manu­ facturing began with the processing of local raw ma­ terials. Cotton gins, cottonseed-oil mills, and meat pack­ ers were based on the supply of cotton and cattle. Flour mills processed Texas wheat, and canning plants processed fruits and vegetables. Food processing is now the largest industry in the state in employment and third in value added by manufacture. Sawmills were built in East Texas early in the history of the state, and paper mills later became important consumers of timber. The largest and economically the most significant in­ dustry based on local raw materials has been the refining of oil. Much crude oil was shipped to the big consuming markets, but an increasing portion of Texas oil production was refined in Texas, the products being shipped to market. Refining is the second industry in Texas in value added by manufacture. In 1964 the crude oil refined in Texas represented 90 percent of the production of the year, and crude runs to stills in Texas were 27 percent of the United States total. The manufacturing of oil-field equipment represented another important in­dustry based on oil production, and the development of technical skills in the finding and producing of oil be­came the basis of technical-service industries that have been exporting their skills all over the world. The most recent major industry based on local raw materials is petrochemicals. The demands of World War II for synthetic rubber to replace the supplies of natural rubber that had been cut off by the Japanese advances into southeastern Asia stimulated a rapid expansion of an industry that had already begun to develop along the Texas Gulf Coast. The tremendous investment in chemical plants in the area from Orange-Beaumont-Port Arthur to Brownsville was one of the most spectacular industrial expansions during the War and the early post­war period. Continuously increasing markets for the new products of the chemical revolution have resulted in steadily increasing output of this industry until in 1963 the value added by manufacture was the largest for any manufacturing group in the state. The development of the two largest manufacturing in­dustries has been based on a plentiful supply of oil and gas-the primary raw material-and, in addition, sup­plies of other materials, such as sulfur, salt, shell, and limestone. Since the products of these industries are bulky, location of plants on the coast, where ocean ship­ping and the Intercoastal Canal are available, has been an important factor. The prospects for continued growth in the chemical industry are bright, although refining does not share this hope. The demand for petroleum products is not increasing at as high a rate as in pre­vious years, and strong competition comes from refineries located nearer the markets. World War II resulted in the creation of a large air­craft-manufacturing industry in Texas, and postwar de­velopments have continued the upward trend. These post­war developments include also the building of a new assembly plant for automobiles, and a growing boat in­dustry. Production workers in the manufacture of trans­portation equipment between 1947 and 1963 increased from 18,285 to 31,816, and value added by manufacture increased from $91,893,000 to $615,617,000, bringing the industry to third place in employment and to fourth in value added by manufacture. In December 1966 employment in aircraft, according to the Texas Employment Com­mission, had risen further to 75,300, a close second to that of the food industry, which for many years has been the largest employer in the state. It appears that all ·segments of the transportation-equipment industry have considerable potential for further expansion. The industrial development of Texas resulted in the establishment of a steel industry, whose prospects for expansion appear to be excellent. The Southwest has be­come an important enough market to warrant the build­ing of major steel-producing facilities in this area, and many factors indicate that the industry will expand at a rate somewhat faster than the rate for the total economy. Other metals, particularly aluminum, may be expected to help the primary-metals classification to main­tain a high rate of growth. The industrial activity that has shown the most spec­tacular rate of growth in recent years is generally re­ferred to as the electronics industry, although this classi­fication is still not recognized in the official classification system used by the governmental statistics agencies. The two classifications, electrical machinery and instru­ments and related products, include most of the pro­duction that is commonly referred to as electronics. In 1963 the value added by manufacture in the electrical­machinery industry in Texas was 20 times that reported in 1947, and for instruments and related products it was 12 times that of 1947. These rates of increase far outstripped those for chemicals and primary metals, which were 7 and 6.5 times greater than in 1947. It appears reasonably certain that the electronics industry will be a strategic factor in the future economic growth of the state. One of the most significant features of the history of manufacturing in Texas is the shift toward the fabrica­tion of products for end use; the automobile industry and the electronics industry are two examples of this type of industry. The fabrication of final consumer and industrial goods is one of the characteristics of a mature economy, whereas in the early stages of the economic Table 1 TEXAS MANUFACTURING, 1947 AND 1963 CLASSIFIED BY INDUSTRY 1947 1963 Major industry groups Produc­tion workers Value added by manufacture (thousands of dolla rs) Value added by Produc­manufacture tion (thousands of workers dollars) Food and kindred products 42 ,817 337,558 47,799 $ 929,542 Textile-mill products (cotton) 7,745 29,133 6,233 37,495 Apparel 20,164 71 ,128 36,195 223,765 Lumber a nd wood products 29,354 95,988 15,157 108,791 Furniture and fixtures . 5,119 2s,o:i9 8,740 77,323 Paper a nd allied p roducts 3,850 32,992 8,71 5 150,047 Printing and publishing industries \0,332 92,467 18,349 282,484 Chemicals a nd allied products 17,475 234,496 27,886 1,644,714 Petroleum and coal p roducts 29,662 359,680 25,680 1.016,2 11 Leather a nd leather products 1,470 5,962 n.a. * n.a. • Stone, clay, and glass products 9,284 57,646 19,586 306,003 Primary-metal industries 10,585 58,337 22,753 380,782 Fabricated-metal products 10,964 66,826 25,269 308,572 Machinery (except electrical) 18,327 129,575 29,615 510,362 Electrical machinery \,714 12,1 63 17 ,603 247,808 Transportation equipment 18,285 91,893 31,816 615,617 Instruments a nd related products 735 3,681 3,326 44,435 Miscellaneous ma n ufactu res Z,800 14,458 4,857 40,178 All other major-industry grou ps \,332 1(),4&2 n.a. * n.a. * Total ... . . 242,014 $1,727,464 361,471 $7,086,283 0 n.a. Not available. TEXAS BUSINESS REVIEW development of an area the emphasis is first on raw materials and then on the processing of these raw ma­terials through the first stages of their conversion to finished goods. The finished-goods category includes cloth­ing, watches, radios, furniture, air-conditioners, house­hold appliances, all kinds of machinery, luggage, and, in fact, all of the multitude of items that make up the fabricated products bought by business and consumers. Industry of this type has a potential of almost indefinite expansion as the population grows and as 'the stand­ard of living includes more and more articles in the everyday purchases of consumers. The development of this type of manufacturing industry has great potential for the future of the state, and on its promotion de­pends to a considerable extent the continued growth of the area. The relative importance of the various industrial classi­fications in 1947 and 1963 is shown in Table 1, and the percentage changes in employment and in value added by manufacture are shown in Table 2. Although employ­ment declined in textile mills, lumber and wood products, and oil refineries (practically all of the petroleum-and-coal­products industry in Texas is oil refining) , value added Table 2 PERCENTAGE CHANGE IN TEXAS MANUFACTURING EMPLOYMENT AND VALUE ADDED BY MANUFACTURE 1947 TO 1963 Value added Major industry group Employment by manufacture All industries, total . 49 310 Food and kindred products........ . .. . . . 12 175 Textile-mill products .-20 29 Apparel and related products . . 80 215 Lumber and wood products . .­ 48 13 Furniture and fixtures . 71 236 Pulp, paper, and products . 126 355 Printing and publishing . 78 205 Chemicals and products . 60 601 Oil and coal products....................-13 188 Stone, clay, and glass products . 11 431 Primary metals 115 553 Fabricated metal products...... . ... . 130 362 Machinery, except electrical. 62 294 Electrical machinery . . . . . . . . . . . . . . . . 927 1,937 Transportation equipment 74 570 Instruments and related products . 353 l ,107 Miscellaneous manufactures 61 Source: Bureau of the Census, U.S. Department of Commerce. by manufacturing increased. In all of the other product groups ·value added by manufacture increased substan­tially more than employment, reflecting increased labor productivity in all types of manufacturing. The value added by manufacture is accepted as the most significant measure of manufacturing activity. The preceding discussion covers in summary fashion the economic history of the state, and in this past record must be found the clues to the future course of activity. It is a fundamental principle that an . area will grow only as its basic industry grows. More than half of the activity in any given economic area consists of the re­spending of money brought into the area by the basic industries that create value to be sold outside the area. The respending of this basic income will provide a given amount of economic activity, but it is not possible to expand it beyond a certain limit. The only way for the area to grow further is to expand the basic industry. The future of the Texas economy depends, therefore, on the potential for expansion in the basic industries al­ready in the state and capable of expansion or on new industries that may be brought in. A review of the basic and historically important industries to determine the possibility of their further expansion indicates a rather small number of industries with any substantial growth potential. A clear understanding of the possible growth of the various industries is necessary if one is to predict with any degree of accuracy the future growth of the state. The oldest basic industry in the state, agriculture, has shown very little growth potential, and prospects for any change in this situation are slight. Projections of the increase in the consumption of farm products made by the Bureau of Business Research look for an average annual increase of approximately 1.5 percent between 1950 and 1975. It is reasonable to assume that Texas ag­riculture will receive its proportionate share of this in­creased agricultural production, but this is not a very dynamic growth factor. It is certainly true that agricul­ture will continue to be an important industry in the state, but it is futile to look to it for any substantial support for economic growth. The petroleum industry in the past has been one of the most dynamic industries, but the outlook for the future indicates considerable slowing down. In the first place, oil and gas must be considered separately. The peak in oil production was reached in 1956, and since that date the trend has never been upward. Furthermore, no signs indicate that the earlier upward trend will be re­sumed, since continued discoveries of new reserves in other states are absorbing all of the increase in demand for domestic crude. Imports of foreign oil are blamed for many of the troubles of the oil industry, but this foreign trade in oil is only part of the problem in Texas. Competition from oil in other sections of North America and the severe competition from natural gas and natural­gas liquids are probably even more significant factors than the imports of foreign oil. Although oil will con­tinue for a long time to be a very important segment of the Texas economy, it does not show a very large poten­tial for growth. Treating natural gas as a separate segment of the petroleum industry is desirable, because natural gas is still a vigorously growing industry, but the value of gas produced is so much smaller than the value of oil that it is not able to offset all of the effects of the decline in oil. For example, in 1966 the value of natural gas, liquefied petroleum gas, and natural-gas liquids totaled $1,431,952,000, compared to a value of crude petroleum of $3,191,859,000. It is reasonable to assume, nevertheless, that the importance of natural gas to the Texas economy will continue to increase for a considerable length of time. It is the only one of the raw-material-producing in­ dustries that offers much support to economic expansion. On the assumption that agriculture and oil will not be strong-growth industries, any forecast of .continued economic growth must look for other factors. Exploring the list of manufacturing industries for potential growth industries is the natural next step to take in assessing the future of the Texas economy. Food processing and lumber products offer some prospects for dynamic growth, since the demand for these products certainly will grow as fast as United States population, and probably some­what faster. Refined petroleum products are suffering from competition from other sources of energy, such as natural gas and, potentially, atomic energy, as well as from refinery operations located in other sections of the country. The best to be hoped for in the Texas refining industry is continued growth at a rate equal to that of the· total refining industry of the United States. Petrochemicals have prospects for doing much better than refining, and we may look for still further growth from these products. It is going to be difficult for this industry to maintain the rate of growth that has characterized it during the past twenty years, but there is still support for substantial growth. Although investment in petro­chemical plants is high, ·employment is relatively small, because the processes are so highly automated. Aircraft appears to have considerable potential for growth in the immediate future, but in the longer run its potential will be largely replaced by the new "space-. age" industries. The companies in the Dallas-Fort Worth area have been making great strides in electronics, but a major breakthrough in this respect appears to have been made when the National Aeronautics and Space Administration decided to locate its Manned Spacecraft Center in the Houston area. This development is stimulat­ing a whole range of industries and may in the future be considered as significant to the industrial development of Texas as Spindletop, which ushered in the oil industry. The greatest impact of this installation is felt by the city of Houston, and it has been said that the space laboratory will be one of the most significant develop­ments in Houston's history since the opening of the Houston Ship Channel in 1915. Not only has the NASA project brought to Houston a payroll estimated as high as $30 million, but it is also stimulating industrial activity that is spreading throughout the area. Supporting industry of· many types will almost inevitably be attracted to Texas to be near this activity. Cities as far away as San Antonio and Dallas have already implemented plans to qualify for participation in the expansion. The type of industry needed to support the Apollo Project is the most attrac­tive industrial development that can be found to stimu­late economic growth. The labor input is large, and the rate of pay is very high. It is hard to imagine a better industrial base on which to build an expansion of the economy, and the timing could not have been better from the standpoint of Texas industry. With the oil and the aircraft industries having passed their period of most rapid growth, the urgent need now is for a new dynamic­growth industry. Competition for the new space-age industries is intense, and by their nature these industries are able to locate in a large number of places. Such footloose industries must be secured in their early stages, for once they are well located they do not move easily. This development is so important to the industrial growth of Texas that it is difficult to overestimate its importance. Some plants have already located in Houston as part of the aerospace complex, and more undoubtedly will follow their lead. Somewhat less dramatic than the NASA developments in Houston but nevertheless important to the economic development of the state is the attraction of more tour­ists to Texas. The tourist industry consists largely of service establishments, such as motels, resorts, restau­rants, and entertainment facilities. The money brought into the state by tourists is basic income in the same manner as money brought in by industrial establishments. With the decreasing length of the work week and with higher disposable incomes more time can be used for recreational activities and travel. States such as Maine, Florida, and Colorado have gone to considerable lengths to promote their· tourist attractions, with the result that a substantial proportion. of their income comes from the-· industries supported by tourists. A large proportion of the business generated by this type of spending goes to small businesses, but the aggregate can add greatly to the economy. Texans have only recently begun to realize the full ·significance of this type of industrial . development, but the potential growth possibilities are substantial. A summary of the economic potential for the state of Texas shows some serious problems, but if these prob­lems are recognized they can be solved. It is extreme_ly important, however, to recognize that problems do exist rather than to lapse into the comfortable belief that the economy of the state is growing at a satisfactory rate and that nothing needs to be done to improve· it. Con­vincing evidence shows that not all is well with tne Table 3 PER CAPITA PERSONAL INCOME. TEXAS AND THE UNITED STATES, 1935-1966 Texas Year UnitOO States Texas percent of U.S. l935 ... $ 472 318 67.4 1936 534 363 68.0 1937 573 408 71.2 1938 527 396 75.1 1939 556 409 73.6 1940 595 432 72.6 1941 719 524 72.9 1942 909 712 78.3 1943 1.102 931 84.5 1944 1,194 1,038 86.9 1945 1,234 1,051 85.2 1946 1,249 1,028 82.3 1947 1,316 1,128 85.7 1948 1,43-0 1,199 83.8 1949 1,384 1,291 93.3 1950 1,496 1,349 90.2 1951 l,&52 1,4·69 88.9 1952 ·· · · · · ··· · .. .. 1,733 1,544 89.1 1953 1,804 1,583 87.7 1954 1,785 1,611 90.3 rn5s 1,876 1,667 88.9 1956 1,975 1,752 88.7 1957 2,045 1,823 89.1 1958 2,068 1,851 89.5 1959 2,161 1,913 88.5 1960 2,2.1 5 1,925 86.9 1961 2,264 1,984 87.6 1962 2,368 2,026 85.6 1963 2,445 2,105 86.l 1964 2,579 2,208 85.6 1965 2,746 2,338 85.1 1966 2,940 2,511 85.4 Source: Office of Business Economics, U.S. Department of Commerce. (Continued bottom next page) TEXAS BUSINESS REVIEW TEXAS BUILDING CONSTRUCTION IN MARCH Robert B. William8on The pace of Texas building authorizations in March showed further signs of a renewed uptrend. The $176­million value of Texas building permits issued in March represented a seasonally adjusted annual rate of about $1.9 billion, which is significantly above the tl.6-billion annual total recorded last rear. While the index of Texas building authorizations, which is computed from the seasonally adjusted value of building permits, rose only 1 percent from February to March, this was the third consecutive monthly increase in the index. The March increase, furthermore, brought the index to a level 50 percent above that of the low point reached last De­cember. Although the 1966 total of Texas building permits was the second highest on record and was exceeded only slightly by the record 1965 total, the trend of the au­thorizations had been downward during most of last year. By December the seasonally adjusted index of Texas building authorizations had reached the lowest monthly level in five years. Both residential and nonresidential building authoriza­tions in the state trended downward last year, and both have shown renewed strength during the first part of 1967. Nonresidential authorizations registered a moderate seasonally adjusted decrease in March but remained sig­nificantly above the average and year-end levels of 1966. The Texas residential index, however, has recorded the most dramatic turnaround. From a December low which was the lowest seasonally adjusted level in nearly ten years the residential index moved up consistently during the first three months of 1967. The residential index in March was up 13 percent from February and a sharp 63 percent from December. The major swings in residential and nonresidential building authorizations in Texas during the past few years can be seen more clearly if the irregular monthly fluctuations are smoothed out by computation of six­month moving averages of the monthly indexes. Such moving averages are shown in an accompanying chart for growth rate of the state as compared with that of the rest of the United States. The Department of Commerce compiles annual data on per capita personal income in each state. These data permit valid comparisons to be made between Texas and the nation as a whole, since they are compiled for all states·on a co!!'lparable basis. Table 3 gives per capita personal income in Texas and in the United States from 1935 to 1966. In general both series have risen, and from 1935 to 1949 the per capita income for Texas rose more rapidly than that for the United States. These were the years in which oil pro­duction was increasing and industrial expansion was making its greatest gains, notably in chemicals, refining, and aircraft. At the end of World War II it looked as if per capita personal income in Texas would soon be higher than in the United States. A straight-line projec­tion of the trend for the years from 1935 to 1949 gave strong support to such a conclusion. But in 1965 the Texas per capita income was farther below the national average than it was in 1949. The general opinion held in the state is that during the past seventeen years Texas has far outstripped the other states in industrial growth, but the data in Table 3 shows convincingly that this has not been: -the case; on the contrary, the rest of the country has made somewhat greater gains than have been made in Texas. Per capita personal income in Texas now is 14.6 percent below the national average, whereas in 1949 it was only 6.7 percent below the national average. Although there will be many promising opportunities for growth in Texas during the next decade, Texans should realize that competition from other. areas is grow­ing keener all the time. So much of the economic growth of the state has come from the discovery of natu­ral resources that there is a dangerous tendency to ex­pect that growth in the future will come as easily. No immediate prospects appear for the discovery of new raw materials comparable to oil and gas in the state, and in the absence of such materials it will be necessary to improve economic conditions by increasing industrial­ization. This type of economic growth is much more footloose and subject to greater competition from other regions. Unless this fact is understood and unless in­telligent efforts are made to compete, the per capita income of the state may fall farther behind the na­tional average than it has in the past seventeen years. The greatest potential growth seems to be in the space-age industries, and with the boost of the NASA location in Texas it is not unreasonable to conclude that exploitation of this advantage can stimulate rapid ad­vances. Texas has many locational advantages for an industrial operation. One of the chief factors, however, in taking advantage of the opportunities offered by these new industries will be the quality of the educational and research facilities of the state. Technical education and research have become almost essential factors in attracting new industry. Providing the right kind of support of this nature may be the determining element in attracting industrial activities of the space age. There is good reason to believe that the leadership of the state is aware of the importance of strengthening the universities in the competition to secure modern industry, but this a big job and requires all the help that can be mustered. It is impossible to overemphasize the importance of this factor in industrial development at the present time. One of the greatest advances in the stimulation of economic activity will be made when Texans realize fully that economic growth in the future will almost certainly require more effort than it has in the past. The failure of per capita income to continue to gain on the national average is tangible evidence that the situation is serious. The establishment of the Industrial Commission and the Tourist Development Agency, and the increasing em­phasis on quality in higher education, are indications that the leaders of the state are aware of what is needed. the period 1963 to 1966. Residential authorizatfons were at a record high at the start of the period in 1963, while nonresidential approvals were at a depressed level. The residential averages trended downward after their 1963 peak, with the decline accelerating sharply in 1966. Toward the end of the period, however, the residential series began to level off. The nonresidential series, in contrast,_tended upward to a new peak in early 1966 before beginning to edge downward during the latter part pf 1966. The latest available data would extend the moving averages beyond the last month plotted in the special averages chart and would show subsequent increases in both the residential and the nonresidential averages. National construction trends as of March were similar to those for Texas. Both the value of total construction and the number of housing starts in the nation showed seasonally adjusted gains in March, even though the gains for both were slight. The number of housing units in building permits issued throughout the nation likewise registered a small seasonally adjusted increase in March. A recent national survey of home builders revealed that they now expect 1967 housing starts to rise about 7 percent above the 1966 number, in contrast to the decline they were expecting earlier for 1967. The borrowing costs and availability of mortgage funds continued to ease in March and early April, largely in response to government measures to stimulate building activity specifically and economic activity in general. Interest rates on home loans already, in January and February, had begun to edge downward throughout the nation. Estimates released by the Federal Home Loan Bank Board show that in Houston the February average of contract interest rates on conventional first-mortgage loans to purchase new single-family homes was down to 6.68 percent, compared with 6.95 percent at the end of last year. In Dallas the February average was 6.70 percent, compared with 6.85 percent in December. Mort­gage rates continued downward during March, according to a more general, but more ·up-to-date, report by the Federal Housing Administration. The FHA estimates that in the Southwest the average of interest rates on conventional first-mortgage loans for the purchase of new homes decreased from 6.65 percent on March 1 to 6.60 percent on April 1. Contributing to the easing of mortgage-money supplies, the government's Federal Horne Loan Bank Board in early March gave the regional Home Loan Banks au­thority to reduce from 5.75 percent to 5.50 percent the interest rates they charge on new advances to savings and loan associations. In early April this authority was extended to cover outstanding advances to savings an4 loans associations. The Federal Reserve Board of Gov­ernors contributed to general credit ease in March by a reduction of reserve requirements for member banks' time deposits. This move helps to free additional bank funds for home mortgages and for other kinds of lendi~g. The Federal Reserve System in early April also lowered the discount rates on loans to member banks from 4.5 percent to 4.0 percent. The change in the discount rate had been anticipated by an earlier general movement of bank prime lending rates from 5.75 percent to 5.'50 percent. The President, in March, requested a reinstatement of accelerated tax depreciation for new construction along with a restoration of the 7-percent investment tax credit for business.These actions also would help to attract more investment funds for new building, including new apartment construction. The President also gave orders during March and early April for the release of a total BUILDING CONSTRUCTION AUTHORIZED IN TEXAS SIX-MONTH MOVING AVERAGES OF SEASONALLY ADJUSTED INDEXEs°!.19sv-59 = 100 1965 1966 Data exclude additions, alterations, and repairs. TEXAS BUSINESS REVIEW of $2.1 billion for highway building and other kinds of construction. These funds had been withheld last fall as a part of the government's anti-inflation program. Looking at the details of the latest data on Texas building authorizations analyzed according to major kinds of building projects and locations, we see that there were significant year-to-year gains during the first quarter ·of 1967 in the number of dwelling units authorized in some of the state's major metropolitan areas. 'these gains occurred despite the fact that the total number of dwelling units authorized in Texas during the three­month period remained below the year-earlier level. Dwelling units in the Fort Worth area showed a year­to-year increase of 15 percent; the gain was 11 percent in the El Paso area. The Austin area registered one of the sharpest year-to-year decreases in the total number of dwelling units authorized during the first quarter of 967, even though it continued to lead the state in its growth rate for one-family dwelling units. Several major apartment projects were among the largest individuaL building authorizations issued in Texas cities during March. In the city of Houston alone a half-dozen major new apartment projects were valued at from nearly $500,00 to over $1.6 million each. The total number of apartment dwelling units approved for the entire Houston metropolitan area during March was 1,275 units having a total value of nearly $9 million. In the Dallas area authorizations during March for 935 apartment units totaled more than $5 million in cost. The March levels of apartment authorizations were sub­stantially higher than those o~ a year earlier in both the Houston and the Dallas areas. Types of nonresidential buildings showing the largest year-to-year increases in authorizations in the state dur­ing the first quarter of 1967 were educational buildings, industrial buildings, and public works and utilities. During March an educational building authorization valued at $15.8 million was issued in Austin for a new dormitory complex at The University of Texas. In Houston four permits totaling $5.7 million were issued during March for major public school construction. Also in Houston dur­ing March, a $6.6-million permit for new construction was issued to the Anheuser-Busch Brewery and a $2.9­million building permit was issued to the General Foods Corporation. The developments during the early part of 1967 which appeared to be of greatest significance to future trends BUILDING CONSTRUCTION AUTHORIZED IN TEXAS INDEX-ADJ USTED FOR SEASONAL VARIATION'-19S7· H = HO ..-~~-.-~.--i1 --.~--.-­ ,...,.~,~.---.-~.---~~-.-~..-~~~ 350 t--;-+~-t-~i--•~;''i-t~-t-+ ~7~-+t---t-~t---+~-t-~t---+~-i 300 r ~ ~ I' i t--;-+~-t-~1--7f-t.,.--t-~t---t~-t-~t----+~-i 50 t +;--t~-t-+ ~ ! ~ NOTE: Shaded area• Indicate period• o! decline of total bu1lne11 activity in the United State•. ESTIMATED VALUES OF BUILDING AUTHORIZED IN TEXAS Percent change Classification Mar Jan-Mar 1967 1967 (thousands of dollars) Mar 1967 from Mar 1966 Jan-Mar 1967 from Jan-Mar 1966 ALL PERMITS ..... ..... ... 176.076 437,347 + 15 - 4 New construction . \ 56.429 389,783 + 14 - 5 Residential (housekeeping) 76,365 185,795 + 81 -14 One-family dwellings 56,048 142,835 + 22 -16 Multiple-family dwellings 20,317 42,960 + 65 8 Nonresidential buildings . 80,064 :003,988 + + 7 Nonhousekeeping buildings (residential) 1.095 3,078 +102 -51 Amusement buildings 765 1,756 -12 -86 Churches 4.152 9,873 + 33 + 3 Industrial buildings 16,a.t 1 42,473 -15 + 74 Garages (commercial and private) 541 1,756 -40 -82 Service stations 1.708 4,882 + 23 + 2 Hospitals and institutions 1,000 5,085 -55 -37 Office-bank buildings 7,286 20,701 -27 -39 Works and utilities . 1,070 10,699 -88 +185 Educational buildings 34,313 70,162 + 77 + 48 Stores and mercantile buildings \0,401 25,454 + 40 -19 Other buildings and structures 1,422 8,069 -75 + 2 Additions, alterations, and repairs 19,647 47,564 + 31 2 METROPOLITAN vs. NONMETROPOLITANt Total metropolitan ... .. ... 153,456 377,502 + 14 2 Central cities ....... 121,003 285,983 + 24 4 Outside central cities . 32.393 91,519 -18 + 5 Total nonmetropolitan 22,620 59,845 + 25 -16 From 10,000 to 50,000 population 11 ,755 33,718 + 17 -\6 Less than 10,000 population 10,865 26,127 + 35 -17 t As defined in 1960 Census. •• Change is less than one half of 1 percent. Source: Bureau of Business Research in cooperation with the Bu­reau of the Census, U.S. Department of Commerce. in Texas building activity were the evidence of an upturn in residential building and the renewed support for pub­lic and industrial building from both government and private sources. TEXAS RETAIL. SALES, FIRST QUARTER 1967 John R. Stockton Retail sales in Texas during the first three months of 1967 increased 6 percent over the same period of last year, but this gain must be interpreted in light of the fact that Easter this year fell on March 26 but last year on April 18. The early date of Easter un­doubtedly shifted some sales from April into March, a calendar accident which makes the first-quarter showing this year somewhat poorer than the 6-percent increase over last year seems to indicate. The data on retail sales for January and February are reported by the Bureau of the Census, and for March they are estimated by the Bureau of Business Research from reports received from a sample of Texas stores. The failure of the first-quarter sales to register a greater rate of increase over last year is further evi­dence that consumer spending in the state has definitely leveled off, thus continuing a trend which started almost a year ago. Sales for the whole year 1966 showed an increase of 6 percent, while sales for 1965 were 13 percent above those of 1964. This decrease was the first slow­down in retail sales in six years. In 1966 the first­quarter retail sales in Texas were 15 percent above those of the first quarter of 1965, with the major por­tion of the Easter business in 1966 not included in the first-quarter sales. Consumer spending in the United States for the first quarter of 1967 was also 6 percent above such expendi­tures during the first quarter of last year, as reported by the Office of Business Economics of the U. S. Depart­ment of Commerce. For both United States and Texas retail sales March showed an upturn in sales even after allowance for seasonal variation and the early date of Easter, but this improvement is not considered a re­liable indication that the slowing trend in consumer spending has stopped. It is possible that this improve­ment is an erratic fluctuation introduced by the early date of Easter; even though an attempt is made to make allowance for the shifting date of Easter, it is not certain that an accurate adjustment has been made. The first-quarter sales of durable-goods stores in Texas showed a 4-percent gain over the first quarter of last year,· compared to a gain of 7 percent in nondurable goods. The poorest showing in the first quarter was made by motor-vehicle dealers and farm-implement dealers, whose sales were down 7 percent and 8 percent respec­tively from the same period of last year. Lumber-dealer sales declined 1 percent, but hardware stores and furni­ture and appliance stores reported sales up 2 percent and 6 percent. Nondurable-goods stores as a group did much better than stores handling durables primarily. Apparel-store sales were 14 percent ahead of sales for the first quarter of last year, but this undoubtedly represented the effect of the early date of Easter, as discussed above. General­merchandise stores also did well, with department stores increasing 6 percent. Restaurants reported sales up 6 percent, but food stores were up only 3 percent. Gasoline service-station sales increased only 2 percent and drugstore sales only 1 percent. The increase in Texas spending at retail is chiefly the result of increased ·purchases of soft goods, which more than offset the decline in sales of automobiles, color television sets, and other types of durable goods. This slowing down in the tempo of retail sales may be at­tributed to the feeling on the part of many consumers that the future is not as certainly bright as it has been. Industrial production in the United States had been de­clining since December, until a slight rise was recorded in the March index. Large-scale layoffs have not been prevalent, but there has been some decline in the amount of overtime available. The behavior of the stock market was not of a sort to inspire confidence in the ·future, a:rid in general consumers have been inclined to reconsider their spending plans. Consumer spending tends to reflect the mood of the public, and its degree of optimism, as well as the amount of income actually being received. · The Survey Research Center of the University of Michigan publishes an index of consumer sentiment, which attempts to measure the degree of consumer opti­mism or pessimism. This index showed a pronounced weakness throughout all of 1966, slipping from 102.6 in November 1965 to 88.2 at the end of 1966. The value of the index for February 1967 showed considerable improvement, rising to 92.2. It is reasonable to . assume that this improvement in consumer sentiment offers a partial explanation of the improvement in retail sales for March. The fact that total consumer income in the United States continues to increase, combined with in­creased optimism among consumers, may have brought about some of the March rise in sales. Personal income in February was $609.7 billion and rose to $613.1 billion in March, thus putting additional purchasing pow­er into the hands of consumers. In looking at the 6-percent increase in Texas retail sales in 1966 over the year 1965 it is important to re­member that approximately one half of the increase was due to rising consumer prices. The average of the ESTIMATES OF RETAIL SALES IN TEXAS (Millions of dollars) P ercent changes Type of store Jan-Mar Mar 1967 p• 1967 Mar 1967 from Feb 1967 Mar 1967 from Mar 1966 J an-Mar 1967 from Jan-Mar 1966 Total . . . ....... $1,496.0 $3.933.0 +zo + 9 + 6 Durable goods# 544.0 1.442.0 +18 + 3 + 4 Nondurable goods ... 952.0 2,551.0 +21 +12 + 7 # Contains automotive stores, furniture stores, and lumber, building­material, and hardware stores. • Bureau of Business Research estimates based on data from the Bu­reau of the Census. P Preliminary. TEXAS BUSINESS REVIEW consumer price index for 1966 was 3 percent higher than the average for 1965, but in the last four months the index has increased only 0.3 percent. In contrast to the protests of housewives on the rise in food prices last fall, the February value of the food component of the index declined, although the usual seasonal move­ment is an increase. With consumer income continuing to rise at a time when consumer spending is leveling off, the rate of saving has increased. In the last quarter of 1966 savings were 5.9 percent of disposable personal income, but it is esti­mated that by the end of the first quarter of 1967 con­sumer saving is as much as 7 percent of disposable income. This volume of saving is unusually high, and represents a substantial reduction in consumer purchasing power. As long as the rate of savings remains at this high level retail sales will feel the depressing effects. The rate of saving is to some degree a measure of consumer confidence. In other words, consumers are elect­ing more and more..to save their money rather than spend it, since they are uncertain about future trends in the economy. In periods of uncertainty it is likely that consumers will cut their spending for durable goods, such as cars, television sets, furniture, and appliances. For example, cars in the hands of consumers are fairly new, so re­placement is not urgent. Nondurable goods, in contrast, must be replenished as they are consumed, and as a result sales of nondurable-goods stores normally hold up better than sales of durable-go<>Qs stores. This situation is quite evident in Texas at the present time, as shown by the current changes in sales of the different kinds of business. The volume of consumer spending at retail has rather suddenly become one of the most important elements in the business situation both in Texas and in the country RETAIL-SALES TRENDS BY KINDS OF BUSINESS Percent change Normal seasonal• Actual J an-Mar 1967 Number of Mar Mar 1967 Mar 1967 from reporting from from from J an-Mar Kinds of business establishments Feb Feb 1967 Mar 1966 1966 DURABLE GOODS Automotive stores ....... 362 +io +18 -6 -6 Furniture and household- appliance stores .. . .... 163 - 1 + 8 + 6 + 6 Lumber, building-material. and ha rdware stores . ... 217 +19 +23 -7 -1 NONDURABLE GOODS Apparel stores 281 Drugstores .. ..........180 +28 + 6 + 47 + 6 +29 •• +14 + 1 Eating and drinking places . . ....128 + 16 +16 + 8 + 6 Food stores .........232 + 8 + 16 + 6 + 3 Gasolirle and service stations . 105 + 4 +16 + + 2 General-merchandise stores .. .. . .. .. ........ 287 +12 + 35 + 12 + 7 Other retail stores .......273 + 6 + 13 + 1 + 7 • Average seasonal change from preceding month to current month. •» Change is less than one half of 1 percent. as a whole. Inventories have been built to a high level following a steady rise in consumer buying that lasted for nearly six years before any slowing down was evi­dent. Businessmen now realize that inventories are high, and production is slowing down in an effort to reduce these inventories. But even a slight reduction in con­sumer buying will prevent any substantial reduction in inventories, even though production may continue to decline. The expansion and contraction of inventories is one of the strategic factors in bringing about the cyclical swings of business. The attempts late last year to bring production more closely into line with demand has resulted in some slowing down of overall economic activity. If consumer spending continues at its high rate, inventories will be brought into balance with pro­duction and consumption. However, if consumers should further extend their reluctance to buy goods in large volume, a downward spiral in total activity could easily gain momentum. If the improvement in consumer buying evident in both the Texas and the United States data on retail sales for March should continue, the slackening in business activity evident in recent months might be arrested and another period of expanding business volume might get under way. Thus a great deal of interest centers in the present trend in retail trade and in the prospects for the next few months. Very recent information indi­cates that automobile sales are improving, and this industry has a powerful influence on the total consumer expenditures. However, sales of the 1967 model are now so far below sales for last year's new model that it seems unlikely that they will be able to expand fast enough to exceed the sales of 1966 models. Somewhat the same situation exists in other consumer durables, which adds to the general uneasiness about the future of retail sales. It would be unwise to place too much confidence on the improvement in the March figures as an indication that the trend of consumer spending has turned up, but if this is the case, it could be the signal for a general improvement in business conditions. CREDIT RATIOS IN DEPARTMENT AND APPAREL STORES Collection Credit ratios • ratiost Classification Number of (annual sales volume 1966) reporting stores Mar 1967 Mar 1966 Mar 1967 Mar 1966 ALL STORES . .. 29 62.6 65.1 37.5 38.7 BY TYPE OF STORE Department stores .10 66.2 67.9 38.8 38.8 Dry-goods and apparel stores . 7 61.9 65.0 40.8 39.6 Women's specialty shops . 53.0 56.8 31.9 33.5 Men's clothing stores . 63.9 67.7 38.2 41.6 BY VOLUME OF NET SALES Over $1,500,000 .10 63.3 65.9 37.6 38.8 From $600,00-0 to $1 ,500,000 . 5 53.9 64.4 35.3 36.,6 From $250,000 to $500,000 . 64.4 67.1 38.4 42.2 Less than $250,000 . 9 56.0 56.4 33.7 34.6 • Credit sales divided by net sales. t Collections during the month divided by accounts unpaid on first of the month. Indicators of business conditions in Texas cities pub­lished in this table include statistics on banking, build­ing permits, employment, postal receipts, and retail trade. An individual city is listed when a minimum of three indicators is available. The cities have been grouped according to Standard Metropolitan Statistical Areas. In Texas all twenty-two SMSA's are defined by c~unty lines; the counties included are listed under each SMSA. The populations shown for the SMSA's are estimates for April 1, 1966, prepared by the Population Research Center, Department of Sociology, The University of Texas in Austin. Cities in SMSA's are listed alphabetically under their appropriate SMSA's; all other cities·are listed alphabetically as main entries. The population shown after the city name is the 1960 Census figure, unless otherwise indicated. Retail-sales data are reported here only when a min­imum of five stores report in the given retail area sales category. The first column presents current data for the various categories. Percentages shown for retail sales are average statewide percent changes from the preceding month. This is the normal seasonal change in sales by that kind of business-except in the cases of Dallas, Fort Worth, Houston, and San Antonio, where the dagger (t) is replaced by another symbol (b) because the normal seasonal change11 given are for each of these cities in­dividually. The second column shows the percent change in actual sales reported for the month, and the third column shows the percent change in actual sales from the same month a year ago. A large variation between the normal seasonal change and the reported change indicates an abnormal sales month. Symbols used in this table include: ( 8 ) Population Research Center data, April 1, 1966. (") Average individual-city percent change from preced­ing month. (t) Average statewide percent change from preceding month. (r) Estimates officially recognized by Texas Highway Department. (rr) Estimate for Pleasanton: combination of 1960 Census figures for Pleasanton and North Pleasanton. (*) Cash received during the four-week postal account­ing period ended March 24, 1967. (:J:) Money on deposit in individual demand deposit accounts on the last day of the month. (§) Data for Texarkana, Texas, only. ( * *) Change is less than one half of 1 percent. (11) Annual rate basis, seasonally adjusted. (#) Monthly averages. Percent change P ercent change Mar 1967 Mar 1967 Mar 1967 Mar 1967 Mar from from 'Mar from from City and item 1967 Feb 1967 Mar 1966 City and item 1967 Feb 1967 Mar 1966 ABILENE SMSA AMARILLO (pop. 155,205 r) (Jones and Taylor; pop. 121,343 a) Retail sales 10 t + 20 3 Building permits, less federal contracts $ 1,000,010 -&I -29 + Automotives stores 10 t 20 Bank debits (thousands) 11 -..........$ 1,933,608 •• + + Postal receipts• ..... .. .. . ...... .. .. $ 290,629 Nonfarm employment (area) . 36,750 -1 + Building permits, less federal contracts $ 1.810,232 + 75 -16 Manufacturing employment (area) . 4,260 •• + Bank debits (thousands) . . . $ 349,785 •• 4 Percent unemployed (area) . End-of-month deposits (thousands) t. $ 134,380 + + 3 3.2 -9 Annual rate of deposit turnover . 32.1 •• ABILENE (pop. 110,049 r) Canyon (pop. 6,755 r) Retail sales + 10 t + 18 + 11 Postal receipts • . ... . ... .. $ 8,673 -10 + 11General merchandise stores. + 12 t + 22 •• Building permits, less federal contracts $ 69,910 -2 -83Lumber. building material, Bank debits (thousands) . . . . $ 9,12.9 + 13 -11and hardware stores. + 19 t + 16 + 8 End-of-month deposits (thousands) t. $ 7,027 •• -11 Postal receipts • ' ...................$ 135,893 -9 7 Annual rate of deposit turnover . 15.6 + 18 -1Building permits, less federal contracts $ 991,110 -61 -29 Bank debits (thousands) . . .... $ 143,725 + l4 2 End-of-month deposits (thousands) t. $ 71.943 -4 + 2 ALPINE (pop. 4,740) Annual rate of deposit turnover. ·23.5 + 15 Postal receipts • ........ ............ $ 6,355 -5 Building permits, less federal contracts $ 219,514 +421 Bank debits (thousands) ... . . . $ 3,844 ? 4 ALAMO: See McALLEN-PHARR-EDINBURG SMSA End-of-month deposits (thousands) t. $ 4,519 t 6 Annual rate of deposit turnover . 10.1 + + 4 AMARILLO SMSA (Potter and Randall; pop. 169,527 a) ANDREWS (pop. 11,135) Building permits, less federal contracts $ 2,880,142 + 70 -27 Postal receipts • . . . . . . . . . . .. $ 7,9S6 -12 -2 Bank debits (thousands) 11-..........$ 4,286,544 -9 Building permits, less federal contracts $ 19,500 -53 +281 Nonfarm employment (area) . 59,700 •• + Bank debits (thousands) . ....$ 6,623 + 6 -6 Manufacturing employment (area) . 5,690 + + 2 End-of-month deposits (thousands) t. $ 7,963 2 + lS Percent unemployed (area) ... . .... .. 3.3 •• + 3 Annual rate of deposit turnover. 9.9 + 8 -20 148 TEXAS BUSINESS REVIEW Percent change Percent change Local Business Conditions Local Business Conditions Mar 1967 Mar 1967 Mar 1967 Mar 1967 Mar from from Mar from from City and item 1967 Feb 1967 Mar 1966 City and item 1967 Feb 1967 Mar 1966 ANGLETON: see HOUSTON SMSA Nederland (pop. 15,274 r) Postal receipts • .. .$ 12,2'42 + 23 + 17 ARANSAS PASS: see CORPUS CHRISTI SMSA Building permits, less federal contracts $ 439,913 +sos + 42 Bank debits (thousands) . . . . . $ 7,231 -2 + 14 End-of-month deposits (thousands) t. $ 5,290 •• + 8 ARLINGTON: see FORT WORTH SMSA Annual rate of deposit turnover . 16.4 -1 + 6 ATHENS (pop. 7,086) Postal receipts • Orange "(pop. 25,605) .$ 14,133 -7 -6 Building permits, less federal contracts $ 127,400 +149 + 48 Postal receipts • . . . . . . . . . . . . . . $ 28,121 -17 + 6 Bank debits (thousands) . . . . . $ 10,809 -Building permits, less federal contracts $ 2'78,424 + 81 + 23 + 14 End-of-month deposits (thousands) t $ 9,482 •• + 12 Bank debits (thousands) . . .. $ 36,288 -4 -5 Annual rate of deposit turnover.... End-of-month deposits (thousands) t. $ 32,308 + 16 + 21 13.7 + I! -22 Annual rate of deposit turnover . 14.5 -8 -11 Nonfarm employment (area) . 154 -10 -3 AUSTIN SMSA (Travis; pop. 256,581 a) Port Arthur (pop. 66,676) Building permits, less federal contracts $21,814,980 + 76 +198 Postal receipts • . . . . . . . ...$ . 68,571 + 42 + 14 Bank debits (thousands) JJ. . .... .$ 4,578,420 + + 8 Building permits, less federal contracts $ 293,664 -4 -65Nonfarm employment (area) . 106,900 •• + 8 Bank debits (thousands) . . ..... $ 75,l73 -9 -13 Manufacturing em11.loyment (area) . 7,190 + + 1 4 End-of-month deposits (thousands) t. $ 43,811 •• + 7 Percent unemployed (area) .. . . . 1.7 -11 -15 Annual rate of deposit turnover.. . . 20.6 -2 -16 AUSTIN (pop. 212,000 r) Retail sales . 10 t + 23 •• Port Neches (pop. 8,696) Apparel stores Postal receipts • ....................$ 10,380 -2 + 8 28 t + 52 + 18 Automotives stores + 10 t + 26 -11 Building permits, less federal contracts $ 32,284 -44 -57 Eating and drinking places . + 16 t + 19 + 11 Bank debits (thousands) . . . . .$ 12,739 + 4 + 7 Food stores End-of-month deposits (thouaands) f. $ 7,231 + s + 8 t + 13 + 5 + Furniture and household­ Annual rate of deposit turnover. 21.2 + 11 + 4 appliance stores 1 t + 3 + 19 P ostal receipts • ..... .... ...........$ 665,957 + 9 + 16 BEEVILLE (pop. 13,811) Building permits, less federal contracts $21,755,980 + 77 +200 Postal receipts • . .. .. $ 14,805 •• + 4 Bank debits (thousands) ............ .$. 400,804 + 8 + 10 Building permits, less federal contracts $ 57,099 + 27 -28 End-of-month deposits (thousands) t. $ 193,544 + •• Bank debits (thousands) . . . $ 14,304 + 24 + 19 Annual rate of deposit turnover . 25.3 + 7 + 10 End-of-month deposits (thousands) t. $ 15,421 + 3 •• Annual rate of deposit turnover . l J..3 + 24 + 22 BAY CITY (pop. 11,656) Nonfarm placements ...... . . .. . 75 + 3 -44 Postal receipts • .........$ 17,123 + 13 + 11 Building permits, less federal contracts $ 208,500 + 121 + 34 BELTON (pop. 8,163) Bank debits (thousands) . . .......$ 18,966 3 3 Postal receipts • . . . . . ....$ 18,745 -9 -5 End-of-month deposits (thousands) t. $ 26,622 -1 Building permits, less federal contracts $ 53,100 -11 -73 Annual rate of deposit turnover . 8.5 -1 2 End-of-month deposits (thousands) t. $ 9,444 + 4 + Nonfarm placements ...·....... . 71 + 20 + 8 BIG SPRING (pop. 31,230) BAYTOWN: see HOUSTON SMSA Retail sales + 10 t + 24 + 2 Postal receipts • ... .................$ 36,655 -9 + 4 BEAUMONT-PORT ARTHUR-ORANGE SMSA Building permits, less federal contracts $ 18,924 -67 -85 (Jefferson and Orange; pop. 322,259 a) Bank debits (thousands) . ..... ..... . . $ 42,677 + 6 -3 Building permits, less federal contracts $ 2,821,171 + 13 End-of-month deposits (thousands) t. $ 27,772 + •• Bank debits (thousands) II. ..... .. $ 5,274,324 -6 + 4 Annual rate of deposit turnover.. . 18.5 + 9 -1 Nonfarm employment (area) . . . 110,000 •• •• Nonfarm placements . ... . . . .... . . . . . 157 6 -20 Manufacturing employment (area) . 32,900 2 3 Percent unemployed (area) 4.0 -5 -5 BISHOP: see CORPUS CHRISTI SMSA BEAUMONT (pop. 127,500 r) BONHAM (pop. 7,357) Retail sales . . . . . . . . . . + 1 O t Postal receipts • .. .... . . . . . $ 8,373 + 12 + 8 + 19 -3 Apparel stores + 28 t + 58 + 40 Building permits, less federal contracts $ 2'94,800 +721 +235 Automotives stores . . . . . . . . . . . . + 10 t + 14 9 Bank debits (thousands) ... .. .$ 9,151 + 9 + 4 Postal receipts• . .. ........$ 161,632 -4 End-of-month deposits (thousands) t. $ 8,808 + 2 + 5 + 6 Building permits, less federal contracts $ 1,618,605 -14 -9 Annual rate of deposit turnover. 12.6 + 1.2 + Bank debits (thousands) . . . . $ 322,741 + 16 + 10 End-of-month deposits (thousands) t. $ 126,484 -5 + 12 BORGER (pop. 20,911) Annual rate of deposit turnover. 29.9 + 15 -1 Postal receipts • . . . . . . . . . . . .. ... $ 17,527 -22 -12 Building permits, less federal contracts $ 705,400 +439 ~roves (pop. 17,304) Nonfarm placements .. . ... . ..... . .. . 85 + 18 -16 Postal receipts• ... . ...... ..........$ 10,077 + 4 + 25 Building permits, less federal contracts $ 125,125 + 81 -45 BRADY (pop. 5,338) Bank debits (thousands) . . . . . . . .$ 9,208 + 28 + 21 Postal receipts • .$ 5,600 •• + End-of-month deposits (thousands) f. $ 4,791 Building permits, less federal contracts $ 55,435 -32 -45 + 2 + 16 Annual rate of deposit turnover . 23.3 + 27 + 8 Bank debits (thousands) . . . . ...$ 6,590 + 9 -14 End-of-month deposits (thousands) t. $ 6,990 9 For an explanation of symbols, please see p. 148. Annual rate of deposit turnover . 11.3 + 14 -8 Percent change Percent change Local Business Conditions Local Business Conditions Mar 1967 Mar 1967 Mar 1967 Mar 1967 Mar from from Mar from from City and item 1967 Feb 1967 Mar 1966 City and item 1967 Feb 1967 Mar 1966 BROWNFIELD (pop. 10,286) BRYAN (pop. 27,542) Postal receipts • . . . . . .. .. . . . . . . $ 12,013 + 5 + 4 Postal receipts .... $ 35,043 -6 + 11 Building permits, less federal contracts $ 69,575 +187 -39 Building permits, less federal contracts $ SSS.113 +268 -33 Bank debits (thousands) . . .. .. $ 16,48-0 -12 -14 Bank debits (thousands) . . ......... .$ 40,495 + 9 + 4 End-of-month deposits (thousands) t $ 13,860 6 -13 End-of-month deposits (thousands) t. $ 24,469 + 3 + 6 Annual rate of deposit turnover. 13.8 -6 -4 Annual rate of deposit turnover. 20.2 + 10 -1 Nonfarm placements 276 -18 -13 BROWNSVILLE-HARLINGEN-SAN BENITO SMSA CALDWELL (pop. 2,202 r)(Cameron; pop. 14l,778 a) Postal receipts * ..$ 3,480 + 16 + 16 Building permits, less federal contracts $ 323,232 + 8 -55 Bank debits (thousands) . . .. $ 3,167 + 12 + Bank debits (thousands) 11. . .. $ 1,333,776 + 3 + 1 End-of-month deposits (thousands) t $ 4,465 -1 3 Nonfarm employment (area) . 38,000 + + 2 Annual rate of deposit turnover. 8.5 + 16 + Manufacturing employment (area). 7,250 •• + 19 Percent unemployed (area). 6.1 + 5 -2 CAMERON (pop. 5,640) Postal receipts * 7,899 -43 -3 BROWNSVILLE (pop. 48,040) Building permits, less federal contracts $ 5,100 +364 -60 Retail sales + 10 t + 17 -3 Bank debits (thousands) . . .. $ 5,678 + 10 3Automotives stores + 10 t + 18 -10 End-of-month d~posits (thousands) t. $ 5,809 -2 + 4Postal receipts * .$ 49,315 + 11 + 11 Annual rate of deposit turnover. 11.6 + 14 8 Building permits, less federal contracts $ 204,739 + 57 -62 Bank debits (thousands) . . . $ 40,284 + 12 -4 End-of-month deposits (thousands) t $ 23,974 -2 + 14 CANYON: see AMARILLO SMSA Annual rate of deposit turnover . 19.9 + 15 -16 Nonfarm placements 457 -19 -9 CARROLLTON: see DALLAS SMSA Harlingen (pop. 41,207) CISCO (pop. 4,499) Retail sales + 10 t + -20 Postal receipts * ......S 4,484 -12 -9 Automotive stores ............. . . . + 10 t -30 Bank debits (thousands) ...........$ 5,245 + 25 + 11 Lumber, building material, End-of-month deposits (thousands) t. $ 3,808 -7 -2 and hardware stores . + 19 t + 6 •• Annual rate of deposit turnover. 15.9 + 29 + 12 Postal receipts • . ....$ 44,806 + 14 Building permits, less federal contracts $ 66,600 -28 -51 Bank debits (thousands) . $ 46,388 + 16 •• CLEBURNE: see FORT WORTH SMSA End-of-month deposits (thousands) t. $ 22,247 + 2 2 Annual rate of deposit turnover . 25.2 + 19 + 5 CLUTE: see HOUSTON SMSA Nonfarm placements 523 + 9 2 COLLEGE STATION (pop. 11,396) La Feria (pop. 3,047) Postal receipts • .........$ 28,243 •• + 12 Postal receipts * . . . . . . . . . . . . . . $ 2,489 -29 -6 Building permits, less federal contracts $ 477,542 + 49 + 67 Building permits, less federal contracts $ 7,300 +508 Bank debits (thousands) . . ... .~ 7,226 6 + Bank debits (thousands) . . ....$ 1,880 + 54 6 End-of-month deposits (thousands) t. $ 5,249 + 7 + 9 End-of-month deposits (thousands) t $ 1,692 -2 + 3 Annual rate of deposit turnover. 17.]. 9 3 Annual rate of deposit turnover . 13.2 + 55 Los Fresnos (pop. 1,289) COLORADO CITY (pop. 6,457) Postal receipts * ..... . $ 2,008 + 55 + 25 Postal receipts • ....................$ 6,342 + 11 + 6 Bank debits (thousands) . . .. $ 1,199 + 15 8 Bank debits (thousands) . . .. $ 5,211 + 4 -29 End-of-month deposits (thousands) t $ 1,104 -1 9 End-of-month deposits (thousands) t $ 6,556 -6 -13 Annual rate of deposit turnover.. 13.0 + 23 + Annual rate of deposit turnover . 9.3 + 12 -18 Port Isabel (pop. 3,575) CONROE: see HOUSTON SMSA Postal receipts • ..........$ 3,859 -9 + 2 Building permits, less federal contracts $ 26,785 + 41 COPPERAS COVE (pop. 4,567) Bank debits (thousands) . . .. $ 2,256 + 15 + 26 Postal receipts • . . ....$ 5,659 + 1 + 19 End-of-month deposits (thousands) t $ 1,642 -8 + 15 Building permits, less federal contracts $ 78,643 +470 + 60 Annual rate of deposit turnover . 15.8 + 22 + 7 Bank debits (thousands). . .. $ 2,847 + 24 + 80 End-of-month deposits (thousands) t. $ 1.452 + 13 + 10 San Benito (pop. 16,422) Annual rate of deposit turnover . 24.9 + 19 + 79 Postal receipts • ..$ 9,448 + 3 + 15 Building permits, less federal contracts $ 17,8-08 -70 -42 CORPUS CHRISTI SMSA Bank debits (thousands) . . .. $ 6,152 + 8 (Nueces and San Patricio; pop. 278,535 •) End-of-month deposits (thousando) t. $ 6,051 -3 Building permits, less federal contracts $ 2,411,502 -22 -32 Annual rate of deposit turnover . 12.0 + 11 Bank. debits (thousands) 11. . .. $ 3,827,808 -2 + 6 Nonfarm employment (area). 83,900 .. + 2 BROWNWOOD (pop. 16,974) Manufacturing employment (area) . 10,560 + + 2 Postal receipts • ..................$ 27,099 + -15 Percent unemployed (area) . 3.8 -5 + 3 Building permits, less federal contracts $ 86,135 -62 Bank debits (thousands) .............$ 19,255 + 10 -13 Aransas Pass (pop. 6,956) End-of-month deposits (thousands) t $ 13,156 -1 -11 Postal receipts * ..........$ 4,992 -11 -11 Annual rate of deposit turnover. 17.5 + 15 4 Bank debits (thousands) . . ...$ 6,147 + 32 + 26Nonfarm placements 134 + 15 + 6 End-of-month deposits (thousands) t. $ 4,931 + 8 -10 Annual rate of deposit turnover . 15.5 + 29 + 41 For an explanation of symbols, please see p. 148. TEXAS BUSINESS REVIEW 150 Percent changePercent change Local Business Conditions Local Business Conditions Mar 1967 Mar 1967 Mar from from Mar 1967 Mar 1967 Mar from from City and item 1967 Feb 1967 Mar 1966 City and item 1967 Feb 1967 Mar 1966 DALLAS (pop. 679,684) • Bishop (pop. 3,825 r) Retail sales + 11 + 16 + 2 Postal receipts • .........$ 4,019 + 72 + 22 Apparel stores + 27 + 53 + 49 Building permits, less federal contracts $ 49,500 +395 -68 Automotives stores ... .. . .. ... . + 12 -2 -15 Bank debits (thousands) ..... ... .....$ 2,045 4 + 2 Eating and drinking places . + 7 + 16 + s End-of-month deposits (thousands) t. $ 2,346 6 + 3 Florists . . . . . . . . . . . . . . ........ . + 7 + 26 + 34 Annual rate of deposit turnover. 10.1 + 4• 3 Furniture and household-appliance stores . + 10 + 25 + 6 CORPUS CHRISTI (pop. 204;850 r) General-merchandise stores + 21 + 43 + 8 Retail sales + 10 t + 26 + 5 Lumber, building material, Automotives stores + 10 t + 18 + and hardware stores. + 28 + 20 6 General-merchandise stores + 12 t + 54 + 13 Postal receipts• ....$ 3,771,467 + 4 + 9 Postal receipts • .. . ... .. . $ 246,820 •• + 11 Building permits, less federal contracts $17,814,609 + 34 + 55 Building permits, less federal contracts $ 1,719,501 -40 -41 Bank debits (thousands) .... .... .. .. .$ 5,501,938 + 11 + 11 Bank debits (thousands) ....... . . ....$ 282,684 + 9 + 6 End-of-month deposits (thousands) t. $ l,476,S12 + + 6 End-of-month deposits (thousands) $ 136,513 2 + Annual rate of deposit turnover . 45.0 + 10 + 6 Annual rate of deposit turnover . 24.5 + 11 + Ennis (pop. 10,250 r) Robstown (pop. 10,266) Postal receipts • .. . ..........$ 10,880 + 11 Postal receipts • .... .$ 8,942 + 3 -10 Building permits, less federal contracts $ 105,525 74 Building permits, less federal contracts $ 63,208 + 38 -14 Bank debits (thousands) . . .. $ 7,841 + 9 6 Bank debits (thousands) . . . . $ 11.925 + 17 + 20 End-of-month deposits (thousands) t. $ 6,914 2 7 Annual rate of deposit turnover . 13.5 + 13 + 3End-of-month deposits (thousands) t. $ 9,519 3 + Annual rate of deposit turnover . 14.8 + 19 + 17 Garland (pop. 50,622 r) Retail sales + 10 t + 32 + 3 Sinton (pop. 6,008) Postal receipts • ...$ 65,955 + 11 + 22 Postal receipts • .. $ 8,990 + 4 + 10 Building permits, less federal contracts $ l,782,751 + 10 -23 Building permits, less federal contracts $ 4,505 -76 -94 Bank debits (thousands) ...... ...... .$ 45,579 + 8 + 5 Bank debits (thousands) . . .. $ 4,834 + + 7 End-of-month deposits (thousands) t. $ 21,667 + 9 + 10 End-of-month deposits (thousands) t. $ 4,685 5 Annual rate of deposit turnover. 26.3 + 9 Annual rate of deposit turnover . 12.4 + 13 + 17 Grand Prairie (pop. 40,150 r)CORSICANA (pop. 20,344) Postal receipts • .$ 41,172 + 7 + 21 Postal receipts • .........$ 31,689 + 17 + 28 Building permits, less federal contracts $ 1,176,900 -91 + 27 Building permits, less federal contracts $ 174,530 12 16 Bank debits (thousands) .. ... . ... .... $ 20,381 + 16 + 2 Bank debits (thousands) ....$ 25,331 + 10 + 9 End-of-month deposits (thousands) t. $ 12,898 1 + 2 End-of-month deposits (thousands) t. $ 23,218 + + s Annual rate of deposit turnover. 18.8 + 15 + Annual rate of deposit turnover. 13.2 + 14 + 9 Nonfarm placements 178 1 -15 Irving (pop. 60,136 r) Postal receipts • .. $ 69,194 + 10 + 12 CRYSTAL CITY (pop. 9,101) Building permits, less federal contracts $ 1,965,337 + 32 17 Building permits, less federal contracts $ 55,833 + 9 -41 Bank debits (thousands) .... . . .......$ 48,378 + 7 + 8 End-of-month deposits (thousands) t. $ 22,029 6 Bank debits (thousands) . . . . $ 3, 7()4 -24 End-of-month deposits (thousands) t. $ 3,362 + 2 + 1 Annual rate of deposit turnover. 26.2 + 8 + 10 Annual rate of deposit turnover . 13.3 -24 + + Justin (pop. 622) DALLAS SMSA Postal receipts • .. . . $ 1,082 + 33 + 24 Bank debits (thousands) . . . .....$ 996 + 13 -26 (Collin, Dallas, Denton, and Ellis; pop. 1,334,101 a) End-of-month deposits (thousands) t $ 911 •• + 14 Building permits, less federal contracts $31,901,016 -19 + 19 Annual rate of deposit turnover. 13.1 + 13 -31 Bank debits (thousands) 11 ...... . . .. .$67,126,176 •• + 9 Nonfarm employment (area) . 5S8,400 + + McKinney (pop. 13,763) Manufacturing employment (area) . 139,425 + + 6 Postal receipts * .. .. ........... .. ... $ 18,516 + 15 + 9 Percent unemployed (area) . 1.9 17 Building permits, less federal contracts $ 132,427 +166 57 Bank debits (thousands) . . ....$ 13,128 + 24 + 15 Carrollton (pop. 9,832 r) End-of-month deposits (thousands) t $ 10,277 -10 + 5 Postal receipts • . $ 13,431 + 10 + 24 Annual rate of deposit turnover . 14.5 + 34 + Building permits, less federal contracts $ 223,600 -63 -55 Nonfarm placements , . 91 -37 -21 Bank debits (thousands) ........ .. ...$ 9,936 + 12 + 16 End-of-month deposits (thousands) t. $ 3,945 + 6 Mesquite (pop. 27,526) Annual rate of deposit turnover . 30.1 + 18 + 12 Postal receipts * . .. ........ ... . ..... $ 28,425 + 8 + 20 Building permits, less federal contracts $ 904,056 + 33 +105 Denton (pop. 26,844) Bank debits (thousands) . $ 12,620 + 23 + 8 Postal receipts • $ 55,467 -19 + 4 End-of-month deposits (thousands) t. $ 8,508 + 2 + 14 Building permits, less federal contracts $ 2.244,800 +139 2 Annual rate of deposit turnover . 18.0 + 21 3 Bank debits (thousands) . . .. $ 37,641 + 21 End-of-month deposits (thousands) t. $ 25,415 -3 Midlothian (pop. 1,521) Annual rate of deposit turnover . 17.5 + 22 2 Building permits, less federal contracts $ 71,300 +114 + 85 Nonfarm placements 144 + 27 -21 Bank debits (thousands) .. . ..........$ l,257 + 17 + 7 End-of-month deposits (thousands) t. $ l,567 .. + 4 For an explanation of syrrbols, please see p, 148. Annual rate of deposit turnover . 9.6 + 20 + 4 Percent change Percent change Local Business Conditions Local Business Conditions Mar 1967 Mar 1967 Mar 1967 Mar 1967 Mar from from Mar from from City and item 1967 F.eb 1967 Mar 1966 City and item 1967 Feb 1967 Mar 1966 Pilot Point (pop. 1,254) EDINBURG: see McALLEN-PHARR-EDINBURG SMSA Building permits, less federal contracts $ 58,000 +190 +164 Bank debits (thousands) .... ... ......$ 1,519 + 16 -8 EDNA (pop. 5,038) End-of-month deposits (thousands) t. $ 1,959 -2 + Postal receipts • . ...... . $ 6,036 + 16 + 14 Annual rate of deposit turnover . 9.2 + 21 -11 Building permits, less federal contracts $ 12,475 Bank debits (thousands) . . .. $ 6,564 + 14 Plano (pop. 10,102 r) End-of-month deposits (thousands) t. $ 7,051 •• Annual rate of deposit tu rnover. 11.l + + 16 Postal receipts • .. .......$ 12,084 + 3 + 10 Building permits, less federal contracts $ 442,537 -27 -24 Bank debits (thousands) ... . . . . . ....$ 6,574 + 2 + 47 EL PASO SMSA End-of-month deposits (thousands) t $ 3,762 -13 (El Paso; pop. 352,637 •) Annual rate of deposit turnover. 20.5 + 5 + 55 Building permits, less federal contracts $ 4,206,516 + 23 -38 Bank debits (thousands) II. . .. $ 5,248,080 + 3 + 7 Richardson (pop. 34,390 r) Nonfarm employment (area) . 107,700 + + 9 Manufacturing employment (area) . 20,300 •• + 12 Postal receipts • . ·. $ 64,385 + 16 + 22 Percent unemployed (area) . 3.8 -5 -16 Building permits, less federal con:tracts $ 1,765,561 -52 + 12 Bank debits (thousands) . . .. $ 30,429 + 3 + 12 End-of-month deposits (thousands) t $ 15,648 + 13 + 20 EL PASO (pop. 276,687) Annual rate of deposit turnover. 24.8 -1 + 1 Retail sales + lo t + 19 + 5 Apparel stores . . . . . . . . . . . .. . .. + 28 t + 81 + 36 Seagoville (pop. 3,745) Automotives stores .... .... .... + 10 t + 8 -~ Postal receipts • ... .. . . $ 7,386 -13 + 39 Food stores + 8 t + 7 •• Postal receipts • .... . ..... . . ......$ 375,764 4 + 1 Building permits, less federal contracts $ 21,561 -17 -31 Bank debits (thousands) . . . .. .$ 4,549 -6 •• Building permits, less federal contracts $ 4,186,516 + 23 -39 Bank debits (thousands) . . ... . . $ 497,134 + 26 + 10 End-of-month deposits (thousands) t. $ 2,689 + 19 + 17 End-of-month deposits (thousands) t. $ 207,012 -12 + 4 Annual rate of deposit turnover. 22.1 -10 -11 Annual rate of deposit turnover . 27.0 + 27 + s Waxahachie (pop. 12,749) ENNIS: see DALLAS SMSA Postal receipts • ..... . $ 21.509 + 6 -21 Building permits, less federal contracts $ 53,850 -36 + 57 EULESS: see FORT WORTH SMSA Bank debits (thousands) . . . . . .... $ 13.214 + 11 + 3 End-of-month deposits (thousands) t $ 10,048 -6 -7 Annual rate of deposit turnover . 15.3 + 14 + 9 FORT STOCKTON (pop. 6,373) Nonfarm placements 75 -7 -28 Postal receipts • ... . $ 8,953 + 27 + 25 Building permits, less federal contracts $ 25,200 -98 -37 Bank debits (thousands) ...... . ... . .. $ 7,583 + 10 + 20 DAYTON: see HOUSTON SMSA End-of-month deposits (thousands) t $ 8,421 -4 + 7 Annual rate of deposit turnover . 10.6 . + 14 + 9 DEER PARK: see HOUSTON SMSA FORT WORTH SMSA (Johnson and Tarrant; pop. 640,414 a)DEL RIO (pop. 18,612) Building permits, less federal contracts $16,198,402 + 18 + 29Postal receipts * ...... .. ....$ 20,109 -3 + 10 Bank debits (thousands) II. . .. $14,708,964 + 1 + 7Building permits, less federal contracts $ 100,816 +100 -5 Nonfarm employment (area) . 261,800 •• + 6Bank debits (thousands) . . ....$ 15,288 + 2 •• Manufacturing employment (area) . 80,350 + + 16End-of-month deposits (thousands) t $ 17,403 + Percent unemployed (area) . 2.1 -16 -22Annual rate of deposit turnover . 10.5 + 4 •• Arlington (pop. 53,024 r)DENISON (pop. 25,766 r) Retail sales Retail sales + 10 t + 29 + 12 Lumber, building material, Automotive stores + 10 t + 31 + 6 and hardware stores . + 19 t + 33 -4 Postal receipts • ........ $ 28,449 + 24 + 10 Postal receipts• . ..$ 115,462 + 3 + 18 Iluilding permits, less federal contracts $ 200,200 -65 + 8 Building permits, less federal contracts $ 2,882,070 + 29 -39Bank debits (thousands) . . . . . . . . . . . . $ 20,409 •• + 5 Bank debits (thousands) . . . . . .. $ 65,011 + 14 + 13End-of-month deposits (thousands) t $ 18,245 + + 8 End-of-month deposits (thousands) t. $ 25,963 -9 + 8Annual rate of deposit turnover . 13.7 Annual rate of deposit turnover . . 28.6 + 20 + 9 Nonfarm placements ..... ······ 178 9 -20 Cleburne (pop. 15,381)DENTON: see DALLAS SMSA Postal receipts • . . .. $ 22,559 + + 21 Building permits, less federal contracts $ 75,300 -54 -82 Ba nk debits . . $ 2 -6 DONNA: see McALLEN-PHARR-EDINBURG SMSA (thousands) . 14,413 + End-of-month deposits (thousands) t. $ 13,391 1 + 7 Annual rate of deposit turnover. 12.9 + 3 -13 EAGLE PASS (pop. 12,094) Postal receipts • .... . .....$ 10,948 + 4 + 12 Euless (pop. 10,500 r) Building permits, less federal contracts $ 134,140 +154 -41 Bank debits (thousands) . $ 7,755 + 2 + 12 Postal receipts • .$ 11,020 -1 + 45 Building permits, less federal contracts $ 5,053,975 End-of-month deposits (thousands) t. $ 4,564 •• -11 + 21Bank debits (thousands) . .. .. . $ ll,029 + 10 Annual rate of deposit turnover . 20.4 + + 32 End-of-month deposits (thousands) t $ 3,813 -6 8 + Annual rate of deposit turnover .. 33.6 + 17 + 14 For an explanation of symbols, please see p. 148. TEXAS BUSINESS REVIEW Percent changePercent change Local Business Conditions Local Business Conditions Mar 1967 Mar 1967 Mar from from Mar 1967 Mar 1967 Mar from from City and item 1967 Feb 1967 Mar 1966 City and item 1967 Feb 1967 Mar 1966 FORT WORTH (pop. 356,268) b TEXAS CITY (pop. 32,065) Retail sales + 14 + 22 + 3 Postal receipts • . . . $ 31,702 + 10 + 6 Apparel stores + 22 + 67 + 21 Building permits, less federal contracts $ 474,110 +124 + 18 Automotives stores + 11 + 18 -12 Bank debits (thousands) . . .... $ 31,977 -12 + 19 Furniture and household­ End-of-month deposits (thousands) t. $ 15,706 •• + 7 appliance stores + 10 + 8 + 6 Annual rate of deposit turnover . . 24.4 -9 + 10 General-merchandise stores + 25 + 41 + 27 Lumber, building material, GARLAND: see DALLAS SMSA and hardware stores.. + 17 + 15 7 Postal receipts • ..... ..... . . . .. .. . . . $ 1,043,480 -3 + 11 Building permits, less federal contracts $ 5,598,034 -36 + 41 GATESVILLE (pop. 4,626) Bank debits (thousands) .. . ...... ... .$ 1,149,948 + 20 + 8 Postal receipts • .. .. ...... .. .. .. $ 6,356 12 + 28 End-of-month deposits (thousands) t. $ 426,186 + 2 Bank debits (thousands) . . .. $ 6,259 + 4 + 5 Annual rate of deposit turnover . 32.2 + 21 + 7 End-of-month deposits (thousands) t. $ 6,677 •• + Annual rate of deposit turnover . 11.3 + 5 + 2 Grapevine (pop. 4,659 r) Postal receipts • . ..........$ 7,110 + 16 + GEORGETOWN (pop. 5,218) Building permits, less federal contracts $ 35,499 -95 -70 Postal receipts • 8,251 + 24 + 8 Bank debits (thousands) . . ........$ 4,818 + 10 -10 Building permits, less federal contracts $ 25,600 -51 End-of-month deposits (thousands) t. $ 3,977 -9 -6 Bank debits (thousands) . . ...... .$ 8,684 + 64 + 61 Annual rate of deposit turnover . 13.9 + 13 -10 End-of-month deposits (thousands) t $ 6,404 -6 •• Annual rate of deposit turnover. 15.8 + 68 + 50 North Richland Hills (pop. 8,662) Building permits, less federal contracts $ 304,450 -61 -69 GIDDINGS (pop. 2,821) Bank debits (thousands) . $ 11,746 + 20 + 4 Postal receipts • ... . $ 5,875 + 23 + 32 End-of-month deposits (thousands) t $ 5,858 + 2 + 6 Building permits, less federal contracts $ 18,225 + 62 -85Annual rate of deposit turnover . 24.2 + 20 2 Bank debits (thousands) . . . . . .. $ 4,763 + 19 + 11 End-of-month deposits (thousands) t. $ 4,696 -3 •• White Settlement (pop. 11,513) Annual rate of deposit turnover.... 12.0 + 24 + 10 Building permits, less federal contracts $ 37,772 +138 -63 Bank debits (thousands) . . .. .... . . $ 2,355 -14 + 6 End-of-month deposits (thousands) t. $ 1,906 + 11 + 26 GLADEWATER (pop. 5,742) Annual rate of deposit turnover . 15.6 -17 -11 Postal receipts • ........ . . . $ 6,170 -84 -37 Bank debits (thousands) . . $ 4,940 + 11 + End-of-month deposits (thousands) t $ 4,601 -6 -9 FREDERICKSBURG (pop. 4,629) Annual rate of deposit turnover . . 12.5 + 15 + 5Postal receipts • . . . . . . . . . . . . . . . . . $ 7,124 -4 + 11 Nonfarm employment (area) . 33,150 •• •• Building permits, less federal contracts $ 61,976 -62 -88 Manufacturing employment (area) . 8,680 + 7 Bank debits (thousands) .. . . . ..... . . . $ 10,817 •• •• + Percent unemployed (area) . 2.9 ­ End-of-month deposits (thousands) t. $ 9,449 2 + 2 + 28 Annual rate of deposit turnover . 13.6 + 5 -2 GOLDTHWAITE (pop. 1,383) FRIONA (pop. 3,049 r) Postal receipts • . . ... . . ..$ 2,313 + 10 -24 Building permits, less federal contracts $ 19.800 -82 Bank debits (thousands) .............$ 4,060 + 16 Bank debits (thousands) .. . ... . .. . . .. $ 8,723 + 12 + 16 End-of-month deposits (thousands) t. $ 5,512 •• 6 End-of-month deposits (thousands) t $ 4,970 -11 -18 Annual rate of deposit turnover . 8.8 + 17 + 2 Annual rate of deposit turnover.. . 19.8 + 27 + 32 GRAHAM (pop. 8,505) GALVESTON-TEXAS CITY SMSA Postal receipts • ... . . $ 10,921 + 17 + 6(Galveston; pop. 161,854 a) Building permits, less federal contracts $ 18,484 -53 Building permits, less federal contracts $ 1,074,571 + 46 + 4 Bank debits (thousands) . . . $ 11,432 + 36 + Bank debits (thousands) 11-. . ........$ 2,111.220 7 + 9 End-of-month deposits (thousands) t. $ 10,024 -2 Nonfarm employment (area) . 65,000 + 3 Annual rate of deposit turnover . 13.6 + 36 + 7 Manufacturing employment (area) . 10,060 + •• Percent unemployed (area) . 3.6 3 -24 GRANBURY (pop. 2,227) Postal receipts • .....$ 4,650 + 16 •• La Marque (pop. 13,969) Bank debits (thousands) ...... . ... . . . $ 2,142 •• + 11Postal receipts • ...$ 14,205 + 11 + 14 End-of-month deposits (thousands) t. $ 2,626 •• + 7Building permits, less federal contracts $ 236,950 +657 +166 Annual rate of deposit turnover . . . 9.8 + 3 + 8 Bank debits (thousands) . . . ...$ 14,826 + 20 + 47 End-of-month deposits (thousands) t. $ 7,783 + 9 + 11 Annual rate of deposit turnover. 23.8 + 29 + 37 GRAND PRAIRIE: see DALLAS SMSA GALVESTON (pop. 67,175) GRAPEVINE: see FORT WORTH SMSA Retail sales 10 t + 26 -7 Apparel stores + 28 t + 40 + 14 GREENVILLE (pop. 22,134 r) Automotives stores ... + 10 t + 60 -9 Retail sales + 10 t + 19 -4Postal ·receipts • . . . . $ 110,632 -14 -14 Postal receipts • ... . .. . .. $ 30,894 + 7 -17Building permits, less federal contracts $ 363,611 -26 -33 Building permits, less federal contracts $ 260,361 -67 -32Bank debits (thousands) . . .....$ 109,466 + 7 + 8 Bank debits (thousands) . . .. .$ 27,471 + 24 + 41End-of-month deposits (thousands) t. $ 58,731 •• •• End-of-month deposits (thousands) t. $ 18,880 + 13 + 28 Annual rate of deposit turnover . . . 22.3 + 9 + Annual rate of deposit turnover. .. . . . 18.6 + 17 + 23 For an explanation of symbols, please see p. 148. Nonfarm placements . . . ... .. .. . ... . . 111 + 6 -22 Percent change Percent change Local Business Conditions Local Business Conditions Mar 1967 Mar 1967 Mar 1967 Mar 1967 Mar from from Mar from from City and item 1967 Feb 1967 Mar 1966 City and item 1967 Feb 1967 Mar 1966 GROVES: see BEAUMONT-PORT ARTHUR-ORANGE HOUSTON (pop. 938,219) b SMSA Retail sales + 13 + 17 + 2 Apparel stores + 20 + 34 + 28 Automotives stores + 17 + 20 -11 HARLINGEN: see BROWNSVILLE-HARLINGEN-SAN Drugstores + 3 + 4 -10 BENITO SMSA Eating and drinking places . + 8 + 13 + 5 Food stores ................ . + 9 + 17 + 7 HENDERSON (pop. 9,666) General-merchandi~e stores + 22 + 19 + 10 Postal receipts • ....$ 12,819 -4 + 7 Liquor stores + 10 + 8 + 11 Building permits, less federal contracts $ 26,000 -42 -75 Lumber, building material, Bank debits (thousands) . . ....... .$ 9,117 + 7 3 and hardware stores . + 25 + 22 -17 End-of-month deposits (thousands) t $ 20,735 + 4 + Postal receipts• ..$ 2,813,690 + 3 + 7 Annual rate of deposit turnover . 5.4 + 8 Building permits, less federal contracts $45,656,086 + 61 + 40 Bank debits (thousands) . . . $ 5,478,424 + 24 + 13 End-of-month deposits (thousands) t. $ 1,704,231 •• HEREFORD (pop. 9,584 r) + Annual rate of deposit turnover . 38.7 + 23 + 13 Postal receipts • ......$ 17,857 + 12 + 20 Building permits, less federal contracts $ 312,500 -35 + 53 + Bank debits (thousands) . . ....... . . $ 26,565 -1 Humble (pop. 1,711) End-of-month deposits (thousands) t. $ 15,684 3 -1() Postal receipts • ....................$ 5,683 -9 + 14 Annual rate of deposit turnover . 20.0 + 12 + 6 Building permits, less federal contracts $ 500 -99 -98 Bank debits (thousands) .............$ 4,153 •• -~ HOUSTON SMSA End-of-month deposits (thousands) t $ 3,955 + 3 + 2 (Brazoria, Fort Bend, Harris, Liberty and Montgomery; Annual rate of deposit turnover . 12.8 -2 -10 pop. 1,717,116 a) Building permits, less federal contracts $50,214,731 + 53 + 31 Katy (pop. 1,569) Bank debits (thousands) 11 ...........$66,590,772 + 14 + Building permits, less federal contracts $ 36,000 -41 -52 · Nonfarm employment (area) . 713,600 •• + 3 Bank debits (thousands) ........... . . $ 3,046 + 5 2 Manufacturing employment (area) . 130,250 •• + 3 End-of-month deposits (thousands) t. $ 2,739 3 +Percent unemployed (area) 1.9 -5 -17 Annual rate of deposit turnover . 13.2 + 9 Angleton (pop. 9,131) Postal receipts • ...........$ 9,880 -4 -8 La Porte (pop. 7,250 r) Building permits, less federal contracts $ 73,060 -53 -34 Building permits, less federal contracts $ 3,000 -63 -99 Bank debits (thousands) .............$ 15,005 + 20 + 32 Bank debits (thousands) .............$ 4,170 -15 + 4 End-of-month deposits (thousands) t. $ 12,560 -3 + 9 End-of-month deposits (thousands) t $ 2,698 -20 2 Annual rate of deposit turnover . 14.l + 24 + 23 Annual rate of deposit turnover... 16.5 -6 + 6 Baytown (pop. 38,000 r) Liberty (pop. 6,127) Retail sales Postal receipts • ....................$ 8,947 + + 6 Automotive stores + 10 t + 12 -3 Building permits, less federal contracts $ ,1.15,924 •• -27 Postal receipts • ...$ 38,103 + -2 Bank debits (thousands) .............$ 12,300 + 10 + 2 Building permits, less federal contracts $ 822,454 -8 -22 End-of-month deposits (thousands) t. $ 10,791 -3 •• Annual rate of deposit turnover, .. 13.4 + 18 •• Clute (pop. 4,501) Postal receipts • 4,637 + 22 + 35 Building permits, less federal contracts $ 37,093 -2 + 12 Pasadena (pop. 58, 737) Bank debits (thousands) . . . $ 3,146 + 23 + 48 Postal receipts • .... . .. .........$ 69,186 -3 + 27 End-of-month deposits (thousands) t $ 2,040 -3 + 25 Building permits, less federal contracts $ 899,665 -42 -46 Annual rate of deposit turnover . 18.3 + 24 + 17 Bank debits (thousands) . $ 78,340 + 7 + 10 End-of-month deposits (thousands) t $ 34,653 + 2 + 6 Conroe (pop. 9,192) Annual rate of deposit turnover . 27.4 + 7 + 5 Postal receipts • ....$ W,383 + 17 + 50 Building permits, less federal contracts $ 153,800 +541 +106 Richmond (pop. 3,668) Bank debits (thousands) .. . ..........$ 16,523 + 14 •• Postal receipts • . . . . $ 4,980 + 19 + 10 End-of-month deposits (thousands) t. $ 13,893 + 3 + 2 Building permi~. less federal contracts $ 2,100 -95 -99 Annual rate of deposit turnover . 14.5 + 12 -2 Bank debits (thousands) . . .. $ 6,520 -17 + 9 End-of-month deposits (thousands) t $ 9,116 -4 + 1 Dayton (pop. 3,367) Annual rate of deposit turnover . 8.4 -14 + 8 Postal receipts • ....................$ 3,476 -4 + 3 Building permits, less federal contracts $ 200 -99 -99 Bank debits (thousands) . . .. $ 5,607 1 + 21 Rosenberg (pop. 9,698) End-of-month deposits (thousands) t. $ 3,866 + 3 + 10 Postal receipts • ...$ 11,398 + 8 + 6 Annual rate of deposit turnover . 17.7 + 4 + 13 Building permits, less federal contracts $ 147,648 +173 -11 End-of-month deposits (thousands) t. $ 10,228 -5 + 1 Deer Park (pop. 4,865) Postal receipts • ....................$ 8,158 -15 -4 South Houston (pop. 7,253) Building permits, less federal contracts $ 38-2.866 + 35 + 93 Postal receipts • .. ... .. . ...$ 9,837 + 10 +Bank debits (thousands) . . ..... $ 6,401 8 + 12 Building permits, less federal contracts $ 126,750 •• 7 End-of-month deposits (thousands) t $ 3,372 + 25 Bank debits (thousands) . . . .$ 9,731 + 17 + 8 Annual rate cf deposit turnover . 22.7 2 -11 End-of-month deposits (thousands) t. $ 5,975 -4 + 7 Annual rate of deposit turnover . .. .. . 19.1 + 15 3For an explanation of symbols, pl"3.Se see p. 148. TEXAS BUSINESS REVIEW 154 Percent change Percent change Local Business Conditions Local Business Conditions M.a.r 1967 Mar 1967 M.ar from from M.ar from from Mar 1967 Mar 1967 City and item 1967 Feb 1967 Mar 1966 City and item 1967 Feb 1967 Mar 1966 Tomball (pop. 2,025 r) KIRBYVILLE (pop. 2,021 r) Building permits, less federal contracts $ 15,300 -86 Postal receipts • ....... ......$ 4,73.4 + 17 + 6 Bank debits (thousands) . . ....$ 8,778 -19 + 14 Bank debits (thousands) . . . .$ 2,366 + 12 -27 End-of-month deposits (thousands) t $ 9,756 -4 + 51 End-of-month deposits (thousands) t $ 4,160 + 1 -4 Annual rate of deposit turnover . 10.6 -17 -2 Annual rate of deposit turnover..... . 6.9 + 13 -24 HUMBLE: see HOUSTON SMSA LA FERIA: see BROWNSVILLE-HARLINGEN-SAN BENITO SMSAHUNTSVILLE (pop. 11,999) Postal receipts • . . . .$ 16,262 -4 + 6 Building permits, less federal contracts $ 32,100 -88 -86 LA MARQUE: see GALVESTON-TEXAS CITY SMSA Bank debits (thousands) . 16,710 + 12 + 61 End-of-month deposits (thousands) t. 12,12'6 -6 + 9 LAMESA (pop. 12,438) Annual rate of deposit turnover . 16.0 + 15 + 50 Postal receipts • ..... $ 11,450 -10 -14 Building permits, less federal contracts $ 800 -97 -99 IOWA PARK: see WICHITA FALLS SMSA Bank debits (thousands) . . . .......$ 15,966 --12 2 End-of-month deposits (thousands) t.$ 18,640 -5 + IRVING: see DALLAS SMSA Annual rate of deposit turnover . 10.0 -5 6 Nonfarm placements 73 + 33 9 JACKSONVILLE "(pop. 10,509 r) Postal receipts • . .$ 28,882 + 88 + 28 LAMPASAS (pop. 5,670 r) Building permits, less federal contracts $ 53,550 + 49 + 58 Postal receipts • .......... . .....$ 5,553 + 9 •• Bank debits (thousands) . $ 16,465 + 6 + 12 Building permits, less federal contracts $ 55,775 + 92 + 3End-of-month deposits (thousands) t $ 11,162 2 -9 Bank debits (thousands) .............$ 7,486 + 9 3 Annual rate of deposit turnover . 17.6 + 7 + 21 End-of-month deposits (thousands) t.$ 6,841 •• Annual rate of deposit turnover . 13.1 + 11 JASPER (pop. 5,120 r) Postal receipts • .................... $ 9,631 -18 + LA PORTE: see HOUSTON SMSA Building permits, less federal contracts $ 52,10() + 32 -90 Bank debits (thousands) . . .. $ 11,652 + 3 + 5 End-of-month deposits (thousands) l $ 8,649 + + 3 LAREDO SMSA Annual rate of deposit turnover.... 16.3 + + 2 (Webb; pop. 77,006 a) Building permits, less federal contracts $ 125,904 -71 -15 Bank debits (thousands) 1 ... ..$ 625,476 + 7 + 11 JUSTIN: see DALLAS SMSA Nonfarm employment (area) . 22,500 •• + 4 Manufacturing employment (area) . 1,270 + 1 + z KATY: see HOUSTON SMSA Percent unemployed (area) . .. 9.0 -9 -22 KILGORE (pop. 10,092) LAREDO (pop. 60,678) Postal receipts • ..... ...$ 14,790 -11 -1 Postal receipts • ...$ 49,338 -3 + 4 Building permits, less federal contracts $ --Building permits, less federal contracts $ -71 53,673 10 84 125,9°'4 -15 Bank debits (thousands) . . .. $ 14,807 + 14 + 8 Ba nk debits (thousands) . . . . .$ 53,963 + 23 + 12 End-of-month deposits (thousands) t.$ 12,863 -2 -6 End-of-month deposits (thousands) t.$ . 34,135 + 2 + 15 Annual rate of deposit turnover. 13.7 + 16 + 17 Annual rate of deposit turnover . 19.2 + 22 -2 Nonfarm employment (area) ... 33,150 •• •• Nonfarm placements 401 -34 -25 Manufacturing employment (area) . 8,680 + + 7 Percent unemployed (area) . 2.9 -28 + LIBERTY: see HOUSTON SMSA KILLEEN (pop. 23,377) LITTLEFIELD (pop. 7,236) Postal receipts • .$ 58,061 -4 + 30 Postal receipts • ...$ 8,636 + 27 + 22 Building permits, less federal contracts $ 520,449 -20 -68 Building permits, less federal contracts $ 11,890 -62 -85 Bank debits (thousands) .............$ 16,783 -5 -7 Bank debits (thousands) ...... ..... . .$ 9,150 6 + 4 End-of-month deposits (thousands) t $ 12,141 + 9 -11 End-of-month deposits (thousands) t.$ 9,297 2 -16 Annual rate of deposit turnover.. 17.3 -11 + 9 Annual rate of deposit turnover. 11.7 2 + 22 KINGSLAND (pop. 150) LLANO (pop. 2,656) Postal receipts • . ...$ 1,475 -12 + 28 Postal receipts • . . . .. $ 3,211 -6 + 1 Bank debits (thousands) ......$ 1,699 + 28 -40 Building permits, less federal contracts $ 8,150 +715 -94End-of-month deposits (thousands) t.$ 1,343 + 4 + 20 Bank debits (thousands) . . . .$ 3,314 + 18 3Annual rate of deposit turnover . 15.5 + 13 -54 End-of-month deposits (thousands) t $ 4,427 + 1 2 Annual rate of deposit turnover . 9.0 + 20 KINGSVILLE (pop. 25,297) Postal ~eceipts • . . . . .$ 22,760 + 9 + 6 Building permits, less federal contracts $ 1211,210 -50 -77 LOCKHART (pop. 6,084) Bank debits (thousands) .............$ 16,398 + 2 + 5 Postal receipts • . . . . . . . . . . . . . . . . . .$ 5,869 + 28 + 14 End-of-month deposits (thousands) t.$ 16,859 + 6 Building permits, less federal contracts. $ 47,085 -6 + 45 + Annual rate of deposit turnover . 11.7 + 6 + Bank debits (thousands) . . .. . .$ 6,207 + 14 + 4 End-of-month deposits (thousands) t.$ 7,362 + 1 + 20 Annual rate of deposit turnover... 10.2 + 15 -12 For an explanation of symbols, please see p, 148. Percent change Percent change Local Business Conditions Local Business Conditions Mar 1967 Mar 1967 Mar 1967 Mar 1967 Mar ftom from Mar from from City and item 1967 Feb 1967 Mar 1966 City and item 1967 Feb 1967 Mar 1966 LONGVIEW (pop. 40,050) Edinburg (pop. 18,706) Retail sales Postal receipts • .$ 16,890 + 23 + 6 Automotives stores + 10 t + 10 + •• Building permits, less federal contracts $ 111,510 -35 Postal receipts • . $ 66,279 Bank debits (thousands) . . . .. $ 19,863 1 •• + 3 •• Building permits, less federal contracts $ 1,725,000 + 43 + 95 End-of-month deposits (thousands) i $ 12,2.40 + 2 •• Bank debits (thousands) . . .. $ 76,610 + 14 + 4 Annual rate of deposit turnover . 19.7 + 6 + 3 Nonfarm placements 22S -35 -2 End-of-month deposits (thousands) i $ 40,212 -4 -10 Annual rate of deposit turnover . 22.4 + 9 + 13 Nonfarm employment (area) . 33,150 •• •• Elsa (pop. 3,847) Manufacturing employment (area) 8,680 + + 7 Building permits, less federal contracts $ 1,306 -24 Percent unemployed (area) . 2.9 + 4 -28 Bank debits (thousands) . . $ 2,751 + 25 + 6 End-of-month deposits (thousands) t $ l,&43 -4 + 5 Annual rate of deposit turnover . 19.7 + 25 + LOS FRESNOS: see BROWNSVILLE-HARLINGEN­ SAN BENITO SMSA McALLEN (pop. 35,411 r) Retail sales + 10 t + 19 2 LUBBOCK SMSA Automotives stores ......... . . + 10 t + 13 9 (Lubbock; pop. 181,591 a) Furniture and household- Building permits, less federal contracts $ 2,700,093 + 93 -37 appliance stores -1 t + 10 + 7 Bank debits (thousands) JJ. . .......$ 3,514,872 + 8 •• Postal receipts • ............. .... $ 48,103 + 17 + 22 Nonfarm employment (area) . 62,400 + 3 Building permits, less federal contracts $ 134,450 + 7 -63 + Manufacturing employment (area) . 7,020 + 3 4 Bank debits (thousands) .............$ 4&,3S8 + 16 + 5 End-of-month deposits (thousands) t. $ 25,191 -3 -7 Annual rate of deposit turnover . 2.1.8 + 18 + 11 Nonfarm placements 8()5 -13 + 13 Percent unemployed (area) . 3.4 + 13 8 LUBBOCK (pop. 155,200 r) Retail sales + 10 t + 15 -2 Mercedes (pop. 10,943) Automotives stores + 10 t + -9 Postal receipts • ......... . . . $ 7,042 + 14 + 8 Postal receipts • ....$ 253,896 + 5 + 11 Building permits, less federal contracts $ 26,000 5 -17 Building permits, less federal contracts $ 2,610,243 + 87 -38 Bank debits (thousands) . . .. $ 6,473 6 -3 Bank debits (thousands) ............ .$ 279,217 + 6 End-of-month deposits (thousands) t. $ 3,903 -12 End-of-month deposits (thousands) i $ 136,510 l 9 Annual rate of deposit turnover . 19.3 4 + 9 Annual rate of deposit turnover . 24.4 + 9 + 7 Mission (pop. 14,081) Slaton (pop. 6,568) Postal receipts • . . . .$ 9,8&3 -4 -3 Postal receipts • .. . ..·...........$ 4,302 -14 + 16 Building permits, less federal contracts $ 45,868 + 79 -22 Building permits, less federal contracts $ 75,850 +118 Bank debits (thousands) ....... . . .. .. $ 13,690 + 6 •• Ba11k debits (thousands) . . . . . . . . . .. .$ 4,797 + 9 -1 End-of-month deposits (thousands) t. $ 9,249 -6 1 EnA-of-month deposits (thousands) i . $ 3,826 -4 -11 Annual rate of deposit turnover . 17.2 + 10 + 1 Annual rate of deposit turnover . N.7 + 18 + 12 Pharr (pop. 15,279 r) Postal receipts • . .. .$ 9,329 -3 + 7 LUFKIN (pop. 20,756 r) Building permits, less federal contracts $ 13,350 -30 -59 Postal receipts • .. $ 35,633 + 14 + 9 Bank debits (thousands) . . . $ 5,921 + 7 + 9 Building permits, less federal contracts $ 372,135 + 67 -57 End-of-month deposits (thousands) i . $ 5,866 + 7 + 1 Nonfarm placements 116 + 10 + 71 Annual rate of deposit turnover . 12.5 + 7 2 McALLEN-PHARR-EDINBURG SMSA San Juan (pop. 4,371) (Hidalgo; pop. 182,008 a) Postal receipts • . . . $ 3,393 + 8 + 9 Building permits, less federal contracts $ 445,079 + 12 -42 Building permits, less federal contracts $ 8,875 -76 Bank debits (thousands) JJ ...........$ i,240,080 -2 + 7 Bank debits (thousands) ..... . .......$ 2,804 + s Nonfarm employment (area) . 42,700 •• •• End-of-month deposits (thousands) t. $ 2,767 + 4 + 14 Manufacturing employment (area) . 4,210 + 2 + 43 Annual rate of deposit turnover . 12.4 -5 Percent unemployed (area) . 5.3 -5 -16 Weslaco ·(pop. 15,649) Postal receipts • . . .. $ 14,269 + 11 + 19 Alamo (pop. 4,121) Building permits, less federal contracts $ 53,970 + 12 6 Building permits, less federal contracts $ 48,700 + 180 +7Sli Bank debits (thousands) . . .. $ 10,211 + 10 1 Bank debits (thousands) . . ....$ 2,576 2 + 90 End-of-month deposits (thousands) i . $ 9,612 + 4 + 6 End-of-month deposits (thousands) i . $ l,470 + 1 + 6 13.0 + 10 8 Annual rate of deposit turnover . Annual rate of deposit turnover . 21.2 + 84 MISSION: see McALLEN-PHARR-EDINBURG SMSA Donna (pop. 7,522) Postal receipts • ...... $ 5,214 + 14 + 13 McCAMEY (pop. 3,350 r) Building permits, less federal contracts $ 1,050 -97 -93 Postal receipts • . . . . . . . . ...$ 3,174 -18 -13 Bank debits (thousands) . . .. $ 3,196 + 6 + 2 Bank debits (thousands) . . ....$ 2,001 + 17 + 2 End-of-month deposits (thousands) i $ 4,646 + 12 End-of-month deposits (thousands) t. $ 1,543 -8 5 Annual rate of deposit turnover.. 8.2 + 6 -10 Annual rate of deposit turnover . .. .. . 14.9 + 21 + McGREGOR: see WACO SMSA For an explanation of symbols, please see p. 148. TEXAS BUSINESS REVIEW 156 Percent change Percent change Local Business Conditions Local Business Conditions Mar 1967 Mar 1967 Mar 1967 Mar 1967 Mar from from Mar from from City and item 1967 Feb 1967 Mar 1966 Crtv and item 1967 Feb 1967 Mar 1966 NACOGDOCHES (pop. 15,450 r) Postal receipts • .. ..... . ............$ 26,708 -12 -18 Building permits, less federal contracts $ 166,776 + 44 -97 McKINNEY: see DALLAS SMSA MARSHALL (pop. 25,715 r) Bank debits (thousands) . . .. $ 28,992 + 13 + 23 Postal receipts • ..... ··········· .$ 30,2U -6 ·· · 14 -End-of-month deposits (thousands) i. $ 21,988 •• + 7 Building permits, less federal contracts $ 268,309 + 89 -43 Annual rate of deposit turnover . 15.9 + 15 + 18 Bank debits (thousands) . .. $ 21,825 6 •• + Nonfarm placements . . .... ... . .. .. . . 17() + 20 + 85 End-of-month deposits (thousands) i $ 29,400 + 14 + 24 Annual rate of deposit turnover. 9.5 -10 Nonfarm placements 420 -13 + 33 NEDERLAND: see BEAUMONT-PORT ARTHUR­ ORANGE SMSA MERCEDES : see McALLEN-PHARR-EDINBURG SMSA NEW BRAUNFELS (pop. 15,631) Postal receipts • ........ ..... $ 23,328 + 6 + 12 MESQUITE: see DALLAS. SMSA Building permits, less federal contracts $ 391,702 -20 +144 Bank debits (thousands) . . . . . $ 16,314 + 9 + 3 End-of-month deposits (thousands) i .$ 15,178 + 6 + 4 MEXIA (pop. 7,621 r) Annual rate of deposit turnover . 13.2 + 7 + Postal receipts • . $ 8,985 + 54 + 27 Building permits, less federal contracts $ 44,500 + 23 +382 NORTH RICHLAND HILLS: see FORT WORTH SMSA Bank debits (thousands) . . . . $ 5,537 + 7 + 5 End-of-month deposits · (thousands) i. $ 5,689 + 2 + 6 ODESSA SMSA Annual rate of deposit turnover.. . . 11.8 + 8 •• (Ector; pop. 89,437 •) Building permit.•, less federal contracts $ 537,725 •• -62 MIDLAND SMSA Bank debits (thousands) 11 -......... .$ 1,179,228 •• -20 (Midland; pop. 68,230 a) Nonfarm employment (area) . 58,200 •• + 2 Building permits, less federal contracts $ 776,470 -39 -38 Manufacturing employment (area) . 5,130 •• + 6 Bank debits (thousands) II ... ........$ 1,544,148 + 5 2 P ercent unemployed (area) . 3.5 -10 + 21 Nonfarm employment (area) . . 58,200 •• + 2 Manufacturing employment (area) . 5,130 •• + 6 ODESSA (pop. 86,937 r) Percent unemployed (area) . . . . . 3.5 -10 + 21 Retail sales + 10 t + 9 3 Furniture and household- MIDLAND (pop. 62,625) appliance stores . . . . . . ... ..... . -1 t 8 2 Postal receipts • .... . .. $ 145,718 + 29 + 16 Postal receipts • ................. . .. $ 105,522 + 11 + 11 Building permits, less federal contracts $ 776,470 -39 -38 Building permits, less federal contracts $ 537,725 •• -62 Bank debits (thousands) ......... .. ..$ 132,531 + 21 + 8 Bank debits (thousands) . . .$ 105,163 + 12 -17 End-of-month deposits (thousands) i $ 116,087 1 + 8 End-of-month deposits (thousands) i. $ 64,718 + 2 Annual rate of deposit turnover . 13.6 + 19 -1 Annual rate of deposit turnover . 19.0 + 14 -16 Nonfarm placements 643 + 4 -21 Nonfarm placements ... . . 319 4 -21 MIDLOTHIAN: see DALLAS SMSA OLNEY (pop. 4,200 r) Building permits, less federal contracts $ 0 MINERAL WELLS (pop. 11,053) Bank debits (thousands) ............. $ 4,703 •• -17 Postal receipts • .......... $ 2.0,747 + + 16 End-of-month deposits (thousands) t. $ 6,302 + 5 -4 Building permits, less federal contracts $ 409,900 + 29 -9 Annual rate of deposit turnover.... .. . 10.9 -4 -14 Bank debits (thousands) . . .. $ 19,295 + 9 + 14 End-of-month deposits (thousands) i. $ 14,694 + 6 + 8 ORANGE: see BEAUMONT-PORT ARTHUR­Annual rate of deposit turnover . 16.2 + 6 + 8 ORANGE SMSA Nonfarm placements 80 •• -48 PALESTINE (pop. 13,974)MONAHANS (pop. 9,252 r) Postal receipts • .............. $ 18,772 + 16 + 14 Postal receipts • .. . . $ 10,152 -6 -12 Building permits, less federal contracts $ 69,818 + 87 -64 Building permits, less federal contracts $ 105,610 +167 -66 Bank debits (thousands) . . . $ 14,089 + 11 2 Bank debits (thousands) . . ....... $ 11,584 + 8 + 9 End-of-month deposits (thousands) t. $ 16,469 •• 8 End-of-month deposits (thousands) i. $ 7,299 9 9 Annual rate of deposit turnover. 10.2 + 16 + Annual rate of deposit turnover . 18.2 + 17 + 9 PAMPA (pop. 24,664)MOUNT PLEASANT (pop. 8,027) Retail sales . .. + 10 t + 47 + 9 Postal receipts • . . . . ............ . ...$ 11,407 + 10 + 12 Postal receipts • . $ 82,966 + 19 + 14 Building permits, less federal contracts $ 76, 700 +158 -39 Building permits, less federal contracts $ 228,100 +123 + 73 Bank debits (thousands) . . . $ 13,180 + 20 + 12 Bank debits (thousands) . . . $ 31,673 + 17 + 6 End-of-month deposit. (thousands) i. $ 9,428 + 2 + 4 End-of-month deposits (thousands) t. $ 20,688 + 5 Annual rate of deposit turnover . 17.0 + 20 + 8 Annual rate of deposit turnover... 18.3 + 17 + 2 Nonfarm placements 148 + 16 + 10 MUENSTER (pop. 1,190) Postal receipts • ......... ... ...... . . $ 1,518 •• -48 PARIS (pop. 20,977) Building permits, less federal contracts $ 15,000 •• -80 Postal receipts • . $ 28,648 -8 + 9 Bank debits (thousands) . . . . . ...... .. $ 2,845 + 20 + 11 Building permits, less federal contracts $ 297,570 +145 + 22 End-of-month deposits (thousands) i. $ 2,062 -4 2 Nonfarm placements ....... . ....... . 179 + 2S + 63 Annual rate of dePosit turnover . 16.2 + 25 + 9 PASADENA: see HOUSTON SMSA For an explanation of symbols, please see p. 148. Percent change Percent change Local Business Conditions Local Business Conditions Mar 1967 Mar 1967 Mar 1967 Mar 1967 Mar from from Mar from from City and item 1967 Feb 1967 Mar 1966 City and item 1967 Feb 1967 Mar 1966 PECOS (pop. 12, 728) SAN ANGELO (pop. 58,815) Postal receipts • . . . . . . . . . . ...$ 11,718 2 s + + Postal receipts • . . . . .$ 116,122 + 2 + 24 Bank debit11 (thousands) ....... ... .. .$ 15,895 -9 6 Building permits, less federal contracts $ 495,922 + 5 -22 End-of-month deposits (thousands) t $ 10,251 -15 5 Bank debits (thousands) . . . . . $ 77,702 + 8 + 8 Annual rate of deposit turnover . 17.1 -6 8 End-of-month deposits (thousands) t. $ 54,004 3 •• Nonfarm. placements 72 + 24 + 14 Annual rate of deposit turnover. 17.0 + 14 + 8 PHARR: see McALLEN-PHARR-EDINBURG SMSA SAN ANTONIO SMSA PILOT POINT: see DALLAS SMSA (Bexar and Guadalupe; pop. 838,572 a) Building permits, less federal contracts $10,494,474 -30 -46 PLAINVIEW (pop. 23,703 r) Bank debits (thousands) 11-.... $11,852,208 + •• Postal receipts • .. $ 30,326 -2 -7 Nonfarm employment (area) . 254,200 •• 4 Building permits, less federal contracts $ 138,000 -72 -58 Manufacturing employment (area) 27,900 + + •• Bank debits (thousands) . .$ 41,145 -2 -17 Percent unemployed (area) . 3.4 -3 -17 End-of-month deposits (thousands) t. $ 26,077 •• -25 Annual rate of deposit turnover . 18.9 + + 6 Nonfarm placements . . . 236 -10 + SAN ANTONIO (pop. 655,006 r) b Reta.ii sales + 15 + 23 + 9 PLANO: see DALLAS SMSA A p pare! stores + 33 + 80 + 47. Automotives stores + 14 +SS + 6 PLEASANTON (pop. 5,053 rr) Eating and drinking places. + 10 + 8 + 12 Building permits, less federal contracts $ 29,500 + 9 + 12 Florists · + 18 + 44 Bank debits (thousands) . . ....$ 4,019 + 13 + 6 Furniture and household- End-of-month deposits (thousands) t. $ 4.,236 + + 1 appiiance stores + 8 + + 18 Annual rate of deposit turno·,er . 11.5 + 14 + 6 Gasoline and service stations .. + 13 + 19 -11 General-merchandise stores + 31 + 23 + 15 Lumber, building material, PORT ARTHUR: see BEAUMONT-PORT ARTHUR­ and hardware stores . + 30 + 29 + 8 ORANGE SMSA Postal receipts• . .. . ...$ 1,074,603 + 8 + 10 Building permits, less federal contracts $ 9.861,98() -38 -47 PORT ISABEL: see BROWNSVILLE-HARLINGEN­Bank debits (thousands) . . .. $ 1,018,660 + 19 + End-of-month deposits (thousands) t. $ 486,528 •• + SAN BENITO SMSA Annual rate of deposit turnover . 25.1 + 17 2 PORT NECHES: see BEAUMONT-PORT ARTHUR­ORANGE SMSA Schertz (pop. 2,281) Postal receipts • .... $ 1,867 -10 + 4 QUANAH (pop. 4,564) Bank debits (thousands) ....... . .. . .. $ 685 + 17 + 2 Postal receipts • ............. ...$ 4,680 •• + 5 End-of-month deposits (thousands) i. $ , 1,081 + 1 •• Building permits, less federal contracts $ 3,050 -88 Annual rate of deposit turnover . . 7.6 + 15 + 4 Bank debits (thousands) . ...$ 5,284 •• End-of-month deposits (thousands) t . $ 5,458 + 2 + Annual rate of deposit turnover . 11.7 + 6 3 Seguin (pop. 14,299) Postal receipts • .. $ 15,759 •• + 18 RAYMONDVILLE (pop. 9,385) Building permits, less federal contracts $ 74,764 -20 -2 Bank debits (thousands). . ...$ 13,825 + 3 -14Postal receipts • .. $ 7,4S5 + 9 + 1 End-of-month deposits (thousands) i. $ 15,728 Building permits, less federal contracts $ 11,000 -70 -43 + -' Annual rate of deposit turnover..... . 10.6 + 4 -12 Dank debits (thousands) . ...$ 7,369 + 5 + 14 End-of-month deposits (thousands) t. $ 8,3()8 -6 + 16 Annual rate of deposit turnover. 10.3 + 10 -2 SAN BENITO: see BROWNSVILLE-HARLINGEN-SAN Nonfarm placements 59 -2 + 51 BENITO SMSA RICHARDSON: see DALLAS SMSA SAN JUAN: see McALLEN-PHARR-EDINBURG SMSA RICHMOND: see HOUSTON SMSA ROBSTOWN: see CORPUS CHRISTI SMSA SAN MARCOS (pop. 12,713) Postal receipts • ...$ 17,297 -2 + 10 ROSENBERG: see HOUSTON SMSA Building permits, less federal contracts $ 81,240 -60 -89 Bank debits (thousands) . ........ . $ 14,728 + 2 + 8 End-of-month deposits (thousands) t. $ 18,858 + 13 + 24 Annual rate of deposit turnover. 10.0 -7 ­ SAN ANGELO SMSA (Tom Green; pop. 74,127 a) 7 Building permits, less federal contracts $ 495,922 + 5 -22 Bank debits (thousands) 11 . . .. $ 931,896 -4 + 1 SAN SABA (pop. 2,728) Nonfarm employment (area) . 22,250 •• + 2 Postal receipts • ... $ 3,987 + 23 + 1 Manufacturing employment (area) . 3,690 + + 8 Building permits, less federal contracts $ 17,500 -24 Percent unemployed (area). 3.2 -6 + 7 Bank debits (thousands) . ....$ 4,663 2 2 End-of-month deposits (thousands) i .$ 4,908 4 + 5 Annual rate of deposit turnover.. . ... 11.2 + a 8 For an explanation of symbols, please see p. 148. TEXAS BUSINESS REVIEW Percent changePercent change Local Business Conditions Local Business Conditions Mar 1967 Mar 1967 Mar froJll from ·Mar 1967 Mar 1967 Mar f rom from City and item 1967 Feb 1967 Mar 1966 City and item 1967 Feb 1967 Mar 1966 SCHERTZ: see SAN ANTONIO SMSA STRATFORD (pop. 1,380) Postal receipts • . . . . ...... .. ..... $ 2,955 + 66 + 13 Building permits, less federal contracts $ 77,500 +894 Bank debits (thousands) . ...$ 8,883 + 83 -18 End-of-month deposits (thousands) i $ 6,378 + 9 + 2 Annual rate of deposit turnover . 17.4 + 31 -19 SEAGOVILLE: see DALLAS SMSA SEGUIN: see SAN ANTONIO SMSA SWEETWATER (pop. 13,914) Postal receipts • .. $ 14,602 -12 + 4 SHERMAN (pop. 30,660 r) Building permits, less federal contracts $ 225,000 + 48 +242 Retail sales + 10 t + 11 13 + Bank debits (thousands) . .. .. $ 12,505 -9 -11 Automotives stores 2 + 10 t -+ 12 End-of-month deposits (thousands) i. $ 9,764 •• -6 Postal receipts • .. $ 39,495 -4 + 3 Annual rate of deposit turnover . 15.4 + -6 Building permits, less federal cont~acts $ 673,927 + 29 + 7 Nonfarm placements 101 + 3 -40 Bank debits (thousands) . . .. $ 39,376 + 11 + 2 End-of-month deposits (thousands) t. $ 25,251 + 2 + Annual rate of deposit turnover . 18.9 + 9 + 8 TAYLOR (pop. 9,434) Nonfarm placements . ..... ... ..... . . 132 -17 -29 Postal receipts • .. ...... ..$ 10,042 -5 8 Building permits, less federal contracts $ 79,490 + 13 7 Bank debits (thousands) . .. . ...$ 10,306 + 11 + 5 SILSBEE (pop. 6,277) End-of-month deposits (thousands) i. $ 17,809 + 1 + 12 Building permits, less federal contracts $ 55,900 + 233 -45 Annual rate of deposit turnover . 7.0 + 13 -4 Bank debits (thousands) . . . . . . . . .. $ 6,284 + 18 + 14 Nonfarm placements .. ..... ... . 18 + 80 -65 End-of-month deposits (thousands) t. $ 7,113 + 7 + 18 Annual rate of deposit turnover . n.o + 16 + TEMPLE (pop. 34,730 r) Retail sales + 10 t + 13 + 4 Postal receipts • ......... ···· · · ·· ..$ 61,622 + 40 + 17 SINTON: see CORPUS CHRISTI SMSA Building permits, less federal contracts $ 279,515 -59 -14 Nonfarm placements 172 -5 -19 SLATON: see LUBBOCK SMSA TERRELL (pop. 13,803) Postal receipts • ... $ 11,158 + 9 + 2,7SMITHVILLE (pop. 2,933) Building permits, less federal contracts $ 178,150 + 78 + 82 Postal receipts • ............. $ 2,300 -16 -5 Bank debits (thousands) . . . .... $ 12,191 + 4 + 12 Building permits, less federal contracts $ 800 + 3 +100 End-of-month deposits (thousands) i. $ 11,121 + 6 + 14 Bank debits (thousands) . . . . $ 1,499 + 10 + 4 Annual rate of deposit turnover. 13.5 2 + End-of-month deposits (thousands) i. $ 2.697 + 9 + 9 ' Annual rate of deposit turnover. 7.0 + 6 •• TEXARKANA SMSA (Bowie, excluding Miller, Ark.; pop. 67,206 •) Buildi.ng permits, less federal contracts $ 876,175 SNYDER (pop. 13,850) +181 + 20 Banlc debits (thousands) II. . ...... $ 1,185,948 8 + 18 Postal receipts • . . ...$ 13,348 + 8 -10 Nonfarm employment (area) . 39,050 + 1 + 15 Building permits, less federal contracts $ 39,280 + 78 -37 Ma nufacturing employment (area) . 10,950 + 1 + 47 Bank debits (thousands) ..............$ 13,336 -23 -14 P e rcent unemployed (area) . 2.7 -18 -84End-of-month deposits (thousands) t $ 19,358 + 4 1 Annual rate of deposit turnover. 8.4 -20 -9 TEXARKANA (pop. 50,006 r) Retail sales + 10 t + 16 -2 SOUTH HOUSTON: see HOUSTON SMSA Postal receipts • ................. ...$ 71,894 -14 + 2 Building permits, less federal contracts $ 833,300 +184 + 19 Bank debits (thousands) .............$ 89,313 + 3 + 15 SULPHUR SPRINGS (pop. 9,160) .End-of-month deposits (thousands) t. $ 24,922 + 2 + 7 Annual rate of deposit turnover. 22.7 + 5 + 8 Postal receipts • .... . . . . .. . $ 22,769 + 27 -6 Building permits, less federal contracts $ 750,400 +288 + 30 Bank debits (thousands) . . . . .. $ 18,977 + 4 + 10 TE,XAS CITY: see GALVESTON-TEXAS CITY SMSA End-of-month deposits (thousands) i. $ 17,491 2 + 21 Annual rate of deposit· turnover . 12.9 + 5 -8 TO:tV1rnALL: see HOUSTON SMSA STEPHENVILLE (pop. 7,359) Postal receipts • ... ...... .. ....... $ 11,078 -4 -23 TYLER SMSA Building permits, less federal contracts $ 48,100 -11 -91 (Smith: pop. 99,142 a) Bank debits (thousands) . .. .. $ 9,528 + 9 End-of-month deposits (thousands) t. $ 10,379 Building p"rmits, less federal contracts $ 715,700 -59 -24 •• + 2 Annual rate of deposit turnover . 11.0 + 11 4 Bank debitn (thousands) 11... .$ 1,526,124 2 1 Nonfarm employment (area) . 34,550 + 1 + 8 Manufactu1ring employment (area) . 9,590 + 1 + 6 For an explanation of symbols, please see p. 148. Percent uneimployed (area) . 2.8 -20 -18 Percent change Percent change Local Business Conditions Local Business Conditions Mar 1967 Mar 1967 Mar 1967 Mar 1967 Mar from from Mar from from City and item 1967 Feb 1967 Mar 1966 City and item 1967 Feb 1967 Mar 1966 TYLER (pop. 51,230) WAXAHACHIE: see DALLAS SMSA Retail sa,!es ..... ...... .... . . . . . . . . . . + 10 t + 11 -18 Postal receipts • . .... 128,393 + 14 -5 Building permits, less federal contracts $ 687,450 -59 -27 Bank debits (thousands) . .. .$ 125,375 + 7 1 WEATHERFORD (pop. 9,759) End-of:month deposits (thousands) t.$ 75,&24 + 1 + 1 Ann~! rate of deposit turnover . 20.0 + 6 + 1 Postal receipts• . . .$ 14,926 + 20 + 82 Nonfarm placements . .. .. .... 5-00 -12 -22 Building permits, less federal contracts $ 100,325 +868 -48 End-of-month deposits (thousands) i $ 15,363 -1 + 2 UVALDE (pop. 10,293) Postal receipts • . . . . . . . . . . . . ..$ 12,089 -25 + 13 Building permits, less federal contracts $ 438,426 +532 +331 WESLACO: see McALLEN-PHARR-EDINBURG SMSA. Bank debits (thousands) . . ....$ 13,989 -13 End-of-month deposits (thousands) t.$ 9,007 -3 Annual rate of deposit turnover . 18.6 2 -10 WHITE SETTLEMENT: see FORT WORTH SMSA VERNON (pop. 12,141) Postal receipts• .........$ 11,666 -6 Building permits, less federal contracts $ 60,200 + 55 6 WICHITA FALLS SMSA Bank debits (thousands) . . .. $ 16,202 + 11 6 End-of-month deposits (thousands) t.$ 21,136 •• + d 11.l ~ .... .z ~ ~ 11.l -'1 00 -'1 I-" NI ~ ~ l'J d z .... ;i :: c:::: 0 ~ t:d c:::: 00 ...... z t.".l 00 00 ~ t.".l 00 t.".l > ~ (") = SMSA NOTES Dallas Announcement has been made that Kaufman and Rockwall Counties will be added to the Dallas Standard Metropolitan Statistical Area. As soon as data are available these counties will be in­cluded in that Metropolitan Area in -all reports released by the Bureau of Business Research. Sherman-Denison A new Standard Metropolitan Statistical Area has been created, making a total of twenty-three. Consisting of Grayson County, it will be known as the Sherman-Denison SMSA. At the present, data from this new area are not expected to be available before the beginning of 1968, but as sson as they are included in official reports they will be presented in Bureau of Business Research reports.