B u TEXA S I N R E VIE s THE UNIVERSITY s OF TEXAS JAN 1965 THE LIBRARY TEXAS BUSINESS REVIEW VOL. XXXIX, NO. l, JANUARY 1965 A Monthly Summary of B1.tsiness and Economic Conditions in Texas BUREAU OF BUSINESS RESEARCH: THE UNIVERSITY OF TEXAS Editor: Stanley A. Arbingast / Associate Editor: Robert H. Ryan I Managing Editor: Robert H. Drenner Editorial Board: Stanley A. Arbingast, Chairman; John R. Stockton, Francis B. May, Robert H. Ryan, Robert H. Drenner CONTENTS 1: THE BUSINESS SITUATION IN TEXAS by Robert B. Williamson 4: THE IMPORTANCE OF "EXPORT" TRADE TO COMMUNITY ECONOMIC DEVELOPMENT by Robel'!; B. Williamson 8: TEXAS RETAIL SALES IN NOVEMBER by Francis B. May 10: BUILDING CONSTRUCTION IN NOVEMBER by Robert H. Drenner CHARTS AND TABLES 1 : TEXAS BUSINESS ACTIVITY 2: SELECTED BAROMETERS OF TEXAS BUSINESS 2: TEXAS INDUSTRIAL PRODUCTION 3: TEXAS INDUSTRIAL PRODUCTION, TOTAL MANUFACTURING 3: CRUDE PETROLEUM PRODUCTION IN TEXAS 3 : BUSINESS ACTIVITY INDEXES FOR 20 SELECTED TEXAS CITIES 5: REVENUE RECEIPTS OF THE STATE COMPTROLLER 5: ELECTRIC POWER USE IN TEXAS 6: TOTAL NONAGRICULTURAL EMPLOYMENT IN TEXAS 6: MANUFACTURING EMPLOYMENT IN TEXAS 7: ESTIMATES OF NONAGRICULTURAL EMPLOYMENT 8: POSTAL RECEIPTS: SELECTED TEXAS CITIES 8: ESTIMATES OF TOTAL RETAIL SALES 9: RETAIL SALES TRENDS BY KINDS OF BUSINESS 9: CREDIT RATIOS IN DEPARTMENT AND APPAREL STORES 10: BUILDING CONSTRUCTION AUTHORIZED IN TEXAS 10: RESIDENTIAL BUILDING AUTHORIZED IN TEXAS 11: NONRESIDENTIAL BUILDING AUTHORIZED IN TEXAS 11: ESTIMATED VALUES OF BUILDING AUTHORIZED IN TEXAS 12: LOCAL BUSINESS CONDITIONS BAROMETERS OF TEXAS BUSINESS BUSINESS RESEARCH COUNCIL John Arch White, Dean of the College of Business Admin· istration (ex officio); John R. Stockton, Jim G. Ashburne, Jessamon Dawe, James R. Kay, Stephen L. McDonald, Kenneth W. Olm, and W. T. Tucker BUREAU OF BUSINESS RESEARCH Director: John R. Stockton Associate Director and Resources Specialist: Stanley A. Arbingast Assistant to the Director: Florence Escott Consulting Statistician: Francis B. May Administrative Assistant: Juanita Hammons Research Associate: Charles 0. Bettinger, Robert H. Drenner, Louise K. Iscoe, Joe H. Jones, Ida M. Lambeth, Robert M. Lockwood, Margaret Paulissen, Helmut J. Rehder, Robert H. Ryan, Jerelyn Taylor, Elizabeth H. Turpin, Joyzelle Wilke, Robert B. Williamson Research Assistant: LuNette Castle, Thomas B. Douglas, Kenneth Nietenhoefer, Harold L. Sides, William W. White, Robert Wood Adminisflrative Secretary: Margaret F. Smith Senior Secretary: Diana Rausch Senior Clerk Typist: Patricia Gable, Claire Howard, Carollin Mayes, Sharon Wheat Cartographer: Lois Leonard Library Assistant: Merle Danz Statistical Assistant: Mildred Anderson, Constance Cooledge Statistical Technician: Mary Gorham Clerical Assistant: Pamela Binkley, Ross Kammlah Offset Presti Operator: Robert Dorsett, Daniel P. Rosas The Bureau of Business Research is a member of t~e Associated University Bureaus of Business and Economic Research. Published monthly by the Bureau of Business Research, College of Business Admi'!istration, The University of Texas, Austib; Tr::;.;, 7~71!; Second-class postage paid at Austin, Texas. Content of this publication is not copyrighted and may be re,iirodueed freely. Ac ow en source will be appreciated. Subscription, S3.00 a year; individual copie•, 25 centa. THE BUSINESS SITUATION IN TEXAS Williamson As 1964 drew to a close, available reports indicated that Texas business activity was continuing on the high plateau reached in the middle of the year. Activity for the entire year of 1964 was expected to show a gain of 9% from the 1963 level, based on a comparison of the index of Texas business activity for the January-Novem­ber periods of each year. 'Major cities leading the gains in Texas business activity included Amarillo, Dallas, and Houston, which registered year-to-year growth rates of 21%, 15%, and 12%, respectively, during the eleven­month period. Texas business expansion during 1964 compared favor­ably with the national growth rate. The index of Texas bank debits, a general measure of business activity, showed a growth of 9% from a year ago during the first eleven months of 1964. The bank debits index for the nation reflected a corresponding gain of 10%. Personal income, another general measure, increased nearly 6% in both the state and the nation, according to estimates for the first ten months of 1963 and 1964. The latest available data on Texas business conditions indicate a continuation of the overall stability of recent months but also reveal a mixture of gains and losses among the different sectors of the state's economy. The November seasonally adjusted index of Texas business activity, at 148.7% of the 1957-59 average, was down 1% from October and 2% below the July peak. This index is probably the best general measure of trends in Texas business, but a single month's change is not necessarily indicative of the basic direction of the trends. Measures of Texas industrial production during Novem­ber showed somewhat greater strength. Industrial electric power use was up 6% from October, after seasonal ad­justment, while the adjusted level of crude oil produc­tion was unchanged from the previous month. These indications of relative strength in state industrial pro­duction were consistent with a rise in national industrial output to a new record in November. Throughout most of 1964, total industrial production in Texas averaged about 6% higher than a year earlier and the state's TEXAS BUSINESS ACTIVITY INDEX-ADJUSTED FOR SEASONAL VARIATION-1957-1959· 100 1953 '54 'a5 '56 '57 '58 '59 '60 '61 '62 '63 '64 NOTE: Shaded areas indicate periods of decline of total business activity in the United States. manufacturing output was about 8% above the 1963 levels. Projected national production levels during the next few months in the important automobile and steel in­dustries are expected to add strength to the general de­mands affecting Texas production. Automobile manufac­turers plan to build nearly 2.6 million cars in the first quarter of 1965, or 20% more than in the first quarter of 1964, in order to make up for strike production losses last fall and to meet their optimistic estimates of con­sumer demands. Also, steel production is expected to con­tinue at high levels as users attempt to build Up their steel inventories as protection against the possibility of a steel strike at the end of April. The general outlook by all manufacturers is for total factory sales to rise in the first quarter of 1965 and nondurable-goods producers as well as durable-goods manufacturers plan to increase their inventories, according to a November survey by the t.t. S. Department of Commerce. Crude oil production in Texas, while showing only the normal seasonal change between October and November, registered a 1% gain for the first eleven months of 1964 compared with the same months of 1963. Texas oil and gas well completions during this period also were up fractionally, with an increase in the number of gas well completions more than offsetting a decline for oil wells. Total United States demand for petroleum products dur­ing the January-November period was up slightly more than 3% from a year ago. At the end of the year, Texas oil producers had grounds for cautious optimism about 1965. With mid- SELECTED BAROMETERS OF TEXAS BUSINESS (1957-59=100) Percent chanrie Year-to­ date Year-to-average date Nov 1964 1964 Nov Oct averaire from from Index 1964 1964 1964 Oct 1964 1968 Texas business activity. . 148. 7• 150.6r 147.9 + 9 Miscellaneous freight carload­ ings in S.W. district. . .... 79.6 77.5 77.2 + s •• Crude petroleum production. 95.0• 94.8* 95.4 •• + 1 Crude oil runs to stills. .110.5 115.9 114.6 5 + s Total electric power consumption .167.9• 164.4* 166.8 + 2 + 11 Industrial power consumption ...161.0• 151.9* 150.9 + 6 + 12 Bank debits ......... . .... . ..... 149.9 151.8 148.6 1 + 9 Ordinary life insurance sales . . ...171.6 168.8 155.l + 2 + 14 Total retail sales . .118.8* 127.2* 7 4 + Durable-goods sales ... 128.4* 144.6* -11 4 Nondurable-goods sales .118.0* 118.1* 4 4 + -+ Urban building permits issued . ... 159.8 120.4 184.5 + 88 + 7 Residential . . . . ..... . ..... 124.6 117.9 119.9 6 8 + Nonresidential ....226.8 117.2 158.7 + 94 + 24 Total Industrial production . . . 129° 128• 127 1 7 + + Total nonfarm employment. . .. 112.4* 112.0r 111.2 •• + 2 Manufacturing employment ......110.0* 109.6* 109.0 •• + 8 Total unemployment .. 102.S 88.8 96.8 + 15 -11 Insured unemployment .104.7 102.0 96.6 8 -14 + Average weekly earninris­manufacturing .. 117.7• 118.4 117.S 4 + Average weekly hours-­manufacturing .100.6* 101.2• 101.4 + Adjusted for seasonal variation. •Preliminary. rRevised. ••change is less than one-half of 1%. TEXAS INDUSTRIAL PRODUCTION •incll&de1 ~n1,1faeturing andmining NOTE: Shaded &r ea• inditale periocb-of dec:line-of total bu 11nu• 1.et1vuy in thi! Uniud Su1u. December stocks of Texas crude oil at the lowest point in 16 years and prospects for greater demand, the state's crude oil production allowables for January were raised to the highest level in two years. The January rate rep­resented the third consecutive increase in Texas produc­tion allowables and amounted to 29.2% of capacity, com­pared with rates of 29% in December and 28.4% in November. There were other longer-term indications of further moderate gains in petroleum demands. An important cus­tomer, the U. S. Defense Department, planned to increase its military purchases of petroleum fuels during the cur­rent fiscal year ending in June 1965 to more than 800,000 barrels per day, or 3% above its demands during the pre­vious fiscal year. Overall national demands for calendar year 1965, according to forecasts by representative in­dustry groups and oil companies in the state, will result in another 3% gain in domestic petroleum demand and another 2% increase in national crude oil output. Pe­troleum imports are expected to increase around 5%, which is about in line with recently announced oil im­port quotas for the first half of 1965. The import quotas for states east of the Rocky Mountains during the first six months of the year will be up only about 1 % from the 1964 average. Texas farming, which directly accounts for only about 5% to 7% of total personal income in the state but which indirectly supports a wide range of dependent nonfarm activities, was relatively depressed during most of 1964. Total cash receipts from farm marketings dur­ ing the first nine months of the year were down 7% from a year earlier in Texas, compared with a year-to­year stability for national farm marketings. For Texas, receipts from sales of livestock and livestock products were down 5%, while receipts from crops were down 9%. These figures do not reflect government payments nor the downtrend in the number of farms, both of which tend to strengthen the average incomes of farmers. Reduced plantings and lower yields for some important crops due to dry weather and a lower level of livestock prices were among the factors depressing Texas farm income in 1964. Indicated Texas production totals for cal­endar year 1964 compared with 1963 were down about 7% for cotton, more than 12% for sorghum grain, and 3% in the case of corn for grain. On the other hand, the state's winter wheat crop in 1964 was an estimated 44% larger than in 1963 and Texas production increases were indicated also for rice, peanuts, and citrus. Government TEXAS BUSINESS REVIEW TEXAS IND STRIAL PRODlJCTIO ' CR DE PETROLE M PROD CTI01 11 TEXAS TOTAL MA ' FACTlJRI G u.«>EX-ADIVSTED FOC SOSON.N. VAl!J,TJOH-t957-1959· 100 NOTE: Sh• d•d a ru1 lndlc:au per1od.1 of i:kchnc of 101:al buti M•• .1.cr.vity in 1he United Su.1.. 1. forecasts point to continued stability in the national totals of farm groBS receipts and farm net income during 1965. Construction trends in the state were strengthened in November, as the seasonally adjusted index of Texas ur­ban building permits showed a monthly increase of 33% to a new record peak. The outstanding feature of this sharp increase in total building authorized was the num­ber of large individual permits for public and business building construction, which pushed the adjusted index of nonresidential building up to a record high, nearly double the level of October and 6% above the year's previous peak in September. The November increases placed the total value of Texas building permits for the year ·to date up 7% from a year earlier, with nonresi­dential building permits up 25% and residential permits down 3%. Further increases in national demands for business buildings construction and capital equipment during the first half of 1965 were indicated by a De­cember government report showing that American busi­ness expenditures for new plant and equipment during the next six-month period were scheduled to rise to a level 12% higher than in the first half of 1964. Monetary and credit conditions during late November and December caused some uncertainties regarding the future cost and availability of funds for business in­vestment and other types of spending. The immediate cause of the uncertainties was the late November increase in Federal Reserve bank discount rates from 3i% to 4%, following an increase in the British bank rate. Ac­companying the Federal Reserve discount action was an authorization for member banks to increase their interest payments on time and savings deposits. Federal Reserve Board Chairman Martin indicated that the principal reasons for the moves were related to this country's bal­ance of payments problems and that the moves were not directed toward reducing the "availability" of funds for the domestic economy. The availability of bank reserves for credit expansion since the discount rate increase un­til mid-December seemed to provide tangible evidence in support of the stated policy. A policy of nudging up short-term interest rates to encqurage foreigners to maintain short-term dollar invest­ments rather than to convert their dollar holdings for our gold and foreign currency reserves has been followed without a significant rise in long-term interest rates dur­ing most of the current economic expansion. Long-term interest ratea appeared to firm somewhat during the four JANUARY 1966 NOTE: Shaded &re& • indic&u period• o! dc c:hnc of total buune11 11 c:1lvily 1n :he Uruted Su1.. 1. weeks following the November discount increase, but the changes were mainly of a sporadic and speculative nature. Depending upon balance of payments considera­tions and the strength of credit demands, it may not be possible, or deemed desirable, to prevent some further up­ward pressures on long-term interest rates during the next few months. Texas retail sales, in contrast to the indications of strength for some of the other sectors of the state's economy, during November registered a seasonally ad­justed decline of 7% from October and were 1 % below the level of November 1963. Both durable-and non­durable-goods sales contributed to the decline from the previous month. Some improvement in the year-to-year growth rate was indicated for December, based on early reports of Christmas season sales totals for department stores in the region and based on the probable increase in the availability of new cars in dealer showrooms fol­lowing the strike-caused shortages in October and No­vember. For the first eleven months of 1964, total retail sales in Texas were up 4% from the corresponding period of 1963. BUSINESS ACTIVITY INDEXES FOR 20 SELECTED TEXAS CITIES (1957-59=100) Percent change City Nov• 1964 Octr 1964 Novr 1963 Nov 1964 from Oct 1964 Nov 1964 from Nov 1963 Abilene . . 129.0 122.2 120.8 + 6 + 7 Amarillo .146.4 148.9 121.4 - 2 + 21 Austin .....174.9 154.7 170.0 + 18 + 8 Beaumont .128.3 188.9 180.8 - 8 2 Corpus Christi .... 120.3 123.4 115.1 - 8 + 5 Corsicana .121.0 109.0 125.8 + 11 8 Dallas El Puo ...168.5 ...117.1 174.7 117.8 146.2 107.6 - 4 •• + 16 + 9 Fort Worth .... . . . 129.5 127.6 142.0 + 2 - 9 Galveston .........108.9 114.7 106.6 - 9 - 2 Hanston Laredo . ... . 152.9 . . 154.4 161.1 155.0 186.0 146.8 - 6.. + 12 + 6 Lubbock ........119.4 Port Arthur ......101.7 189.S 108.5 124.9 lOU -14 2 - 4 •• San Angelo . . .. 121.8 117.9 116.2 + s + 6 San Antonio ... .. 144.0 Texarkana .. .... . 150.2 148.6 149.7 181.8 154.6 - s •• + 9 8 Tyler .134.0 129.2 124.4 + 4 + 8 Waco ........ . . 129.1 180.4 121.4 + 6 Wichita Falla ... .. 119.8 118.9 110.1 + 1 + 9 Adjusted for aeaaonal variation. ••Change is leu than one-half of 1%. •Preliminary. rRevieed. THE IMPORTANCE OF "EXPORT" TRADE TO COMMUNITY ECONOMIC DEVELOPMENT by ROBERT B. WILLIAMSON Individuals interested in the economic development of their community often are uncertain about what they can do to promote the development of their hometown. They want to know (1) why some towns grow and pros­per while others do not, (2) how to forecast the future growth of their hometown, and (3) what can be done to encourage this growth. This article presents some views on these topics, views based on an interpretation of ac­cepted economic theory and on the observation of the growth of Texas towns. Community economic development as used here means the growth of a town as measured by rising average in­comes and increasing population. The desirability of hometown growth depends partly on individual interests and points of view. Not all the citizens of a town will be concerned about the town's development. Some groups who usually want economic growth for their hometown are ( 1) individuals who have a strong personal attach­ment to the town, (2) community leaders who are con­cerned with the welfare of local citizens, and (3) indi­viduals who want town growth because it will expand their businesses or increase their political power. To rec­ognize this last motive is not to criticize it, for enlight­ened self-interest can be a powerful force for constructive community development. In addition to local individuals, there will be people in other areas who believe that their own self-interest will be served by the economic develop­ment of all the communities in their state and nation. They believe that unemployed (or underemployed) people and resources in any community represent a loss of pur­chasing power and a loss of producing power for every other community and every person in our highly inter­dependent economy. Factors Contributing to Community Development Economic development can result from any kind of ac­ tivity that provides more of what people want. This includes not only industries such as agriculture, oil pro­ duction, and manufacturing that produce tangible and useful products, but, also, all kinds of trades and services that provide conveniences and other satisfactions to the consumer. However, not all kinds of activities contribute equally to the generation of overall community growth. It has been observed that local industries that export (sell their products or services outside the local town) contribute most toward increasing a town's income level and population. These so-called "export" industries may be industries that make and ship out products, or they may be service-type industries which attract outsiders into the town to purchase the services. Expansion of a town's exports is not the only cause of economic development, of course. Other factors can make important contributions -to community growth whether the town exports or not. Some of these factors or con­ ditions favoring growth are: (1) a relative abundance of good land and natural resources and favorable cli­ matic conditions; (2) local attitudes favorable to eco­ nomic growth; (3) the development of specializations which take advantage of local skills and resources and which raise productivity; ( 4) the accumulation of capi-. ta! facilities, the use of advancing technology, and the spread of education and training-all of which represent investments that increase production; and ( 5) the de­velopment of a town center of the type that will aid in the expansion of local trade and production. Exports and trade in general with other areas can im­prove the conditions favoring a town's g!owth. Of course, this trade will depend upon the town's having economical transportation connections with other areas, adequate local facilities to handle external trade, and a cost ad­vantage in the production of one or more goods desired by other areas. Trade with other areas adds a new dimension to the process of community development, compared with de­velopment in the absence of such trade. The fundamental principles of development are essentially the same as those that would apply ito an isolated community, but external trade changes the importance of the factors which contribute to growth. For one thing, the importance of particular industries is increased significantly. Trade and specialization. With external trade, local specialized industries with a relative cost advantage in intercommunity trade can produce even larger amounts for the larger external markets and will receive in ex­change a greater abundance of diversified goods for the community from other areas. Specialization can be in­creased and production units expanded to a more efficient size, raising productivity levels. Trade permits more flexibility in allocating resources to their most efficient uses. It is not necessary that re­sources be used to produce directly the goods considered most essential by local consumers. Luxury goods which can be produced more efficiently locally can be sold to wealthy "foreigners" for funds to purchase the essential goods required in the community but produced more ef­ficiently elsewhere. Local workers outside the export industries share in the greater abundance of goods available through export specialization to the extent that they contribute to export production, either through serving the industrial needs of an export industry or the consumption needs of its workers. A highly productive export industry that uses imported commodities and services exclusively for its production needs and its workers' consumption needs adds nothing to employment and incomes in other local in­dustries-unless the export industry's earnings are shared with other local people through government taxation or through export industry gifts to the community. Trade and capital accumulation. Greater capital ac­cumulation is made possible by the greater produotivity of the specialized export industries. Larger amounts of capital equipment can be produced locally from the re­sources freed by the productivity gains. Also, the earn­ings from community exports can be used to obtain ad­ditional types of capital equipment from other areas. TEXAS BUSINESS REVIEW There are other opportunities available to the outward­looking community to accelerate development beyond the pace possible in a more insular or isolated economy. It will be easier for the trading community to accumulate capital by means of loans and investments made by out­siders. In this way, additions to capital stock can be made in advance of increases in community production without having to reduce current consumption levels. The receipt of loans and investments from outsiders permits an inflow of goods in excess of community exports. It is possible, therefore, for a town to have greater growth ·through external trade due to greater opportuni­ties for specialization and capital accumulation. Also, new "know-how" gained from trade contacts and imported capital equipment &timulates advances in a community's level of technology and brings further gains in productivity. ExpOTt balances. The greater growth made possible by external trade can occur with a balance between com­ munity exports and imports or with imports exceeding exports. What then is the advantage of the often-sought condition in which exports exceed imports? The advan­ tage is tha·t a "favorable" export balance will tend to stimulate the local economy and will provide incentives for increasing capital and emp!Oyment.1 If exports rise relative to imports, the community's money circulation will increase and aggregate money de­ mands in the local economy will rise relative to the supply of goods that are currently available.2 The de­ 'The ll&Dle la true of any net inflow of funds, whether from export a.lee. private financial investments, or state and federal government 1pendlns. 'Total money circulation and total money incomes will increase by a multiple of the pin in exports. Therefore, the effects on the community are sreater than might be expected, but it is not necessary for the PUl'POR here to dllCU98 the nature of this multiplier process. REVENUE RECEIPTS OP THE STATE COMPTROLLER September 1-November SO Percent Account 1964 1968 change TOTAL ... . ...... . . .. ... . .... $381,298,841 $377,888,167 + Ad valorem, Inheritance and poll tu. ..... . .. . . . ......... . 9,660,890 10,486,847 9 Natural and caslnshead pa production taxes ........ . 16,798,448 15,401,698 + 9 Crude oil production taxes . 27,760,694 81,629,869 -12 Other l'1'0U receipts and production taxes.. ... . . 8,186,898 7,862,054 + 4 Insurance companies and other occupation taxes.... . ......... . 887,702 225,899 + 72 Motor fuel taxes (net) .. ... .. . .... . 67,078,719 58,787,895 + 6 Limited ...tee. excise a: use tax.. 65,667,738 51,068,478 T 9 Clprette tax and license.. 25,828,484 24,656,806 + 6 Alcoholic beverase trutes and licenses 18,826,511 12,678,892 + 5 Automobile and other ...tes taxes. 10,900,879 10,249,801 + 6 All licenses and fees .... .. . 16,400,550 15,628,146 + 6 Franchise taxes . . .. . . . . 1,186,167 896,219 + 27 Mineral leases, land ...tes. rentals, and bonuse1 . ... . .. . . .. ........ . . 6,126,016 9,465,686 -86 011 and pa royalties...... . 7,189,887 6,788,689 + 6 Interest earned . . ... . . 14,861,092 10,182,873 + 41 Unclaasifted reeeipts .......... . .. . . 4,914,506 4,781,146 + s Other miscellaneous revenue. 8,187,894 8,118,695 + 2 Federal aid for highways. .... 47,617,848 65,497,498 -14 Federal aid for public welfare.... . . 44,216,140 48,142,286 + 2 Other federal aid. . ..... . ... .. . 8,240,714 9,887,283 -12 Donations and srants... . 2,475,181 1,206,209 +105 Soaree: State Comptroller of Public Accounts. ELECTRIC POWER USE IN TEXAS Percent change Jan-Nov 1964 Jan-Nov from Use 1964 Jan-Nov 1968 Thousands of kilowatt hours TOTAL ....5,506,404 6,129,682 66,094,929 + 8 Commercial 980,021 1,074,548 11,109,036 + 7 Industrial .. 3,487,184 S,409,617 37,282,619 + 9 Residential ... 1,011,449 1,517,781 16,209,SOS + 7 Other ·· ·· ····· 127.800 127,736 1,494,072 + 6 *Preliminary-based on reports of 10 electric power companies re­ported to the Bureau of Business Research and leveled to Federal Power Commiasion preliminary data. mands for greater production will tend to increase the employment of local capital and workers, a desirable result if there is unemployment in the community. If there is full employment of local capital and workers, the resulting rise in average money incomes will attract capital and labor from other areas. It might seem that the community would lose more real income than it gained if its exports exceeded imports. However, the direct loss of goods through trade in many cases will be less than the gains from the higher em­ployment and faster economic expansion caused by the export balance. The major limitations to export balances as a source of long-run growth for communities are that (1) it is not possible for all communities to have "favor­able" trade balances at the same time, and (2) any individual community with an export balance will have difficulty maintaining the balance over a prolonged period of time. Export industries. Cotton, cotton mill products, and a few other farm products and standard manufactured products related to agriculture were among the earliest important exports for many Texas communities and areas. The industries producing these commodities were important export industries because they were character­ized by high productivity, large production sold ·to ex­ternal markets, and the generation (through imports and the stimulus to greater domestic production) of a large volume of goods for consumption by a significant proportion of the local population. Although agricultural, minerals, or manufacturing in­dustries producing an increasing volume of goods for ex­panding export markets seem to be the types of industries most likely to begin a community on its first rapid eco­nomic development, these are not the only kinds of industries that can initiate or maintain rapid growth for a community. Various servjces performed for external markets may become important "export" industries and stimula·te com­munity growth. Examples include the services of good transportation facilities and connections, entertainment and recreation for tourists, wholesaling, finance, educa­tion, medical care, various types of specialized business services, and governmental services. And these are not all. Any activities which provide exports of commodities and services to outsiders can contribute to an advance­ment of community growth. As a town becomes larger and provides a greater variety of services to a widening hinterland beyond its immediate area, the importance of its service "exports" increases. In the case of a large city, the large volume of trade within its own metropoli- TOTAL NON AGRICULTURAL EMPLOYMENT MANllFACTURlNG EMPLOYMENT IN TEXAS /NOEX-ADJUSTEO FOi sfASONM. VNJATK)N-1957-1959· 100 IN TEXAS 200 150 100 INDEX-ADJUSTED FOR SEASON.AL VMJATKJN-1957·1959 • 100 '55 '56 '57 '58 '59 '60 '61 '62 '63 'M NOTE: Shaded 11rea1 indicate period• of decline of 100.I b•aineu act ivily in the United Statet. SOURCF'.:: Tu:1.1 E:mployment Commi11ion. Dataadjulted for 1e111onal vari111h>ll Uy the Bure~u of Bu11ne1• Re~earch. NOTE: Shaded• rez.1 indicate period• of decline of 1oul bus1nes1 ac1wity 1n lhf' United Statn. tan area assumes a significance similar to that of inter­community trade in facilitating greater economic growth through increased specialization and large-scale pro­duction. Incentive's. Thus far, this discussion has been limited chiefly to production possibilities which permit commu­nity development and has only implied what the factors are which lead to a realization of the possibilities. Most experienced industrial development professionals and businessmen would be willing to dispense with the ques­tion of motivation with a single answer, "the profit mo­tive." It is undoubtedly true that in particular commu­nities and throughout our American economy the major incentive to utilize production possibilities to produce goods desired by society is the income received by pro­ducers-entrepreneurs, capital owners, land owners, and workers. The process by which producers take advantage of the expanding production possibilities to produce increasing amounts of the goods desired by society is t he continuous transfer of production factors to activities which will yield maximum incomes. Producers must match produc­tion possibilities with the effective demands of persons other than themselves. The key groups in this process, the ones who usually provide the main initiative and lead­ership to economic development, are the entrepreneurs and capital investors. Important factors, therefore, in encouraging the maxi­mum utilization of production possibilities are conditions which provide attractive returns to entrepreneurs and capital investors. For example, conditions which could motivate outside business owners and investors to invest capital and to employ labor and land in ·a community might include: prospective gains in export demands for the communi·ty's goods; discovery of desirable low-cost natural resources in the area; development in the area of ether businesses which add to the attractiveness of local supplies and markets and which help support com­mon private and public services; and the recognition of other opportunities for achieving low unit-costs of pro­duction in the community. Although the entrepreneurs and capitalists have a ma­ jor role in the development process in a capitalistic economy, it does not follow that others cannot contribute to development. Knowledge of investment opportuni·ties is imperfect and, also, the investment opportunities can be altered by community actions. Therefore, private and public leaders can encourage the development of their community by providing investors with accurate informa­tion about local investment opportunities and through local actions which directly or indirectly reduce business costs in ·the community. Development Forecasts and Programs Forecasting and planning. Of the measurable factors associated with development, which account for the largest part of growth? It would ·be helpful to know in order to formulaite an operational theory upon which to base community growth forecasts and development programs. If a few of the more important factors could be iden­tified and measured, it would simplify the problem of assembling and analyzing data for forecasting and plan­ning purposes. It seems likely that capifal accumulation would show a high correlation with development in both a closed economy and an open economy having external trade. Capital investment is not only associated directly with development via its direct effects on labor productivity, but, in addition, the rate of capital accumulation in­ directly measures increases in specialization and tech­ nology which also are associated with growth. In the case of modern communities with open econ­ omies (that is, with external trade), the growth in ex­ports probably is the best single measure by which to explain increases in the community's total income and especially to explain differential growth rates among dif­ferent communities. Expanding exports have a special role, by virtue of -their potentially large volume, in facilitating such growth factors as capital accumulation, increasing specialization, and technological advances. Statistical studies of the correlation between commu­nity growth and related factors are difficult to make be­cause of the limited availability of the necessary data. Refined statistical analyses of the importance of exports to community growth ideally would be based upon data which indicated ·the amount and growth of actual ex­ports for all types of industries, not upon data which show only the total size and growth of industries pre­sumed to be the main exporters. Also, information regard­ing the different effects on total community income of particular types of exports would help explain the dif­ferential impact of export expansion for particular in­dustries and communities. Such desired data are not gen­erally available for testing the •theoretical relationship between the growth of exports and community develop­ment, or for use in studying the development prospects of individual communities. In studies of individual com­munities, the importance and growth of community ex- TEXAS BUSINESS REVIEW ports will have to be estimated, usually in terms of some indirect measure, such as the number of workers pro­ducing for export. If economic theory and general observation point to the growth of exports as being especially important to community development, then an analysis of influences on the future growth of the community's exports is in­dicated. These influences can be grouped into those caus­ing growth in the total size of the external markets and those influencing the community's competitive position anci share of the external markets. Market totals, because of their relatively large size, will tend to follow an orderly pattern of growth and are susceptible to reasonably accurate projection. The com­petitive position of the community is more difficult to estimate. Here, attention will have to be centered on the proepects for the community's total production costs (in­cluding transportation costs) of particular export goods, compared with the costs at other possible production centers.8 Programs. Can community leaders do anything by way of organized development programs to boost com­muni·ty growth or are such efforts a delusion? It is sug­gested that intelligent efforts can make a contribution, mainly through providing accurate information about investment opportunities and by actions which reduce business costs. The most successful programs in the long run are probably the ones that go beyond identifying the com­munity's advantages and the soliciting of new industries. The programs which probably make the greatest contribu­tion to development are those that also identify commu­nity weaknesses and bring about improvements in needed public facilities and community conditions. Such im­provements are often intrinsically desirable and they pro­vid~ an environment more attractive to private invest­ment. Needed "social overhead" investments in improved schools, health facilities, transportation facilities, parking areas, water supplies, industrial and commerical sites, and similar public or semipublic facilities can provide tangible "external" economies to business firms which re­duce business costs over the long run. Some local development programs also provide direct cost reductions to new business firms through special low tax rates, leasing and sales of sites and facilities at below-market costs, and other types of subsidies. It is probably true in some cases that community subsidies which attract new firms or encourage expansion of existing firms can bring gains in community incomes greater than the costs of the subsidies. The principal weakness of direct business subsidies as a device to promote community growth is the possibility that they will be offset by more attractive subsidies of­fered elsewhere. If a subsidy is the main reason for a firm's moving to a town, then the business probably is of the "footloose" variety and could profitably move to still another town that offered a larger subsidy. If sub­sidies are to be used at all to assist the establishment or expansion of industry, it would appear to be better to give the assistance to qualified local residents who •For a statement of one praetleal method of estimating a community's e%J)Ort.-related empio)'llleDt and forecasting community growth, see. Alfred G. Dale, A" ECOfUnn~ SKTff11 Metlwd f<>r Small Areaa, Bureau of Bualneu Research, The Unlvenlty of Texas: Auatin, 1955. might not move their businesses elsewhere when local aid is terminated or other towns offer bigger subsidies. Community development programs definitely have their limitations. In some areas the underlying conditions of resources and markets make futile the best of local efforts to stimulate growth or to arrest the community's de­cline. Competitive efforts to attract new industries may benefit some communities to the detriment of others, just as rivalry among business firms may cause losses for some firms and greater profits for others. But this is only part of the picture. ESTIMATES OF NONAGRICULTURAL EMPLOYMENT Employment (thousands) Percent change Nov 1964 Nov 1964 Nov• from from Industry 1964 Oct 1964 Nov 1963 TOTAL NONAGRICULTURAL . . 2,793.1 •• + 8 MANUFACTURING ......... . . ... . . 532.9 •• + 2 Durable goods ..... ... .. . , .. .. .. . . 263.7 + 1 + 4 Ordnance .... ...... ......... .. .. 5.2 2 9 Wood products 18.2 1 2 Furniture and fixtures .... .... . . 11.S s •• Stone, clay, and glass.. ... . . 24.S •• Primary metal .. ..... ....... . 28.2 -1 + 8 Fabricated metal .. . ..... . 36.1 •• + 9 Machinery (except electrical) . 45.8 •• + 8 Electrical equipment and machinery 28.9 + + 1 Transportation equipment 54.9 + 5 + 6 Other durable goods. 10.8 2 + Nondurable goods ... . . 269.2 •• •• Food ... 81.2 + 1 •• Textile mill products . 7.1 •• + a Apparel . . . . . . . . . . . . . . . . . 43.9 + 1 + 5 Paper products 11.4 + 1 •• Printing and publishing. . . 31.9 + 1 + 2 Chemical and allied products . . . . 48.8 1 •• Petroleum products . . . . . 34.1 1 6 Leather products . . . . . . . . . . . . . . . 3.1 + 8 + s Other nondurable goods..... . . 7.7 + 8 NONMANUFACTURING ....... .. ..2,260.2 •• + a Mining . . . . . . . . . . . . . . . . . . . . . llS.O •• + 1 Petroleum and natural gas... . . .. 106.6 •• + 1 Metal, coal, and other mining. 6.4 •• + 2 Contract construction ....... 184.2 •• + Ii Transportation and utilities. . . . . . . 216.6 •• •• Interstate railroads 34.S -1 2 Other transportation . . . . . . . . . . . 102.2 + 1 -1 Telephone and telegraph . . . . . 40.8 •• + 2 Public utilities . . . . . S9.7 •• •• Government . .... . 607.1 •• + 4 Federal government 134.4 •• + 1 Trade .... .... ... .. .... .. 694.0 + + 2 Whalesale trade 198.5 + + s Retail trade 496.5 + 1 + 2 Building materials-hardware 33.5 1 + 1 General merchandise 101.2 + 6 + ' Food .......... .. . 77.1 •• + 1 Automotive stores 82.3 •• + 2 Apparel stores .. 29.6 + 8 8 Other retail stores. 171.8 •• + 2 Finance, insurance, and real estate 148.5 •• + ' Bank and trust companies. S5.9 •• + 8 Insurance . . . . . 64.0 •• + s Real estate and finance . 48.6 -1 + 7 Service and misc.. . . . . . . . S96.9 •• + ' Hotel and lodging places . 31.7 -2 + 8 Laundries and cleaners. . . . . 86.S •• + 1 Other service . . . . . . . . . . . . . . . . . 328.9 •• + ' ••Change is less than one-half of 1%. •Preliminary. Source: Texas Employment Commission in cooperation with the Bureau of Labor Statistics, U. S. Department of Labor. There undoubtedly are many instances in which ap­propriate community development programs can con­tribute to community economic development. And, to the extent that the programs provide accurate information about community resources and markets, add to needed social overhead capital, and encourage a greater mobility of capital, they also contribute to a better allocation of resources and a general improvement in production throughout the national economy. Conclusion Suitable private capital investments in growing "ex­port" industries and the use of community development programs that emphasize needed (and feasible) public improvements seem to be the keys to faster development for the typical Texas community which has the necessary minimum of natural advantages. POSTAL RECEIPTS SELECTED TEXAS CITIES Percent change City Nov 7, 1964­Dec 4, 1964 Nov 7, 1964· Dec 4, 1964 from Oct 9, 1964· Nov 6, 1964 Nov 7, 1964­Dec 4, 1964 from Nov 9, 1963­Dec 6, 1963 Alice .. .. ...... .. .. . . $19,789 -2 + 8 Alvin 8,706 -14 -4 Angleton 7,986 -14 -11 Ballinger 6,166 •• -17 Bellaire 46,128 •• -28 Belton . . . . . . . . . . . . ... 9,197 8 2 Breckenridge 7,489 + 7 -9 Carrizo Springs 8,067 6 8 + ­ Carthage 6,599 + 21 Childres& 6,940 •• + 12 ····· ···· ···· ········· ·· · Cleveland 6,024 -24 -8 Coleman .. .. . .... .. 7,639 + 12 + 8 Columbus 4,094 -19 -28 Commerce 7.418 -16 + 41 ······· ···· Crockett 10,962 + 69 + 99 Cuero 6,066 27 9 Dalhart 6,191 + 6 •• El Campo 11,522 -6 + 8 Electra 4,672 -17 -18 ··· ········ ·· Falfurriaa 6,414 + 14 + 82 + + 6 Freeport ' . . . . . . . . . .. . 18,618 7 Galena Park 6,867 -5 + 10 Gilmer . . . . . . . . . ' . . .. . . 7,486 + 80 4 Gonzalea . . . . . . . . . . .. 7,726 -8 + 6 Grovea 8,742 ················ + 16 8 Hearne 8,716 -5 6 + Hillsboro 10,845 ············· + 41 + 1 Hurst 9,742 8 + 12 Kenedy ······· ··· ··· · · 4,208 8 + 8 Kerrville 16,811 5 + •• La Grange 5,891 1 + 12 Lake Jackson 7,768 + 12 + 6 Marlin . . . . . . . . . . . ... 8,144 + 7 9 Mathis . . . . . . . . . .. 2,448 7 + 8 Navasota 5,868 6 1 + + Perryton . . . . . . . . . . .. . . 10,098 + 14 + 18 Pittsburg . . . . . . . . .. 4,825 2 4 + + Port Lavaca 12,624 + 25 + 10 Rusk 6,808 2 + 20 Seminole 4,828 + 6 -9 Stephenville 10,056 -2 -12Taft ·········· · · .. 2,788 -19 -10 Wharton 10,258 + 10 + 18 Winnaboro 4,896 -8 + 22 Yoakum 16,955 -18 + 8 ••Change is leaa than one-half of 1%. TEXAS RETAIL SALES IN NOVEMBER by Francis B. May After r1smg 1% in October, seasonally adjusted No­vember retail sales in the state declined 7.0%. Declines in sales of both consumer nondurable goods and durables occurred in November, causing the fall in the index of total sales. Nationally, seasonally adjusted retail sales declined in November for the third consecutive month. Af.ter reach­ing a peak of $22.3 billion in August, seasonally adjusted sales declined slightly to $22.2 billion in September. In October they declined 3.1% to $21.5 billion, due to a drop in automobile sales resulting from short supplies of new cars created by the General Motors strike. November sales were down a fraction of a percentage point from October. A 1.5% rise in durable-goods sales was offset by declines in some other lines. The improvement in sales of durables was caused primarily by improved sales of automobiles subsequent to the ending of work stoppages. Sales of durable goods in Texas dropped 11.2% in November, after allowance is made for seasonal factors. There were greater-than-seasonal sales declines in all ESTIMATES OF TOTAL RETAIL SALES Percent change Classification Nov Jan-Nov 1964 1964 (millions of dollars) Nov 1964 from Oct 1964 Nov 1964 from Nov 1968 Jan-Nov 196, from Jan-Nov 1988 TOTAL . . .1,061.9 12,251.0 -5 -1 +4 Durable goods• Nondurable goods 887.9 674.0 4,758.1 7,492.9 -6 -5 -6 + 2 +'+' •contains automotive stores, furniture storea, and lumber, bulldlns material, and hardware stores. major categories of consumer durables. Automotive stores, including motor vehicle dealers, usually experience a 12% seasonal gain in sales in November. Instead of gaining, sales fell 2% in November, although sales by motor ve­hicle dealers fell only 1%. At this level, sales by auto­motive stores and motor vehicle dealers were below No­vember 1963. Cumulative sales in these two categories for the first eleven months of the year were 6% a.hove the comparable period of 1963. Viewed as a whole, the first eleven months of 1964 were good ones for automotive stores and motor vehicle dealers. This has been the fourth consecutive near-record year for the .automobile industry. It seems extremely likely that 1965 will be a fifth good year. A recent sample survey of consumer buying inten· tions made by the U. S. Department of Commerce indi­cated that consumer intentions to purchase a new auto­mobile in the next twelve months were at the highest level of any October during the 1960-1964 period. In October of this year 10.4% of households expressed an intention to purchase a new car in the next twelve months, up from 8.9% in October 1963. There has been a steady increase in the percentage of households owning two or more automobiles. In October 1960 there were 18.6% multiple car-owning households. By October 1964 the percentage owning two or more cars had grown to 22.2, more than a fifth of all households. At the 1960-1964 average rate of increase, more than 25% TEXAS BUSINESS REVIEW RETAIL SALES TRENDS BY KINDS OF BUSINESS Percent change Normal -.anal• Actual Jan-Nov Number of 1964 reporting Nov Nov 1964 Nov 1964 from establish-from from from Jan-Nov Kind of businea11 menta Oct Oct 1964 Nov 1963 1963 DURABLE GOODS Automotive stores .862 +12 -2 -12 + 6 Furniture & household appliance stores .178 + 1 -4 + 2 + 6 Lumber, building material, and hardware stores .286 -6 -16 + 8 +2 NONDURABLE GOODS Apparel stores . . ... .... . . 277 + 1 -4 + 6 + 7 Druptorea ···· ····· · · .. . 190 -4 -6 + 4 + 4 Eatinll' and drlnkinll' places . .. . ... . .... .. . 61 Food stores . ... ... . ..821 -6 •• -6 -9 + 2 -6 + 8 +2 Guoline and service stations .. . . . .. .. . . 268 •• -6 + 8 + 2 General merchandise stores .. .. . ... ........ . 811 •• + 6 + 8 + 6 Other retail stores...... . . 265 + 2 -8 -8 + 2 •Aver&ll'e aeuonal chanll'e from precedinll' month to current month. UChanp ia lesa than one-half of 1o/o. Source: Bureau of Buainesa Research in cooperation with the Bureau of the CenSWI, U. S. Department of Commerce. of households will own two or more automobiles by the end of this decade. One household in four, in other words, will enjoy multiple car ownership. In October 1964 an average of 77 out of each 100 households owned one or more automobiles. The percent­age of households owning only one car actually declined from 57.2 in October 1960 to 55.2 in October 1964 due to the increase in multiple car ownership. ' Furniture and household appliance stores in Texas usually experience a 1% seasonal increase in sales in November. This November there was a 4% drop in sales in these categories of home furnishings and ap­ pliances. Despite this drop, sales of these durable con­ sumer goods were 2% above November 1963. Cumulative sales for the first eleven months of the year were up 6% from the corresponding period of 1963. The Department of Commerce survey of consumer buying intentions in October showed that 18.3% of households expected to purchase a new or used washing machine, refrigerator, TV set, air conditioner, clothes dryer, radio-phonograph, or dishwasher within the next six· months. There was considerable variation among income groups in consumer intentions to buy durables. Only 0.8% of households with annual incomes under $3,000 planned to buy a new car in the next six months. In the $10,000­ and-over group, 13.3% planned to buy in the next six months. If all households are considered, 5.1 % expected to purchase a new car in the next six months. In the household equipment group the survey found that plans of households with annual incomes under $3,000 would result in estimated purchases of a total of 12 household durable goods per 100 households within six months following October. Plans of households with annual incomes of $10,000 or more would result in pur­ chases of 40 durable items per 100 households during the same period. In October of this year 70.4% of all U. S. households owned a washing machine; 83.6% owned a refrigerator; 90.4% owned a television set; 16.9% owned an air con­ditioner; 24.6% owned a clothes dryer; and 8.7% owned a dishwasher. Ownership of clothes dryers and dish­washers has increased substantially in the last four years. The last category of durables-lumber, building ma­terial, and hardware stores--also experienced a larger­than-usual seasonal decline in November. Sales by this group were 3% above November 1963. Cumulative sales for the first eleven months were 2% above the cor­responding 1963 period in Texas. Sales of apparel in Texas usually rise 1% in No­vember as the result of seasonal influences. Family cloth­ing stores performed better than expected, enjoying a 2% rise in sales. All other kinds of apparel had sales de­clines, perhaps partly as a result of exceptionally warm fall weather. Comparisons with November 1963 were favorable for all kinds of retail apparel outlets except the miscellaneous group, which had sales approximately equal to November 1963. Cumulative totals of sales for the first eleven months ranged from a 3% gain from the like 1963 period for shoe stores to a 10% gain for wom­en's ready-to-wear stores. The average improvement for all apparel outlets was 7% over the first eleven months of 1963. Drugstores and eating and drinking places in the state recorded larger-than-seasonal declines in November. No­ vember 1964 sales were 4% above November 1963 for drugstores. Sales were 2% above November 1963 for eating and drinking places. Cumulative sales for the first eleven months were well above 1963 for both categories. General merchandise stores had a contraseasonal rise of 5% in November. Sales were 3% above November 1963 and 6% above the first eleven months of last year. Jewelry stores had a strong November rise in sales that placed them 13% above November 1963 and 5% above the first eleven months of last year. CREDIT RATIOS IN DEPARTMENT AND APPAREL STORES Ratio of Ratio of credit sales collections to to net sales* outatandinll'Bt Number of Classification reportinll' stores Nov 1964 Nov 1963 Nov 1964 Nov 1968 ALL STORES .27 66.6 66.9 86.5 87.1 BY CITIES Austin . . . . . . . .. . .... 8 60.1 61.6 89.7 89.8 Dallas . . . 8 68.S 67.9 46.0 46.6 San Antonio ... .. . . . . .. 8 73.6 73.5 82.1 80.6 Waco 8 69.1 60.3 88.6 41.1 BY TYPE OF STORE Department stores (over $1 million) .. 5 65.4 65.9 87.8 89.2 Department stores (under $1 million). 3 61.8 51.7 30.9 82.9 Dry l!'ood• and apparel stores. . 5 68.2 67.6 45.4 46.0 Women's specialty shops. 8 66.7 70.6 82.9 32.8 Men's clothing stores.. 7 64.l 62.7 39.6 85.0 BY VOLUME OF NET SALES $1,500,000 and over. 8 67.6 69.2 36.6 87.1 $500,000 to $1,500,000..... . . 7 57.6 59.8 34.8 87.1 $250,000 to $500,000 ... 7 66.3 55.2 89.8 40.1 Lesa than $250,000 . 5 69.1 67.6 82.7 81.0 *Credit sales divided by net sales. tCollections durinll' the month aa a percent of accounts unpaid on the first of the month. BUILDING CONSTRUCTION IN NOVEMBER by Robert H. Drenner The seasonally adjusted index of the value of total building construction authorized in Texas rose to a new all-time high in November. At 159.8% of its 1957-59 monthly average, the index was 4.9% above its previous high in August 1961. It was 5.3% over its July 1964 value, which until November had been the second-highest level the index had ever reached. The sharp November rise in the total value of new building construction authorized in the state substantially improved the comparison of 1964 building with that authorized in comparable periods of previous years. Permit-issuing activity in Texas was at approximately the same level in 1962 and 1963, and in both years the value of building authorized was considerably greater than in any earlier year. Through the first eleven months of 1964, however, the total dollar value of building rep­resented by permits issued during the period was 8% greater than the highest ever before recorded for any January-November. It was 70% higher than the total recorded for the same period in 1954 (which was, inci­dentally, an exceptionally good year for Texas building -in fact, at that time it was the record year), which indicates not only the remarkable increase in Texas 13UILDING CONSTRUCTION AUTHORIZED IN TEXAS INDEX -ADJUSTED FOR SEASONAi. VNllATION-1957-1959 • 100 NOTE; Shaded a rea1 indicatt period• of de dine of total bu11ne11 •ctivity In the United S1ate1, building activity in the relatively brief span of a decade but the rapidly quickening pace of general economic growth in the state as well. Another all-time high in Texas building authoriza­tions was also set this past November: the seasonally adjusted index of the value of new nonresidential build­ing represented by permits issued during the month rose very sharply from 117.2% in October to 226.8% of its 1957-59 average monthly value. At this level the index exceeded its previous high, set in July 1960, by 6% and was 12% higher than in any preyious month this year. The unusually large increase in the value of new non­residential building authorized in November was largely responsible for the new high reached by the index of total building authorized. This new high was considerably assisted, however, by a rise from October in the season­ally adjusted index of residential building authorized in the state in November to 124.6% of the 1957-59 aver­age, at which level the index was at its second-highest value for the year to date. The total value of new nonresidential building author­ized in Texas in November amounted to 56% of the RESIDENTIAL BUILDING AUTHORIZED IN TEXAS NOTE: Shaded aru.1 indicue perio•h of decline of total bu1ine11 ac tivity in the United Stun. value of all new building authorized during the month. For the first eleven months of the year, however, the category accounted for substantially less than half-44% -of new building authorized during the period. The un­usually high November percentage was largely the result of exceptional gains from both the preceding month and from November 1963 in permits for new industrial build­ings, hospital construction, office-bank buildings, and works and utilities construction. November enabled each of these categories to improve greatly upon its compara­tive record for the year to date from what it had shown for the first ten months of the year. Relevant major per­mits issued during the month included authorizations for a $7,066,000 addition to the M. D. Anderson Hospital in Houston and for a $2,060,000 addition to ,the Driscoll Foundation Hospital in Corpus Christi; a permit to the General Telephone Company for a $1,730,000 building in San Angelo and to the Southwestern Bell Telephone Com­pany for a $2,016,698 addition to its downtown Fort Worth office building; an authorization to General Motors Corporation for a new $1,681,200 industrial building in Arlington; permits for two new Dallas store buildings valued at approximately $5.7 million; and an authoriza­tion for a new $12,296,500 Fort Worth office building and another for a $3,600,000 Houston bank addition. New nonresidential building authorized in Texas for January-November this year showed an increase of 25% over total dollar authorizations in the category from the same period last year. This percentage is approximately the improvement from 1963 that 1964 will show when data for the year as a whole become available. At this time last year, when building activity prospects for the year ahead were being evaluated, an improvement of this magnitude was not generally anticipated, even though generous allowances were made for a continued high rate of economic growth and the probable effect on that growth of such factors as the impending reduction in in­ come tax rates. The overall one-quarter gain in 1964 from 1963 in new nonresidential building authorized in Texas was achieved in spite of only modest improvement in several of the major classifications of nonresidential building. For ex­ ample, schools and related structures normally comprise one of the largest nonresidential building categories in the state-in both 1963 and 1964 it was in fact the largest single category. The total dollar value of new educational building authorized during the year amounted to over 18% of all new nonresidential building authorized, al­ though the value of new educational building represented by permits issued during 1964 rose only 7% from 1963, TEXAS BUSINESS REVIEW 0 RESIDE 'TIAL BUILD! G AUTl-IORIZED IN TEXA INDO: -ADJUS TEO FOR SEASONAL VMIATION-1957·1959 • 100 t\OTE: Sh•ded • r e•• 1ndic&1e period.a o( decline of 101•1 buuneu •c:tivity in the United Sllate a. largely because of the high level of such construction durirut the earlier year. Office-bank buildines make up another leading nonresidential building classification (in 1962 it accounted for nearly 30% of all new nonresiden­tial building authorized in Texas and exceeded every other nonresidential category by almost 60%), but also largely because of the high rate of such building in recent years the category recorded only a 1 % gain in 1964 from the preceding year. The U. S. Department of Commerce forecasts a 3% increase in 1965 from 1964 in expenditures nationally for new educational facilities. Assuming that 1965 school construction activity in Texas will roughly parallel that anticipated for the country as a whole, the 3% gain in­di'cated should not obscure the fact that even such an apparently small percentage improvement would repre­sent one of the largest year-to-year dollar increases for the category and would bring educational building con­struction in Texas to a level nearly one-quarter higher than in 1960. In general, the Department of Commerce's estimates of 1965 activity in the major building construction cate­ gories foresee no considerable changes from 1964. Its estimates assume approximately the same increase in overall economic growth as was shown in 1964, but they also assume that construction activity will increase some­ what more slowly than the economy as a whole in 1965­ primarily, however, because of an expected continued slowing in the pace of residential building, which ordi­ narily in both Texas and the nation accounts for over half of the total value of all building construction. Most categories of nonresidential building (with the major ex­ ception of new office building construction, where a 5% decline is predicted) are expected to show gains mod­ erately greater than that in the residential sector. An 11o/o increase in expenditures for new industrial build­ ing construction, a 4% gain in new store building, a 4% rise in church construction, a 12% rise in the hospital category, and a 4% improvement in utility outlays, will help total new building construction in 1965 to a record high about 2% greater than in 1964, which in turn the Department estimates to have shown a gain from 1963 of about 5%. Total building activity in Texas in 1964 closely par­ alleled that indicated for the nation at large. There was, however, a noteworthy difference. Nationally, the total dollar value of new urban residential construction in 1964 recorded an estimated 3% gain from 1963. In Texas the category fell by about the same percentage. On the other hand, nonresidential building construction for the country as a whole rose about 10% from 1963, whereas in Texas the gain was roughly twice as great. Nowhere was the difference between 1964 state and national con­struction patterns more marked than in the new indus­trial building category. During the year the volume of new industrial building authorized in Texas was approxi­mately double that authorized in the preceding year. Gains almost as remarkable were recorded in eleven­month permits for new stores (+43%), works and util­ities (+41 % ) , and hotels and motels (+63% ) , all testi­fying to the rapid growth in 1964 of business and economic activity in the state. Given even considerably smaller increases in the nonresidential building sector in 1965, no concern need be felt for the future level of activity in the residential sector, which will inevitably respond to the state's continued industrial and business growth. ESTIMATED VALUES OF BUILDING AUTHORIZED IN TEXAS Nov Jan-Nov Percent change 1964 1964 Nov 1964 Jan-Nov 1964 from from Classiftcation (thousands of dollars) Oct 1964 Jan-Nov 1968 ALL PERMITS ..$188,869 $1,611,802 + 18 + 7 New construction 127,807 1,862,986 + 24 + 8 Residential (housekeeping) 66,688 762,498 - 9 8 One-family dwellings 39,679 646,846 -18 + 1 Multiple-family dwellings 16,869 215,648 + 19 -10 Nonresidential buildings ... 71,269 690,448 + 76 + 26 N onhouaekeeping buildinp (residential) 1,298 27,781 +220 + 62 Amuaement buildings 1,694 16,729 + 76 -88 Churches 2,702 87,660 - 6 + 28 Industrial buildings. 6,219 81,888 + 17 +100 Garages (commercial and private) 886 7,817 -18 + 2 Service stations 1,288 16.796 -19 + 82 Hospitals and Institutions 11,412 60,048 +824 + 26 Office-bank buildings 19,717 84,706 +266 + 1 Works and utilities . 5,927 29,201 +l,519 + 41 Educational buildings 9,846 109,889 - 7 + 7 Stores and mercantile bulldinp 10,264 100,414 + 45 + 48 Other buildings and structures . . ... 1,082 19,281 -67 + 25 Additions, alterations, and repairs .... .. .. . . 11,052 168,866 -27 •• METROPOLITAN vs. NONMETROPOLITANt Total metropolitan 116,008 l,2S9,16S + 21 + 8 Central cities .. ...... 96,476 970,600 + 82 + 8 Outside central cities. 2G.688 268,658 -11 + 1 Total nonmetropolitan .. 22,851 272,649 + 2 + 81 10,000 to 60,000 population · ····· · ·· 11,070 169,026 + 9 + 82 Less than 10,000 population ..... .. 11,781 118,624 4 + 80 t As deftned in 1960 Censua. ••Change is less than one-half of 1o/o. Source:. Bureau of Business Research in cooperation with the Bureau of the Cenaus, U. S. Department of Commerce. LOCAL BUSINESS CONDITIONS Percent change Percent chanp Nov 1964 Nov 1964 Nov 1964 Nov 1964 Nov from from Nov from from City and item 1964 Oct 1964 Nov 1968 City and item 1964 Oct 1964 Nov 1968 ABILENE AMARILLO Standard Metropolitan Statistical Area Standard Metropolitan Statistical Area (pop. 166,6161; Potter and Randall2) (pop. 126,9901; Jones and Taylor2) Nonfarm employment (area) . 54,700 •• •• Nonfarm employment (area) . 86,050 + 1 -1 Manufacturin&' employment (area) . 6,580 + 1 + 8Manufacturing employment (area) . 4,150 + 8 -2 Percent unemployed (area) . 4.8 + 89 + 18Percent unemployed (area) . 4.9 + 11 -14 AMARILLO (pop. 155,205r) ABILENE (pop. 90,368) Retail sales -lt -1 I Retail sales -lt + 2 + 1 Apparel stores + lt -18 9 Apparel stores + lt + 2 + 88 Automotive stores + 12t + 6 • Automotive stores + 12t + 21 5 Furniture and household Food stores ••t + 2 -1 appliance stores + lt + 21 + 18Furniture and household Gasoline and service stations . -11 -11 appliance stores + lt - 17 -16 General merchandise stores. ••t -10 General merchandise storea . ••t + 4 + 6 -' Lumber, buildin&' material, Postal receipts• $ 188,622 + 4 •• and hardware stores -st -17 -ZZBuildin&' permits, less federal contracts S 954,688 + 85 6 Postal receipts• . . $ 338,915 + 8 + 11 B11nk debits (thousands) . . .. $ 114,160 •• + 7 Building permits, leas federal contracts $ 8,174,125 + 8 -82 End-of-month deposits (thousands); .. s 70,817 + 4 + 3 Bank debits (thousands). . . . . $ 290,104 + 18Annual rate of deposit turnover . 19.7 -2 + 5 End-of-month deposits (thousand•) i . .$ 126,380 + ' 1 -2 Annual rate of deposit turnover. 27.7 6 + l& ALPINE (pop. 4,740) Postal receipts• ... $ 5,489 + 17 + 8 CANYON (pop. 5,864) Buildin&' permits, less federal contracts S 32,000 Postal receipts• .. .. . . $ 11,086 + 61 + 79 + 88 +510 Bank· debits (thousands) . . ..... . . ...S 3,511 -9 + 10 Building permits, leas federal contracts $ 59,560 -70 -&1 End-of-month deposits (thousands) f .. S 4,579 Bank debits (thousands) .............$ 7,472 -8 + 21 -1 + 8 Annual rate of deposit turnover. 9.2 -10 + 8 End-of-month deposits (thouaands) i . .$ 7,648 + 6 + 8 Annual rate of deposit turnover. .. . .. 12.0 -14 + 17 ANDREWS (pop. 11,135) ARANSAS PASS (pop. 6,956) Postal receipts• ........... ......... . S 8,136 + 7 -:--4 Postal receipts• ...... . . .. $ 4,988 + 2 + 9 ·· ········· Buildin&' permits, leu federal contracta S 41,220 -70 -28 Buildin&' permits, leas federal contraeta $ 18,200 +747 + 48 Bank debits (thousands) .. .. .........S 6,057 •• + 14 Bank debits (thousands) .. ....... ... . $ 4,849 -16 -11 End-of-month deposits (thousands) i. S 7,869 5 + •• End-of-month depoaita (thouaandsli..$ 5,894 + 2 8 Annual rate of depo1it turnover. 9.6 -8 + 14 Annual rate of deposit turnover. . .... 9.8 -18 -1 12 TEXAS BUSINESS REVIEW Indicators of business conditions in Texas cities pub­lished in this table include retail trade, postal receipts, building permits, banking, and employment. City infor­mation is published when a minimum of three indicators is available. The cities have been grouped according to Standard Metropolitan Statistical Areas. In Texas all 21 SMSA's are defined by county lines and, for this reason, the counties are listed under the major heading for the area.2 The populations shown for the SMSA's are estimates for April 1, 1963,1 prepared by the Population Research Cen­ter, Department of Sociology, The University of Texas. The cities within the counties are listed with the appro­priate SMSA; all other cities are listed alphabetically. The population shown after the city name is the 1960 Census figure with the exceptions of those marked (r), which are estimates officially recognized by the Texas Highway Department, and that given for Pleasanton, which is a combination of the 1960 Census figures for Pleasanton and North Pleasanton. Retail sales data are reported in this tabulation only when three or more stores report for the category. The first column contains an average percent change from the preceding month marked by a dagger (t). This is the normal statewide seasonal change in sales by that kind of business-except in the cases of Dallas, Fort Worth, Hous­ton, and San Antonio, where the dagger is omitted because the normal seasonal changes given are for each of these cities individually. The second column shows the percent change in actual sales reported for the month. The third column shows the change in sales from the same month of the preceding year. A large variation between the normal seasonal change and the reported change indicates an abnormal month. Waco retail sales information is re­ported in cooperation with the Baylor Bureau of Busi· ness Research. Postal receipts information which is marked by an asterisk (*) indicates cash received during the four-week postal accounting period ended December 4, 1964. End-of-month deposits as reported represent money on deposit in individual demand deposit accounts on the last day of the month and are indicated by the symbol (t). Figures under Texarkana with the following symbol (§) are for Texarkana, Texas, only. Changes of less than one-half of 1% are marked with a double asterisk (**). Local Business Conditions Percent change Nov 1964 Nov 1964 Local Business Conditions Percent change Nov 1964 Nov 1964 Nov from from Nov from from City and Item 1964 Oct 1964 Nov 1963 City and item 1964 Oct 1964 Nov 1968 ARLINGTON: see FORT WORTH SMSA ORANGE (pop. 25,605) Retail sales ATHENS (pop. 7,086) Poatal receipts• . . . . ....... . .. . . $ Building permits. less federal contracts $ Bank debits (thoUS11nds) ............ . $ End-of-month deposits (thousandsJi.. $ Annual rate of deposit turnover . 12,608 104,000 13.855 10,821 14.8 -a -89 •• -16 -1 + 85 +186 + 27 -8 + 26 Automotive stores General merchandise stores . Postal receipts• . . . . ...$ Building permits, less federal contracta $ Bank debits (thousands) . .$ End-of-month deposits (thoUS11nds) i . $ Annual rate of depo1it turnover . + 12t ••t 38,458 118,699 27,813 26,801 12.7 -6 -9 + 87 + 80 -14 + ' -15 -10 + 1 + 40 +416 -8 + 4 -10 Nonfarm placements 234 + 66 + 8S AUSTIN Standard Metropolitan Statistical Area PORT ARTHUR (pop. 66,676) (pop. 234,3911; Travis2) Retail sales - 1t + 2 -18 Nonfarm employment (area) . Manufacturing employment Percent unemployed (area) . AUSTIN (pop. 186,545) (area) . 93,900 6,300 8.2 + •• + 8 + 5 +. 6 -18 Automotive stores Furniture and household appliance stores General merchandise stores . Lumber. building material, + 12t + lt ••t + 8 + 21 -s -18 -8 -17 Retail sales ... . - lt - 5 - 4 and hardware stores .. - st -16 - 1 Apparel stores + lt -17 + 8 Postal receipts• $ 74,059 + 22 + 46 Automotive 1tores Food 1tores + 12t ••t + 20 -7 -32 7 Building permits, less federal contracts Bank debits (thousands) . $ $ 190,213 63.308 -88 -9 - 9•• Furniture and household End-of-month deposits (thoUS11nd1)t .. $ 44,7SS + 7 + 8 appliance stores .. + It -11 + 7 Annual rate of deposit turnover. 17.6 -· 12 + Lumber, building material, and hardware stores. 5t Postal receipts• ...$ 485,221 Building permlta, less federal contracta $ 2,661,6Sl Bank debits (thoUSllnds) . . .... . $ 301,617 End-of-month deposits (thousands) t . $ l 76,02S Annual rate of deposit turnover . 20.6 -4 -17 -64 + 5 + 1 + 4 + 28 + 4 -58 + 3 + 5 3 PORT NECHES (pop. 8,696) Postal receipts• . . . $ Building permits, less federal contracta $ Dank debits (thousands) . . .......$ End-of-month deposits (thoUS11nds)t.. $ Annual rate of deposit turnover. 7,288 136,629 12,043 6.419 21.8 -1 +272 -8 -10 -5 -15 + 23 + 51 + 5 + 38 BAY CITY (pop. 11,656) Retail sales - lt - 8 + 10 BEEVILLE (pop. 13,811) Automotive stores .......... . . . + 12t -17 -12 Retail aales Postal receipts• .... S Bank debits (thoUS11nds) . $ End-of-month depoaita (thousands) i . .S Annual rate of depo1it turnover . Nonfarm placements 15,046 16,619 27.098 7.5 114 + 12 -14 + 3 -16 + 10 + 5 + 11 + 3 + 7 + 80 Drug stores Postal receipts• S Building permits, less federal contracta $ Bnnk debits (thousands) . .$ End-of-month deposita (thousands) i . .S -4t 13,417 16,126 10,048 15,5SO -9 + 14 -43 -16 + 4 + + 8 4 7 + 6 Annual rate of deposit turnover. 7.9 - 16 9 BAYTOWN: see HOUSTON SMSA Nonfnrm placements 127 + 2 + 26 BEAUMONT-PORT ARTHUR-ORANGE Standard Metropolitan Statistical Area BIG SPRING (pop. 31,230) Retail sales Apparel stores -lt + lt -10 -5 -25 -10 (pop. 318,0541; Jefferson and Orange2) Automotive stores + 12t -16 -88 Nonfarm employment (area) ... Manufacturing employment (area) . Percent unemployed (area) . .. BEAUMONT (pop. 119,175) 115,200 88,220 5.9 •• -1 + 16 + e + 2•• Lumber. building material, and hardware stores . Postal receipts• ....S Building permits, less federal contracts $ Bank debits (thousands) . . . ....S -st 36,479 161,690 35,644 -2 + 16 + 17 -8 + 18 + 8 +169 8 Retail sales - It 7 - 8 End-of-month deposits (thousands)t . $ 24,359 + 8 9 Apparel stores + It 2 - 2 Annual rate of deposit turnover. 17.8 -12 + 6 Automotive 1tores + 12t 9 -13 Nonfarm placements 167 - 21 1 Furniture and household appliance stores General merchandiae stores + lt ••t + 81 -10 + 27 9 BISHOP: see CORPUS CHRISTI SMSA Lumber, building material, and hardware stores. - 5t -10 8 BONHAM (pop. 7,357) Postal receipts• .... . ... .. .... ..$ 154,876 + 10 + 18 Retail sales Building permits, less federal contracts $ 48S,414 -44 -58 Automotive stores + 12t + 22 -19 Bank debits (thoUS11nds) $ 198,666 8 - 1 Postal receipts• S 7,262 - 5 + 1 End-of-month deposits (thouaandsH..$ Annual rate of deposit turnover. 110,912 21.4 1 9 - 8 •• Building permits, less federal contracta $ Bank debits (thousands) . $ 29,500 8,138 -82 -10 -89 9 End-of-month deposits (thousands)t. S 8,436 + 1 4 NEDERLAND (pop. 12,036) Annual rate of deposit turnover . 11.6 -11 8 Postal receipts• . . . . .. . . . .. .. . . ...S Building permits, less federal contracts $ 8,794 111,288 -2 -78 + 4 + 11 BORGER (pop. 20,911) Bank debits (thoUS11nd1) .... .. .. . . $ 6,065 + l + 7 Postal receipts• ......$ 21.982 + 15 + 10 End-of-month deposits (tbouaando) i . .$ 6,826 II + 18 Building permits, less federal contracts S 76,lSO -31 -68 Annual rate of depo1it turnover. 18.8 a - Ii Nonfarm placementa 161 - 5 + 88 Local Business Conditions City and item Nov 1964 Percent change Nov 1964 Nov 1964 from from Oct 1964 Nov 1968 Local Business Conditions City and item Nov 1964 Percent change Nov 1964 Nov 1964 from from Oct 1964 Nov 1968 BRADY (pop. 5,338) Postal receipts• .. $ 5,786 Building permits, less federal contracts $ 52,980 Bnnk debits (thousands) . . . .. .$ 4,970 End-of-month deposits (thousands) t .. $ 7,128 Annual rate of deposit turnover . 8.8 + 4 +151 -18 -2 -17 + 2 -82 -5 -5 PORT ISABEL (pop. 3,575) Postal receipts• . . . . ....... . .......$ 2,015 Building permits, less federal contracts $ 24,050 Bank debits (thousands) .. . .. . . . . . . . . $ 1.627 End-of-month deposits (thousands) i . .$ 1,156 Annual rate of deposit turnover..... . 15.7 -2 +141 + 2 -18 -4 -18 + 28 -18 + 87 BRENHAM (pop. 7,740) Postal receipts• . $ 10.792 Building permits, less federal contracts $ 80,495 Bank debits (thousands) ... ..........$ 11,858 End-of-month deposits (thousandsJi . . $ 14,411 Annual rate of deposit turnover. 9.5 Nonfarm placements .. 28 + 7 -92 -17 + 1 -18 -48 + 8 +681 + 8 -5 -59 SAN BENITO (pop. 16,422) Retail sales Automotive stores ............ . ... . + 12t Postal receipts• . . . . . . $ 9,410 Building permits, less federal contracts $ 15,840 Bank debits (thousands) . . . S 5,031 End-of-month deposits (thousands) i . .$ 5,854 Annual rate of deposit turnover ..... . 10.2 -86' -16 -28 2 8 1 -19 -19 -29 + 22 + ' + 16 BROWNFIELD (pop. 10,286) Bank debits (thousands) . $ 22,884 -14 + 18 End-of-month deposits (thousands) i . .$ 12,847 + 8 -12 Postal receipts• . $ 11,161 + 4 2 Annual rate of deposit turnover . 21.2 -17 + 82 -Building permits, less federal contracts $ 61,020 +255 -68 BROWNSVILLE-HARLINGEN-SAN BENITO BROWNWOOD (pop. 16,974) Retail sales . . Apparel stores Postal receipts• .........S Building permits, less federal contracts $ Bank debits (thousands) . . . $ End-of-month deposits (thousands) i . .$ Annual rate of deposit turnover. Nonfarm placements ........ .. . . . -lt + lt 24,508 206,100 19,198 13,505 17.1 106 -12 -8 -12 + + 1 6 + 11 -6 -22 -84 + 27 -· 8 + 82 + 1' Standard Metropolitan Statistical Area (pop. 146,2071; Cameron2) Nonfarm employment (area) . 84,800 + 1 Manufacturing employment (area) . 5,040 + 6 Percent unemployed (area) . 6.S BROWNSVILLE (pop. 48,040) Retail sales Automotive stores + 12t 9 Lumber, building material, Postal receipts• ......... ... .. . . . $ 89,058 + 17 Building permits, less federal contracts $ 618,808 +112 Nonfarm placements 708 + 45 + and hardware stores. . . . -5t + 6 Bank debits (thousands) . . ........$ 89,872 8 End-of-month deposits (thousands) i . .S 21.940 + 8 Annual rate of deposit turnover. 22.4 -8 + 1 -1 -14 + 12 + 48 + 18 +285 -••1 + 1 +186 BRYAN (pop. 27,542) Retail sales ... -lt Automotive stores ................ . + 12t Postal receipts• 80,602 Building permits, less federal contracts $ 1,182,700 Bank debits (thousands) $ 80,796 End-of-month deposits (thousands) i . $ 21,845 Annual rate of deposit turnover ... 17.6 Nonfarm placement. . 295 CALDWELL (pop. 2,204) Postal receipts• .... ...... .... ...... .$ 2,446 Bank debits (thousands) ..... . .. ....$ 2,540 End-of-month deposits (thousands) i . .$ 4,140 Annual rate of deposit turnover . 7.8 + 2 + 6 + 18 +287 -19 + 8 -19 + 12 -15 2 -8 + 2 ~10 + 11 +691 + 8 + 10 -1 + 48 + 8 + 8 4 + 8 HARLINGEN (pop. 41,207) Retail sales Automotive stores + 12t Gasoline and service stations . ..t Postal receipts• ............ $ 39,630 Building permits, less federal contracts $ 89,150 Bnnk debits (thousands) . . . . .. $ 87,282 End-of-month deposits (thousands) i . .$ 21,866 Annual rate of deposit turnover. 16.6 Nonfarm placements 510 9 + ' + 5 -60 -15 -82 -11 +so + 19 -s + 18 -16 + 5 + 11 -16 + 19 CAMERON (pop. 5,640) Postal receipts• .. . . . ..... . .... . . $ 6,468 Building permits, less federal contracts $ 8,700 Bank debits (thousands) . . . . .....$ 4,831 End-of-month deposits (thousands) i . .$ 5,488 Annual rate of deposit turnover. . . 10.4 CANYON: see AMARILLO SMSA CARROLLTON: see DALLAS SMSA + 88 -57 -17 -4 -18 -44 -68 6 8 2 LA FERIA (pop. 3,047) Postal receipts• .....$ 2,257 Building permits, less federal contracts $ 85,850 Bnnk debits (thousands) ............ .$ 1,710 End-of-month deposits (thousands) t .. $ 1,528 Annual rate of deposit turnover. 13.5 + 8 +715 + 10 + 1 + 18 + 1 + 87 + 20 + 18 CISCO (pop. 4,499) Postal receipts• . . .. .$ 5,069 Bnnk debits (thousands) . . $ 8,665 End-of-month deposits (thousands) i . .$ 8,501 Annual rate of deposit turnover.... . . 12.6 CLEBURNE: see FORT WORTH SMSA + 14 -5 -4 + 27 + 4 -8 + 12 LOS FRESNOS (pop. 1,289) Postal receipts• .. . ........... .$ 1,417 Building permits, less federal contracts $ 23,600 Bank debits (thousands) . . . ...... .$ 1,241 End-of-month deposits (thousands) i . .$ 1,315 Annual rate of deposit turnover . 10.9 -8 +574 -25 -7 -16 +so + 10 8 7 CLUTE (pop. 4,501) Postal receipts• .$ Building permits, less federal contracts $ Bank debits (thousands) . . . $ End-of-month deposits (thousands) i . .$ Annual rate of deposit turnover. . 2,602 1,880 1,856 1,666 18.9 -9 -82 -7 + 8 -10 + 10 -48 + 7 + 8 1 14 TEXAS BUSINESS REVIEW Local Business Conditions City and item Nov 1964 Percent change Nov 1964 Nov 1964 from from Oct 1964 Nov 1963 Local Business Conditions City and item Nov 1964 Percent change Nov 1964 Nov 1964 from from Oct 1964 Nov 1963 COLLEGE STATION (pop. 11,396) CRYSTAL CITY (pop. 9,101) Postal receipts• . . . ...$ Building permits, less federal contracts $ Bank debits (thousands) . . .. .$ End-of-month deposits (thousands) i . .$ Annual rate of deposit turnover..... 22,830 103,624 4,809 3,948 14.8 + 9 -68 -8 -4 -10 + 87 -35 + 9 + 14 -5 Postal receipts• . . . . . . . . . . S Building permits, less federal contracts $ Bank debits (thousands) . $ End-of-month deposits (thousands) i . .$ Annual rate of deposit turnover . 3,173 27,300 2,974 2,622 13.5 -23 -6 -11 -2 -13 -8 + 24 -8 -18 + 8 COLORADO CITY (pop. 6,457) Retail sales Lumber, building material, and hardware stores Postal receipts• .......$ Bank debits (thousands) . $ -St 6,366 5,160 + 11 + 21 1 -36 -4 -16 DALLAS Standard Metropolitan Statistical Area (pop. 1,195,1991 ; Collin, Dallas, Denton, and Nonfarm employment (area) ..... 515,100 •• Manufacturing employment (area) . 112,475 -1 Percent unemployed (area) . 3.6 + 13 Ellis2) + 8 + 2 3 End-of-month deposits (thousands) i . .$ 6,266 + 2 - 8 CARROLLTON (pop. 4,242) Annual rate of deposit turnover..... . 10.0 4 -10 Postal receipts• .. $ 9,723 + 25 + 35 Building permits, less federal contracts $ 108,000 -74 -76 COPPERAS COVE (pop. 4,567) Bank debits (thousands) . . . $ End-of-month deposits (thousands) i . .S 5,953 3,513 -8 + 15 + 15 + 6 Poatal receipts• .................$ 5,351 + 15 + 21 Annual rate of deposit turnover. 21.8 - 9 + 11 Building permits, less federal contracts $ 130,231 -61 -45 Bank debits (thousands) . . . $ End-of-month deposits (thousands) i . .S Annual rate of deposit turnover. 1,567 1,612 11.4 -10 -4 -10 + 16 + 18 + 2 DALLAS (pop. 679,684) Retail sales Apparel stores + 2 + - 3.. + 4 5 Automotive stores + 6 + 3 7 CORPUS CHRISTI Florists .......... . + + 6 + 18 Standard Metropolitan Statistical Area (pop. 223,0601 ; Nueces2) Furniture and household appliance stores Gasoline and service stations . 7 -12 9 •• + 2 Nonfarm employment (area) . Manufacturing employment Percent unemployed (area) . (area) . 72,000 8,850 4.1 •• •• + 21 + 6 + 1 9 General merchandise stores. Lumber, building material, and hardware stores. + 5 -13 -4 -12 + 6 BISHOP (pop. 3,722) Postal receipts• ...$ Building permits, less federal contracts g Bank debits (thousands) . . . .. .$ End-of-month deposits (thousands) i . $ Annual rate of deposit turnover ... 3,092 17,400 l,698 2,440 8.3 + 50 + 2 -23 -1 -19 -8 +335 2 + 1 Office, store, and school supply dealers -8 Postal receipts• ....$ 3,361,258 Building permits, less federal contracts $14,377,721 Bank debits (thousands) . . . . ....$ 3,913,001 End-of-month deposits (thousands) i . .$ l,403,469 Annual rate of deposit turnover . 33.4 -18 + 1 + 20 -7 •• -7 -21 + 18 + 25 + 15 + + 9 CORPUS CHRISTI (pop. 184,163r) DENTON (pop. 26,844) Retail sales . . 1t Automotive stores 12t Drug stores -4t General merchandise stores . •• Poatal receipts• . . $ 210,841 Building permits, less federal contracts $ 8,081,700 -8 -10 -12 -1 -4 -16 -11 -15 + •••• + 81 Postal receipts• .. $ Building permits, less federal contracts $ Bank debits (thousands) . . ...$ End-of-month deposits (thousands) i . .$ Annual rate of deposit turnover.. Nonfarm placements 41.417 433,300 30,108 23,420 13.8 133 -10 -18 -11 -19 -1 -25 -5 -7 + 18 -17 + 28 + 19 Bank debits (thousands) . $ 215,463 6 + 6 End-of-month deposits (thousands) i Annual rate of deposit turnover. . .$ 123,640 21.0 + 1 7 + 6•• ENNIS (pop. 9,347) Postal receipts• .....S 13,876 + 49 + 19 Building permits, less federal contracts $ 30,950 -94 -72 ROBSTOWN (pop. 10,266) Bank debits (thousands) . . .... . S End-of-month deposits (thousands) i . S 6,528 7,818 -37 -s -8 + 8 Retail sales Automotive storea ..... . . . . ... . ... . 12t •• - 7 Annual rate of deposit turnover. 9.9 - 39 -11 Poatal receipts• ........ .. .. S Building permits, less federal contracts S Bank debits (thousands) . . ...S End-of-month deposits (thousands>: . S Annual rate of deposit turnover. 8,888 78,540 8,668 10,153 10.1 -12 + 94 -23 -8 -20 -16 +856 -10 + 11 -18 GARLAND (pop. 38,501) Retail sales Apparel stores Automotive stores Postal receipts• ......S -lt + lt 12t 49,581 -5 -15 -4 + 1 -8 -6 -10 + 4 Building permits, less federal contracts $ 945,035 -43 -87 CORSICANA (pop. 20,344) Retail sales Lumber, building material, Bank debits (thousands) . . . S End-of-month deposits (thousands) i . .$ Annual rate of deposit turnover . 34,689 19.264 20.5 + 1 -10 + 1 + 1 + 7 -16 and hardware stores. - st -32 - 2 Postal receipts• . . . . . . . . . .. S 79,894 + 60 + 81 GRAND PRAIRIE (pop. 30,386) Building permits, less federal contracts S 100,332 -40 -49 Postal receipts• . $ 32,194 - 2 + 15 Bank debits (thousands) ...... ... ....S End-of-month dePoaita (thousandsJi.. $ Annual rate of depGsit turnover.... . 19,581 22,469 10.4 -- 5 1 8 + 1 + 8•• Building permits, less federal contracts S Bank debits (thousands) . . S End-of-month depGsita (thousandsl t .. $ 526,338 17,375 15,670 -41 -12 + 38 + 74 •• + 36 Nonfarm placements .. . . ......... . . . 808 + 48 + 66 Annual rate of depGsit turnover. 15.4 -26 -15 Local Business Conditions Percent change Nov 1964 Nov 1964 Local Business Conditions Percent chana:e Nov 1964 Nov 1964 Nov from from Nov from from City and item 1964 Oct 1964 Nov 1968 City and item 1964 Oct 1964 Nov 1988 IRVING (pop. 45,985) DEER PARK: see HOUSTON SMSA Postal receipts• .... . . . $ 47,444 -28 -21 Building permits, less federal contracts $ 1,029,426 Bank debits (thousands) $ 87,996 End-of-month deposits (thousandsJi. $ 20,142 -68 -1 + 6 -47 + 16 + 26 DEL RIO (pop. 18,612) Retail sales Lumber, building material, Annual rate of deposit turnover . 28.8 -6 - 9 and hardware stores . - 5t - 7 + 62 JUSTIN (pop. 622) Postal receipts• ... .. . .. . ... $ Building permits, Jess federal contracts $ 17,294 44,470 + 15 -28 + 11 -40 Postal receipts• .. $ Bank debits (thousands) . . ... ...$ End-of-month deposits (thousands) i . $ 1,216 1,002 890 + 62 + + 69 -28 -s Bank debits (thousands) .. .. .$ End-of-month deposits (thousands) i . .$ Annual rate of deposit turnover . 12,861 14,779 10.0 -- 4 •• 4 + 14 -8 + 18 Annual rate of deposit turnover . 18.1 4 -28 McKINNEY (pop. 13, 763) Postal receipts• S Building permits, less federal contracts $ Bnnk debits (thousands) . $ End-of-month deposits (thousands) i .$ Annual rate of deposit turnover . Nonfnrm placements 18,081 166.717 12,188 11,882 12.8 111 -9 + 24 5 -1 -5 + 11 + 2 +185 + 11 + 8 + 5 + 81 DENISON (pop. 22,748) Retail sales Apparel stores Postal receipts• ..... .. .. . ... .. S Building permits, less federal contracts $ Bank debits (thousands) . . .. .. ... . . . $ End-of-month deposits (thousands) i . .$ Annual rate of deposit turnover. + lt 26,9S9 60,811 17,804 16,184 12.9 + 4 + 21 -72 8 + 1 -9 -8 + 9 -49 + s + 2 + 1 MESQUITE (pop. 27,526) Nonfarm placements 189 - 15 Retail sales Eatina: and drinking places .... . - 1st + 14 DENTON: see DALLAS SMSA Postal receipts• .....$ Buildina: permits, less federal contracts S Bank debits (thousands) . . ........$ End-of-month deposits (thousandsJi. $ Annual rate of deposit turnover . 17,884 784,890 9,024 7,508 14.9 + 6 + + 7 2 + 21 -46 + 8S + 28 + 11 DONNA (pop. 7,522) Postal receipts• . ......$ Building permits, Jess federal contracte S Bo.nk debits (thousands) . .$ End-of-month deposits (thousands) i . .S 8,787 29,000 2,686 S,567 -25 +166 + 7 + -2 + 75 + 12 -8 MIDLOTHIAN (pop. 1,521) Annual rate of deposit turnover. 8.6 + 6 + 19 Buildin&: permits, less federal contracts $ 28,700 + so + 68 Dank debits (thousands) .. . ... ... . . .. S End-of-month deposits (thousands) i . $ Annual rate of deposit turnover . PILOT POINT (pop. 1,254) Buildina: permits, less federal contracts $ 1,124 1,684 8.S 16,000 + s + 7 6 -49 -1 + 6 •• +650 DUMAS (pop. 8,477) Postal receipts• .$ Building permits, less federal contracts $ Bank debits (thousands) .$ End-of-month deposits (thousands) i . .$ Annual rate of deposit turnover..... 9,492 2S6,807 11,976 10,752 lS.l +SS + 15 + 80 -' + 26 + 47 + 74 + 17•• + 25 Bank debits (thousands ) . . .....S End-of-month deposits (thousandsJi..$ 1,210 1.709 s + 8 -5 -15 EAGLE PASS (pop. 12,094) Annual rate of deposit turnover. 8.8 8 + 14 Retail sales Gasoline and service stations . •• + 4 + 1 PLANO (pop. 3,695) Postal receipts• . . $ 8,769 + 4 + 15 Postal receipts• . . . . ... .S Building permits, less fe:.. S 3,402 1 + 9 Lumber, building material,Annual rate of deposit turnover. 12.9 + 4 + 28 and hardware atores. -st + 17 -84 Postal receipts• 7,783 -10 -17 KATY (pop. 1,569) Building permits, less federal contracts $ 33,686 -21 + 62 Postal receipts• . .. . . S 2,254 + 8 -8 Building permits, lea federal contracta S 17,300 -96 -53 Bank debits (thousands) . .$ 2,791 + 20 + 21 KILGORE (pop. 10,092) End-of.month deposits (thousands>:.. $ 2,910 + 6 + 2 Postal receipts• . . . . . . . . . . . . . . . .$ 14,143 -7 -28 Annual rate of depoait turnover . 11.8 + 10 + 15 Building permits, leas federal contracts $ 73,200 + 78 + 10 Bank debits (thousands) . . . . . .$ 11,158 -14 -6 LA PORTE (pop. 4,512) End-of-month deposits (thousands) i . .$ 13,773 + s + 8 Building permita, lea federal contracta $ 45,000 -88 Annual rate of deposit turnover. . ... . 9.9 -15 -11 Bank debita (thousands) . . . . . . . S 8,565 -27 -15 Nonfarm employment (area) . 30,850 •• + 6 End-of.month depo1its (thousandaH. S 2,868 + 9 2 Manufacturing employment (area) . 6,740 + 1 + 16 Annual rate of deposit turnover. 15.5 -28 -9 Percent unemployed (area) ..... 3.3 -s -27 PASADENA (pop. 58,737) KILLEEN (pop. 23,377) Retail aales ...... . -lt -8 -17 Postal receipts• . . .......... ... ......$ 45,779 -7 + 11 Apparel atores + lt -18 -5 Automotive 1tore1 + 12t + 8 -28 Building permits, leas federal contracts $ 497,930 -68 -45 Postal receipta• .... $ 54,442 + 16 + 6 (thousands) .. . . $ Bank debits 19,509 -15 + 12 Building permits, lea federal contracta $ 658,840 -62 -19 End-of-month deposits (thousands) i ..$ 13,219 1 + 17 Bank debits (thousands) . . . $ 54,986 -10 + 11 Annual rate of deposit turnover. 17.7 -7 -4 End-of.month deposits (thousands>i ..$ 29,185 + 1 -1 Annual rate of depoait turnover. 22.8 -12 + 11 KINGSLAND (pop. 150) Bank debits (thousands) . . . . .... .$ 846 -2 + 41 SOUTH HOUSTON (pop. 7,253) End-of-month deposits (thousands);.. $ 607 -5 + 29Postal receipta• . . $ 10,246 + 40 + 87 Annual rate of deposit turnover.. . .. . 16.3 •• + 10 Building permlta, lea federal contracta $ 18,348 -84 -74 Bank debits (thousands) .. . ...... . ...$ 6,180 -16 + 21 End-of-month depoaita (thousands) i . .S 5,221 + 1 + 21 KINGSVILLE (pop. 25,297) Annual rate of depoait turnover . 14.2 -14 -2 Postal receipts• . . . . . . . . . . . . . .$ 20,414 + 26 + 10 Building permits, lea federal contracta $ 482,344 +136 +189 TOMBALL (pop. 1,713) Bank debits (thousands) . . . .$ 10,940 -11 + 1 Building permits, lea federal contracta $ 0 End-of-month deposits (thousands>: . . $ 16,068 + 5 + 4Bank debits (thousands) . . . . . $ 6,694 7 + 2 Annual rate of deposit turnover. . ... . 8.9 -16 4 End-of-month deposits (thousands) i. $ 5,686 + 2 + 8 Annual rate of depoait turnover ... . . lU 9 •• KIRBYVILLE (pop. 1,660) Postal receipts• . . . . . .$ 3,183 -23 -12 HUMBLE: see HOUSTON SMSA Bank debits (thousands) . . . . . . . S 8,050 -2 + 40 End-of-month deposits (thonaandsli.. $ 3,805 •• + 17 HUNTSVILLE (pop. 11,999) Annual rate of depoait turnover..... . 9.6 -9 + 20 Postal receipts• ...... ... . ... ... . ....S 16,570 + 81 •• Building permlta, lea federal contracta S 40,500 -76 +252 LA FERIA: see BROWNSVILLE-HARLINGEN-SAN Bank debits (thousands) . ............$ 8,356 -18 -7 End-of-month depoaita (thouaandsli ..S 8,959 -4 -10 BENITO SMSA Annual rate of deposit turnover. . . . . . 11.0 -18 -3 LA MARQUE: see GALVESTON-TEXAS CITY SMSA IOWA PARK: see WICHITA FALLS SMSA LAMESA (pop. 12,438) IRVING: see DALLAS SMSA Retail sales Drug atorea ... . ........... . ...... . -4t -4 -9JACKSONVILLE (pop. 10,509r) Postal receipts• .. $ 14,843 + 40 + 15 Postal recelpta• . . . . . . . . S 27,696 + 28 + 50 Building permits, leas federal contracts $ 75,250 -64 +203 Building permlta, lea federal contraeta S 83,800 +618 +186 Bank debits (thousands) . .$ 16,310 + 10 -35 Bank debits (thousands) . . . . . . . S 18,086 -9 + 5 End-of-month deposits (thousands>:.. S 16,061 + 6 -19 End-of-month depoaits (thousands) i . .$ 10,861 + 6 + 11 Annual rate of deposit turnover .. ... . lS.S -22 Annual rate of depoalt turnover. 15.0 + " -11 -1 Nonfarm placements .... . 82 + 95 + 17 JASPER (pop. 4,889) LAMPASAS (pop. 5,061) Retail aales ... ....... . ............. . -lt -10 -18 Poatal recelpta• . . . . . . . . . . . . .$ 8,817 + 21 + 26 Postal receipts• ....S 7,657 + 9 + 5 Building permita, leea federal contraeta S 45,200 + 15 Building permits, lea federal contracts $ 55,900 + 16 +us Bank debita (thousands) .......... ...S 11,012 8 + 9 Bank debits (thousands) . . . S 7,174 5 + s End-of-month depoalts (thousands);.. $ 8,179 + 1 -1 End--0f-month deposits (thousands) i . .$ 6,267 4 6 Annual rate of depo1it turnover .. ... . 16.2 9 + 10 Annual rate of deposit turnover.. . .. . 13.5 4 + 8 JUSTIN: see DALLAS SMSA LA PORTE: see HOUSTON SMSA Percent change Percent chanire Local Business Conditions Local Business Conditions Nov 1964 Nov 1964 Nov 1964 Nov 1964 Nov from from Nov from from City and item 1964 Oct 1964 Nov 1963 City and item 1964 Oct 1964 Nov 1968 SLATON (pop. 6,568) Standard Metropolitan Statistical Area Postal receipts• .. .. ....... .$ 6.881 + 1 + 40 Building permits, less federal contract. • 61,800 + 66 -6 LAREDO (pop. 67,1921 ; Webb2 ) Bank debits (thousands). $ 8,964 2 -10 Nonfarm employment (area) . 19,860 + 1 + 6 End-of-month deposits (thousandsJi . 8,949 8 Mar.ufacturing employment (area) 1,360 -l + 2 Annual rate of deposit turnover . ' 12.5 + 7 -•• 9 Percent unemployed (area) . 11.4 + 41 + 2 LAREDO (pop. 60,678) LOCKHART (pop. 6,084) Retail sales Retail sales Apparel stores + lt •• + 16 Food stores . . ..... .. . •• 9 -8 Postal receipts• .. $ 44,268 -2 -2 Postal receipts• $ 4,361 -11 -12 Building permits, less federal contracts $ 161,800 +171 +183 Building permits, less federal contract. $ 21,278 -70 +111 Bnnk debits (thousands) ......... . .. $ 37,703 3 + 6 Bank debits (thousands) . .$ 4,630 -22 -11 End·of-month deposits (thousands) t. $ 27,829 + + 8 End-of-month deposits (thousands) t. .$ 5,896 + 2 + 8 Annual rate of deposit turnover . 16.9 + 1 Annual rate of deposit turnover . . . . .. 9.3 -21 -16 Nonfarm placements 611 + 80 LOS FRESNOS: see BROWNSVILLE-HARLINGEN. LEVELLAND (pop. 10,153) SAN BENITO SMSA Retail sales Automotive 1tores + 12t -6 -26 LONGVIEW (pop. 40,050) Postal receipts• .. ... .$ 10,641 + 8 -7 lt 8 + Retail sales -+ 14 Building permits, less federal contracts $ 316,270 +189 -7 Apparel stores ....... ....... ..... . + lt 7 -6 Bank debits (thousands) ...... .. .. .. .$ 16,862 + 2 -12 Automotive stores .. ...... .... + 12t + 8 + 20 End-of-month deposits (thousands) t $ 11,120 + 6 1 Drug stores 4t + 8 + 9 Annual rate of deposit turnover . 17.0 9 -6 Lumber, building material, and hardware stores . 6t -80 + 11 LIBERTY (pop. 6,127) Postal receipts• $ 62,589 -6 + 18 Building permits, less federal contracts $ 641,600 + 27 +246 Retail sales Bank debits (thousands) . . . $ 52,614 •• + 17 Automotive stores + 12t -17 -12 End-of-mo.nth deposits (thousands) t. .$ 44,284 •• + 10 Postal receipts• ... $ 7,464 -14 -8 Annual rate of deposit turnover. 14.8 -8 + 6Building permits, less federal contracts $ 187,409 + 70 -24 Nonfarm employment (area). 80,850 •• + 6 Bank debits (thousands) . .$ 9,014 -12 Manufacturing employment (area) . 6,740 + 1 + 16End-of-month deposits (thousands) t .. $ 8,566 -6 -28 Percent unemployed (area) . 8.8 -8 -27Annual rate of deposit turnover .. 12.8 -12 LUFKIN (pop. 17,641) LITTLEFIELD (pop. 7,236) Postal receipts* . . $ 86,896 + 17 + 88 Retail sales Building permits, less federal contracts $ 831,498 + 12 + 12 General merchandise stores. •• + 6 -17 Bank debits (thousands) . .... . .. ... .. $ 82,778 -9 + 6 Postal receipts• .... . .. $ 7,281 -20 -8 End-of-month deposits (thousands) i . . $ 82,684 + 9 + 10 Building permits, less federal contracts $ 79,700 -77 + 20 Annual rate of deposit turnover . 12.6 -18 -2 Nonfarm placements . . . . . . . . .. 96 + 80 +104 LLANO (pop. 2,656) Po1tal receipts• .... . . . $ 8,277 + 16 + 14 McALLEN (pop. 32, 728) Building permits, less federal contracts $ O Retail sales -lt + 10 + 2 Bank debits (thousands) . . . $ 8,816 -10 4 Apparel stores + lt + 8 + 12 End-of-month deposits (thousands) t ..$ 4,890 + 2 + 6 Automotive stores + 12t + 9 - 16 ······ ···· Annual rate of deposit turnover. 9.2 -11 7 Furniture and household appliance stores + 1 t + 20 + 28 LUBBOCK Gasoline and service stations. •• + 8 -' Standard Metropolitan Statistical Area Postal receipts• .. .. ... . ... . .. . . .. ... $ 88,878 + 4 •• Building permits, less federal contracts $ 177,675 + 12 + 17 (pop. 171,07!1; Lubbock2) Bank debits (thousands) . .$ 28,088 7 + 8 Nonfarm employment (area). 68,800 + + 1 End-of-month deposits (thousands) t ..$ 22,681 + 9 + 11 Manufacturing employment (area) 6,440 + 2 + 6 Annual rate of deposit turnover.. .. . . 16.6 -9 -6 Percent unemployed (area) . 2.8 8 7 Nonfarm placements ..... 477 + 29 + 24 Nonfarm employment (area). 48.100 + 6 + 2 LUBBOCK (pop. 128,691) Manufacturing employment (area). 6,040 + 81 + 2 Retail salea -1t + -14 Percent unemployed (area) . .. . .... . . 6.8 + 11 -12 Apparel stores + l t + 18 + 29 Automotive stores + 12t 4 -28 + McCAMEY (pop. 3,375) Furniture and household appliance stores lt Postal receipts• . . . . .... .$ 2,978 + 2 -16 + -27 6 General merchandise stores . •• + 12 2 Bank debits (thousands) .$ 1,768 -12 + 10 Lumber, building material, End-of-month deposits (thouaands) i . .$ 1,626 -1 -2 and hardware stores Annual rate of deposit turnover.. ... . 12.9 -10 + lZ -5t -24 + 16 Postal receipts• . . . $ 243,747 + 6 7 ··············· + Building permits, less federal contracts $ 2,443.587 -28 -49 McGREGOR: see WACO SMSA Bank debits (thousands) . $ 249,487 -4 End-of-month deposits (thousandsJi. $ 184,985 4 7 + + Annual rate of deposit turnover . 22.7 8 10 -McKINNEY: see DALLAS SMSA TEXAS BUSINESS REVIEW Percent changePercent change Local Business Conditions Local Business Conditions Nov 1964 Nov 1964Nov 1964 Nov 1964 Nov from from Nov from from City and item 1964 Oct 1964 Nov 1963 City and item 1964 Oct 1964 Nov 1963 MARSHALL (pop. 23,846) MUENSTER (pop. 1,190) Retail sales Postal receipts• ·· $ 1,349 + 16 -11 · ····· ···· Apparel stores + It -18 -14 Buildin&' permits, leaa federal contracts $ 45,800 +816 Postal receipts• $ 26,436 -10 -9 Bank debits (thousands) . .$ 1,998 -17 6 Building permits, less federal contracts $ 121,929 -68 +269 End--0f-month deposits (thousandsH. .$ 2,191 •• + 3 Bank debits (thousands) .... . . . $ 15,899 -14 -7 Annual rate of deposit turnover. 11.0 -19 8 End-of-month deposits (thousands) i. $ 22,506 + 1 •• Annual rate of deposit turnover. 8.6 -18 -7 NACOGDOCHES (pop. 12,674) Nonfarm placements 228 + 19 + 86 Postal receipts• ... .$ 24,406 + 10 + 43 Building permits, leaa federal contracts $ 1.116,913 +266 +938 MERCEDES (pop. 10,943) Bank debits (thousands) . ... . $ 21,898 -11 + 11 Postal receipts• .$ 6,936 + 11 + 28 End--0f-month deposits (thousands) i . . $ 20,097 •• -4 Building permits, less federal contracts $ 40,423 + 22 -88 Annual rate of deposit turnover . 13.1 -10 + 17 Bank debits (thousands) . $ 5,039 8 + 10 Nonfarm placements 155 + 46 + 46 End-of-month deposits (thousands) i. .$ 3,657 6 + s Annual rate of deposit turnover. 16.0 s + 6 NEDERLAND: see BEAUMONT-PORT ARTHUR­ ORANGE SMSA MESQUITE: see DALLAS SMSA NEW BRAUNFELS (pop. 15,631) MEXIA (pop. 6,121) Postal receipts• . . . . . . . .$ 30,579 + 60 + 7 Postal receipts• ..... . .. . $ 5.709 -12 -8 Building permits, less federal contracts S 55,505 -58 -81 Building permits, leaa federal contracts $ 21,000 -86 + 14 2 Bank debits (thousands) .. . .... ...... $ 12,316 -9 Bank debits (thousands) . $ 3,950 -12 -12 End--0f-month deposits (thousands)t.. $ 13,525 •• + 7 End-of-month deposits (thousands) i. . $ 5,047 •• -s Annual rate of deposit turnover. l 0.9 -10 8 Annual rate of deposit turnover...... 9.4 -11 -12 NORTH RICHLAND HILLS: see FORT WORTH SMSA MIDLAND Standard Metropolitan Statistical Area ODESSA (pop. 68,452'; Midland2) Standard Metropolitan Statistical Area Nonfarm employment (area) . 66,800 •• 2 (pop. 87,4721 ; Ector2) Manufacturing employment (area) . 4,140 •• + 2 Nonfarm employment (area) . . . 66,300 •• 2 Percent unemployed (area). 3.S + 22 s Manufacturing employment (area) . 4,140 •• + 2 MIDLAND (pop. 62,625) Percent unemployed (area) . ... 3.3 + 22 s Retail sales ODESSA (pop. 80,338) Drug stores -4t + 16 + 14 Retail sales Postal receipts• 99,807 -13 + 18 Furniture and household Building permits, leaa federal contracts $ 496,750 -26 + 9 appliance stores It 2 + 10 Bank debits (thousands) . . . $ 132,096 •• + 15 General merchandise stores. •• + 8 -7 End-of-month deposits (thousands) i. .$ 118,426 + 9 + 6 Postal receipts• . . . . . . . . . . . . . . . . . $ 91,457 + 1 + 4 Annual rate of deposit turnover. 14.0 -5 + 9 Building permits, less federal contracts $ 521,714 + 22 + 64 Nonfarm placements 633 -13 + 26 Bank debits (thousands) . . . $ 81,474 -6 + 9 End--0f-month deposits (thousands) t .. $ 60,467 -20 -19 MIDLOTHIAN: see DALLAS SMSA Annual rate of deposit turnover... .. 14.4 + 7 + 25 Nonfarm placements ........ . 568 + 30 + 21 MINERAL WELLS (pop. 11,053) Retail Hies ORANGE: see BEAUMONT-PORT-ARTHUR­ Automotive stores + 12t + 28 -21 ORANGE SMSA Postal receipts• $ 15,883 + 10 -20 Building permits, lesa federal contracts $ 218,160 + 61 +803 PALESTINE (pop. 13,974) Bank debits (thousands) ............$ 12,920 + 4 + 6 Postal receipts• . . $ 17,340 -12 End-of-month deposits ···· · ······ ···· + 1 (thousands) .$ 11,826 + 2 -6 Building permits, less federal contracts $ 62,675 -36 + 26 Annual rate of deposit turnover . 13.3 + 12 Bank debits 3 + (thousands) . .$ 12,559 1 + 4Nonfarm placements 116 + 26 +1s2 End--0f-month deposits (thousands) t. .$ 17,430 + 7 + 9 Annual rate of deposit turnover.. . . . 8.9 4 2MISSION (pop. 14,081) Postal receipts• .. . $ 10,827 + 13 + 12 PAMPA (pop. 24,664) Building permits, leaa federal contracts $ 42,946 + 21 + Retail sales 13 -It 5 -19Bank debits (thousands) . . $ 11,147 + 3 8 Automotive stores ......... . .... + 12t 5 25 - End-of-month deposits (thousands) i. $ 8,430 1 + 3 Postal receipts• ....... . $ 29,425 + 3 + 2Annual rate of deposit turnover. 16.8 + 7 Building permits, less federal contracts $ 58,200 -43 -59 Bank debits (thousands) . . ...... . $ 24,990 -10MONAHANS (pop. 8,567) End-of-month deposits (thousands) t . . $ 22,854 1 + 4 -+ 10 Building permits, leaa federal contracts $ 38,850 Annual rate of deposit turnover . 13.1 -70 + 6 -13 -3 Bank debits (thousands) . .... . $ 9,519 •• + 2 Nonf11rm placements 203 + 13 + 48 End-of-month deposits (thousands) i . . $ 7,133 6 7 Annual rate of deposit turnover. 16.6 -2 + 7 PECOS (pop. 12,728) Postal receipts• .$ 11,766 + 3 -10 MOUNT PLEASANT (pop. 8,027) Building permits, less federal contracts $ 9,535 -17 -71Retail sales Bank debits (thousands) . .$ 21,077 + 32 -17 Apparel stores .... ....... . + lt -18 -16 End--0f-month deposits (thouaands)t. . $ 10,423 -­Postal receipts• . . . . . . . . . . . . . .$ 10,685 + 8 + 6 Annual rate of deposit turnover ... 24.1 + 1 -10 30 11Buildin&' permits, leaa federal contracts $ 482,840 + 97 Nonfarm placements 104 + 51 + 49 JANUARY 1965 21 Percent change Percent change Local Business Conditions Local Business Conditions Nov 196' Nov 198' Nov from from Nov from from City and item Nov 1964 Nov 1964 1964 Oct 1964 Nov 196S City and item 196' Oct 196' Nov 1968 REFUGIO (pop. 4,944)PARIS (pop. 20,977) Retail sales - Retail sales -lt -8 18 Lumber, building material,Apparel stores + lt + 8 -8 and hardware stores .. . -6t + 6 + 16 12t -10 -25Automotive stores Postal receipts• 4,807 -1 -1' Postal receipts• $ Sl,621 + S6 + 11 Building permits, less federal contracts $ 0 Building permits, less federal contracts $ 150,9S4 -SS -25 Bank debits (thousands) $ 19,695 -12 -1 ROCKDALE (pop. 4,481) End-of-month deposits (thousandsJi.. $ 16,626 + 4 •• Postal receipts• . S 4,927 + 6 + 8Annual rate of deposit turnover . 14.5 -15 •• Building permits, less federal contracts $ 18,800 -98 -41Nonfarm placements 19S + 41 +lss Bank debits (thousands) . . $ S,95S -21 -6 End-of-month deposits (thousandsJi..$ 6,607 + 1 + 8 PASADENA: see HOUSTON SMSA Annual rate of deposit turnover. 7.8 -22 -12 SAN JUAN (pop. 4,371)PHARR (pop. 14,106) Postal receipts• .. $ 2,89S + 7 -a Postal receipts• ....... $ 6,749 •• -8 Building permits, less federal contracts $ 4,800 -87 -41Building permits. less federal contracts $ 89 ,670 +sos -12 Bank debits (thousands) . . $ 2,450 + 14 + 88Bank debits (thousands) . $ S,686 s + 7 End-of-month deposits (thousands) t .. $ 2,841 + 9 + 18End-of-month deposits (thousands) i. $ 8,778 + 8 + 9 Annual rate of deposit turnover ... . lS.l + 2 +20 Annual rate of deposit turnover . 12.0 + s ROSENBERG (pop. 9,698) Postal receipts• .. S 8,870 -8 + 17 PILOT POINT: see DALLAS SMSA Building permits, less federal contracts $ 107,700 -26 + 88 End-of-month deposits (thousands) i . .$ 10,590 -2 + PLAINVIEW (pop. 18,735) Retail sales SAN ANGELO Automotive storea . .. + 12t + 9 9 Standard Metropolitan Statistical Area General merchandise stores . •• + 2 + (pop. 69,9521; Tom Green2) Postal receipts• . . $ 29,541 + 4 + 5 Building permits, less federal contracts $ 69S,750 -S4 +280 Nonfarm employment (area) . 20,600 •• + 8 Manufacturing employment (area) . S,520 ­ Bank debits (thousands) ............ .$ 47,264 -16 + 2 2 + 11 Percent unemployed (area) . 5.0 End-of-month deposits (thousands) ; . $ 28,142 -8 + 19 + 6 Annual rate of deposit turnover 19.9 -19 SAN ANGELO (pop. 58,815) Nonfarm placements 297 -7 + 82 Retail sales 1t -1 + 2 General merchandise stores . •• •• + 7 Jewelry stores + 25 -17 PLANO: see DALLAS SMSA Postal receipts• .$ 107,095 + 21 + 19 Building permits, less federal contracts $ 1,926,564 2 +292 PLEASANTON (pop. 4,485) Bank debits (thousands) . . .......$ 69,627 5 + 6 Retail sales End-of-month deposits (thousands>*.. $ 50,959 + 1 ••Drug stores . .... .. . . -4t -8 -11 Annual rate of deposit turnover. 14.2 6 + 8 Building permits, less federal contracts $ 11,416 -77 Bnnk debits (thousands) . . . .. .$ 2,815 8 6 -+ SAN ANTONIO End-of-month deposits (thousands); .. $ S,999 •• -6 Standard Metropolitan Statistical Area Annual rate of deposit turnover . 8.5 -11 + 10 (pop. 774,1751; Bexar and Guadalupe2) Nonfarm employment (area) ......... 216,800 •• + IPORT ARTHUR: see BEAUMONT-PORT ARTHUR­ Manufacturing employment (area) . 26,075 •• + 1 ORANGE SMSA Percent unemployed (area) . 4.4 + 10 SAN ANTONIO (pop. 587,718)PORT ISABEL: see BROWNSVILLE-HARLINGEN­ Retail sales s SAN BENITO SMSA Apparel stores + 6 1 + + Automotive stores .. .. . . . ......... . 7 -28 PORT NECHES: see BEAUMONT-PORT ARTHUR­Drug stores ........ ... .. . .. ...... . 6 9 -1 Eating and drinking places . ...... . -16 -19 ORANGE SMSA Florists . . ... . . . . . . . . . . . . . . . . . . . . . . 6 7 Food stores ...... ..............•.. -9 + 9 QUANAH (pop. 4,564) Furniture and household Postal receipts• ........ .. ... .$ 4,761 + 8 4 appliance stores .. .. .. . + 8 -10 +Building permits, less federal con·t~a~b $ 0 Gasoline and service stations . 8 •• + 18 Bank debits (thousands) ...... . ..... .$ 5,175 + 8 9 General merchandise stores . + 28 + 7 End-of-month deposits (thousands) i. .$ 5,159 -10 Liquor stores ...... . . . ... . -11 -s Annual rate of deposit turnover . 11.7 + -8 Lumber, building material, and hardware stores -10 -19 + 10 RAYMONDVILLE (pop. 9,385) Nurseries ...... ........ .... . ... . . . + 8 -40 Postal receipts• ·····. . ... ...$ 6,165 + 4 + 4 Postal receipts• .... . ................$ 964,099 + 7 + 6 Building permits, leSB federal contracts $ 20,700 -18 -40 Building permits, less federal contracts $ 5,928,870 -88 + 88 Bnnk debits (thousands) . . .. .. .$ 5,969 -11 + 6 Bank debits (thousands) . ....... . . . .. $ 756,985 7 + 9 End-of-month deposits (thousandsJi. . $ 8,382 •• + lS End-of-month deposits (thouaandsH.. $ 455,251 + 8 + Annual rate of deposit turnover . 8.6 -9 -4 Annual rate of deposit turnover. . . . . . 20.8 9 + Nonfarm placements 28 +188 -44 SCHERTZ (pop. 2,281) Postal receipts• . $ 2,1S5 + 68 + 24 RICHARDSON: see DALLAS SMSA Bank debits (thousands) . . . $ 568 ...;... 20 End-of-month deposits (thousands) i . .$ 1,117 + 2 ROBSTOWN: see CORPUS CHRISTI SMSA Annual rate of deposit turnover . .. .. . 6.2 -17 22 TEXAS BUSINESS REVIEW Percent changePercent chanlife Local Business Conditions Local Business Conditions Nov 1964 Nov 1964 Nov 1964 Nov 1964 Nov from from Nov from from 1964 Oct 1964 Nov 1963 City and item City and Item 1964 Oct 1964 Nov 1968 SOUTH HOUSTON: see HOUSTON SMSA SEGUIN (pop. 14,299) Postal receipts• . . . . . . .... .$ 12,190 -4 -22 SULPHUR SPRINGS (pop. 9,160) Buildinlif permits, less federal contract& $ 284,0SO +169 Bank debits (thousands) . . ... .. $ 12,107 -16 + 4 Retail salet1 End.of-month deposits (thousands) i . .$ 16,468 -1 + 4 Automotive stores + 12t -3 -21 Annual rate of deposit turnover.. . . . . 8.8 -15 •• Food stores ••t -13 + 5 Postal receipts• $ 18,039 + 3 + 19 + 73 +106 Buildinll' permits, leu federal contract. S 156,150 SAN BENITO: see BROWNSVILLE-HARLINGEN-SAN Bank debits (thousands) . . . . . . . .$ 12,521 -15 + BENITO SMSA End-of-month deposits (thousands) i . .$ 13,917 + 5 + 1 Annual rate of deposit turnover..... . 11.0 -19 + 6 SAN MARCOS (pop. 12,713) Poatal receipts• . . . . ... ..... . .. $ 12,034 -1 + 6 SWEETWATER (pop. 13,914) Buildlnll' permits, less federal contract. $ 66,900 -26 + 12 Retail sales Bank debits (thousand•) . . ...$ 9,139 4 + 10 + 12t + 19 -21Automotive storesEnd-of-month deposita (thousandali.. $ 12,082 + 9 + 22 Postal receipts• . . . . . . $ 13,252 + 17 -14 Annual rate of deposit turnover . 9.5 -6 Building permits, less federal contracts $ 19,060 -74 -48 Bank debits (thousands) . . .. .$ 12,483 + 11 -13 SAN SABA (pop. 2,728) End-of-month deposits (thousands) i . .$ 10,517 -1 -2 Postal receipts• . . . . . . ......$ 4,205 +so -s Annual rate of deposit turnover..... 14.2 + 7 -12 Bulldinll' permits, less federal contracts ' 0 Nonfarm placements 115 + 20 24 + Bank debits (thouaanda) ............ . S 4,188 -21 -18 End-of.month depoalta (thouaandsH . . $ 4,481 -8 -12 TAYLOR (pop. 9,434) Annual rate of deposit turnover..... . 11.2 -21 -7 Retail sales Automotive atoree .... .. . .... ..... . + 12t -9 -22 SCHERTZ: see SAN ANTONIO SMSA Postal receipts• ... .$ 11,103 + 2 + 16 Building permits, less federal contract& $ 19,710 -79 + 83 SEAGOVILLE: see DALLAS SMSA Bank debits (thousands) . · ····· · ···· .$ 9,259 -23 + 8 End-of-month deposits (thouaands) i. .$ 16,891 -8 + 2 SEGUIN: see SAN ANTONIO SMSA Annual rate of deposit turnover. .... 6.3 -21 -2 Nonfarm placements 17 -43 -11 ········ ····· SHERMAN (pop. 24,988) Retail talea .... -lt -10 -16 TEMPLE (pop. 30,419) Apparel 1toret1 ... + lt -18 -13 Retail sales -lt -7 -12 Automotive storea . + 12t 8 -22 Apparel storet1 ..... .. .. .. . .. . . . . . . + lt -12 -6 Furniture and household Automotive stores + 12t 9 -26 appliance ltorea ....... . ....... . + 1t 8 + 2 Furniture and household Postal receipts• . .... . ............ . .. $ 87,966 7 -14 appliance stores . . . . . . . . . + 1t + 2 + 9 Bulldlnlif permits, leu federal contract. S 589,022 -21 +126 Postal receipts• ..................$ 54,805 + 15 + 6 Bank debits (thousands) .. . .. . .. . . . .. S 84,818 + 20 + 7 Building permits, less federal contracts $ 1,393,396 +258 +537 End-of-month depoaits (thouaandaH..S 28,401 + 10 + 12 Bank debits (thousanda) . . . . ........$ 33,078 -14 + 7 Annual rate of depoalt turnover.. 18.6 + 16 + 1 Nonfarm placements 242 -4 + 65 Nonfarm placementa .......... . 97 -24 -86 TERRELL (pop. 13,803) SILSBEE (pop. 6,277) Postal receipts• $ 12,264 + 8 •• Poatal receipta• . . . . . .$ 9,022 -8 + 19 Building permits, less federal contracts $ 67,830 -32 + 8 Bank debita (thousands) . .$ 4.819 -16 4 Bank debits (thousands) . .. $ 8,637 -15 -10 End-of-month depoalts (thousands) i . .S 5,566 + 2 1 End-of-month deposits (thousands>:. .$ 8,915 -6 4 Annual rate of depoalt turnover. 9.4 -18 5 Annual rate of deposit turnover . . .. .. 11.3 -16 -7 SINTON (pop. 6,008) TEXARKANA Postal recelpta• . . . . .......S 5,761 + 2 + 5 Standard Metropolitan Statistical Area Bulldlnlif permits, leu federal contract. S 28,462 + 28 + 19 (pop. 62,8691; Bowie, excluding Miller, Ark,2) Bank debits (thousand•) . . S 4,447 -11 + 10 End-of-month depoalta (thousand•) i . .S 4.976 •• + 4 Nonfarm employment (area) .... .. .. . 3:!,450 •• + 1 Annual rate of depoalt turnover. 10.7 -8 + 4 Manufacturing employment (area) . 6,860 •• + Percent unemployed (area) . 6.5 + 26 + 3 SLATON: see LUBBOCK SMSA TEXARKANA (pop. 30,218) Retail sales SMITHVILLE (pop. 2,933) Automotive 1toree .. ... . . .. ... . .. . . + 12t + 81 -26 Postal receipta• ........S 2,112 + 8 -24 Furniture and household Bulldinlil' permits, less federal contract& S 100 -99 -96 appliance stores + 1t -15 Bank debits (thouaanda) . . S l,110 -14 •• Postal receipts• . . . $ 73,644 + 11 4 + End-of-month depoalts (thouaandaH.. $ 2,417 -1 8 Building permits, less federal contracts S 530,235 +362 +412 Annual rate of depoait turnover. 6.5 -11 + 6 Bank debits (thousands) ..... ....... . $ 64,715 8 -3 + End-of-month deposits (thouaands) U . $ 20,263 1 + 8 Annual rate of deposit turnover..... . 17.2 8 -10 SNYDER (pop. 13,850) Buildlnll' permit&, less federal contract. S 2,650 -98 -98 Bank debita (thousanda) . . . . . . . . .. . S 14,809 -17 -18 TEXAS CITY: see GALVESTON-TEXAS CITY SMSA End-of.month deposit& (thouaandali.. $ 19,289 + 1 -2 Annual rate of deposit turnover. 9.8 -21 -12 TOMBALL: see HOUSTON SMSA (pop. 92,3351; Smith2} Local Business Conditions City and item Nov 1964 Percent change Nov 1964 Nov 1964 from from Oct 1964 Nov 1963 Local Business Conditions City and item Nov 1964 Percent change Nov 1964 Nov 1964 from from Oct 1964 Nov 1968 TYLER WAXAHACHIE: see DALLAS SMSA Standard Metropolitan Statistical Area WEATHERFORD (pop. 9,759) Nonfarm employment ;area) . 32,750 •• + s Manufacturing employment (area) . 8,470 •• + 7 Postal receipts• $ 11,891 4 •• Building permits, less federal contracts $ 58,500 Percent unemployed (area) 3.6 + 16 + 2 -76 End-of-month deposits (thousands) t .. $ 14,803 + + 2 TYLER (pop. 51,230) Retail sales lt -s -5 Apparel stores + lt -13 -· 14 WESLA(::O (pop. 15,649) Automotive stores + 12t + 4 5 Postal receipts $ 97,995 -15 + 7 Postal receipts• .. .... .. $ 12,490 + 31 + 22 Building permits, less federal contracts $ 97,550 Building permits, less federal contracts $ 561,065 -46 2 -28 -54 Bank debits (thousands) $ 108,320 •• + 8 Bank debits (thousands) . . $ 7,243 8 + 8 End-of-month deposits (thousands) t. $ 73,052 -1 + 4 En1l-of-month deposits (thousands) t .. $ 7,705 + 2 + 11 Annual rate of deposit turnover. 17.6 -1 + 2 Annual rate of deposit turnover. 11.4 7 -2 Non farm placements 805 + 56 + 50 UVALDE (pop. 10,293) WHITE SETTLEMENT: see FORT WORTH SMSA Retail sales Lumber, building material, WICHITA FALLS and hardware stores. -5t -32 -3 Postal receipts• $ 14,987 + 67 + 69 Standard Metropolitan Statistical Area Building permits, less federal contracts $ 39,893 -22 -78 (pop. 140,8401; Archer and Wichita2) Bank debits (thousands) . $ 11,758 8 9 End-of-month deposits (thousands) t .. $ 8.470 Nonfarm employment (area) . 46,600 •• + Annual rate of deposit turnover . 16.2 6 Manufacturing employment (area) . 4,200 •• + Percent unemployed (area) . 4.1 + 21 VERNON (pop. 12,1.U) IOWA PARK (pop. 5,000r) Retail sales Building permits, less federal contracta $ 15,100 -52 -50 Automotive stores + 12t -1 -24 Bank debits (thousands) . . $ 3,215 -10 Postal receipts• .$ 13,455 + 23 + 3 -18 End-of-month deposits (thousands)*·. $ 4,388 + 3 + 11 Building permits, less federal contracts $ 11,382 -78 -88 Annual rate of deposit turnover..... . 8.9 -14 -19Bank debits (thousaads ) $ 14,007 -8 -17 End-of-month deposits (thousands) t. $ 19,308 •• -1 Annual rate of deposit turnover .. 8.7 -7 -16 Nonfarm placements 79 + 84 + 14 WICHITA FALLS (pop. 101,724) Retail sales -lt -7 + 7 VICTORIA (pop. 33,047) Automotive stores + 12t -so 8 Postal receipts• $ 44,395 -2 + 6 Furniture and household Building permits, less federal contracts $ 285,345 -44 -11 appliance stores + lt 8 + Bank debits (thousands) $ 68,585 18 6 General merchandise stores. ..t + 22 + 28 -+ End-of-month deposits (thousands) t $ 86,287 4 4 Building permits, less federal contracts $ 1.047,521 + 82 +115 Anr.ual rate of deposit turnover . 9.3 -16 + 4 Bank debits (thousands) ............. $ 127,278 •• + 9 Nonfarm placements 575 -4 + 14 End-cf-month deposits (thousands) t .. $ 101,771 •• •• Annual rate of deposit turnover . 15.0 •• + 9 WACO Standard Metropolitan Statistical Area LOWER RIO GRANDE VALLEY (pop. 153,1091; McLennan2) (pop. 352,0861; Cameron, Willacy, and Hidalgo2) Nonfarm employment (area) . . .. 53,100 •• + 2 Retail sales 1 -1t + Manufacturing employment (area) . 10,810 2 •• Apparel stores + 1t + 8 + 10Percent unemployed (area) . 4.1 + 8 -20 Automotive stores + 12t -6 -8 McGREGOR (pop. 4,642) Drug stores ...... ... . 4t •• + 18 Eating and drinking places...... • . Building permits, less federal contracts $ 11,800 -59 + 18 -5t + 4 + 2 Florists ....... .... .. . .. . ..... . . . . + 1 + 12 Bnnk debits (thousands) . . ... .$ 4,722 4 + 18 Food stores ........ . .. . . ... • . .. . .. ..t End-of-month deposits (thousands) t .. $ 6,261 6 + 7 s + Furniture and household Annual rate of deposit turnover. 8.8 + 6 appliance stores .. + 16 + 1t + 19 Gasoline and service stations . ••t + 6 -2 WACO (pop. 103,462) General merchandise stores. ..t + 18 + 88Retail sales lt + + 15 Lumber, building material. Apparel stores + lt + 8 + 16 and hardware stores . . . ...... . . • -5t + 2 + 10Automotive stores + 12t 8 + 22 Office, store, and school General merchandise stores ••t + 24 + 9 supply dealers •.. . . . ... ... . .. .. . + + 16 Postal receipts• $ 219,798 + 11 + 15 Postal receipts• + 5 + 4 Building permits, less federal contracts $ 761.875 -14 + 10 Building permits, less federal contracts + 86 + 45 Bank debits (thousands) . . . $ 124,477 9 + 6 Bank debits (thousands) . .. 8 + 8 End-of-month deposit• (thousands) t $ 84,902 2 + 11 End-of-month deposits (thousands) . + 5 + 7 Annual rate of deposit tul'nover . . 17.4 9 -4 Annual rate of deposit turnover . .. . . . 16.0 1l 24 TEXAS BUSINESS REVIEW BAROMETERS OF TEXAS BUSINESS All figures are for Texas unless otherwise indicated. All indexes are based on the average months for 1957·59, except where _in_di­cated;. all are adjusted. for seasonal variation, except annual indexes. Employment estimates are '!"exas Employment . Comm1s.s1?n data m cooperauon with the Bureau of Labor Statistics of the U. S. Department of Labor. The mdex of .Texas bu~1~ess acu~ity is based on bank debits in 20 cities, adjusted for price level. An asterisk (•) indicates preliminary data sub1ect to rev1s1on. Re\'lsed data are marked (r) . Data marked (§) are dollar totals for the fiscal years to date. Year-to-date average Nov Nov Oct 1963 1964 1964 1964 GENERAL BUSINESS ACTIVITY Texas business activity, index ..... ....... .. . . ... . Miscellaneous freight carloadings in SW District, index . Wholesale prices in U. S., unadjusted index .. . . Consumers' prices in Houston, unadjusted index . .. . .. . ..... . .... . . . Consumers' prices in U. S., unadjusted index . .... . ........ ... .. .. .. . 148.7• 79.6 100.7 107.3 108.7 150.6r 77.5 100.8r 108.5 135.9r 76.5 100.7 106.7 107.4 147.9 77.2 100.5 107.2 108.l 135.8 77.3 100.3 105.6 106.7 Income payments to individuals in U. S. (billions, at seasonally ad-juste4 annual rate) . . . . . . . . . . . . . ........ . Business failures (number) . . ... . ... .... .. . . .. . . Business failures (liabilities, thousands) ... ... . . .. . . .. .. . Newspaper linage, index ............ . Ordinary life insurance sales, index . . . . $ 502.0• 42 $ 9,597 115.0 171.6 $ 498.7• 58 $ 10,405 105.8 168.8 $ 473.8 47 $ l,933 101.6 155.2 $ $ 490.l 58 6,031 109.5 155.1 $ 462.5 51 $ 4,422 105.5 136.4 TRADE Total retail sales, index .... Durable-goods sales, index . Nondurable-goods sales, index . . . . .... Ratio of credit sales to net sales in department and apparel stores . Ratio of collections to outstandings in department and apparel stores 118.3• 128.4• 113.0• 65.6• 36.5• 127.2• 144.6• 118.I • 64.7• 31.8• 119.5r 136.5r 110.7r 66.9r 37.lr 68.2 33.2 69.0 32.6 PRODUCTION Total electric power consumption, index . . . . . . . . . . . .... . . . . . . ... . . . Industrial electric power consumption, index .... .. .... . . . . . . .. . . . .. . Crude oil production, index .. . .. . . . . . . . . ...... ... .... . .... . Average daily production per oil well (bbl.) . ...... . .. .. . . . . Crude oil runs to stills, index ..... . ....... . ... . . . .. . .. . . .. ........ . Industrial production in U. S., index ... . . ... . .. . . . . . . . .. . . .... . Texas industrial production-total, index ............ . . . . . .. . .. . . . . . Texas industrial production-manufacturing, index . . ............. .. . Texas industrial production-durable goods, index ....... .. .... . . . . . Texas industrial production-nondurable goods, index . . .. . .... . .... . Texas mineral production, index . . .......... ... ..... . .. . Cement shipments, index ..... . .. .. . ......... .. . .. ................ . Cement production, index ....... .. .... .. .... . .. . . ... . .... . . . .. ... . CCement consumption, index .... .. . . . .. ..... ... ......... . ...... .. .. . onstruction authorized, index .. . ..... . . ... . . . . . .. . . . ... . ....... . Residential building, index .. . . Nonresidential building, index . 167.9• 161.0· 95.0• 13.1 110.5 134.9• 129• 146• 140• 150• 106• 159.8 124.6 226.8 164.4• 151.9• 94.8• 13.l 115.9 131.7• 128• 144• 139• 148• 101• 129.1 125.5 134.8 120.4 117.9 117.2 I56.8r 142.3r 94.7r 12.9 114.3 126.lr 122r 138r 130r 144r !Olr 109.7 116.0 104.6 120.0 116.6 111.2 166.3 150.9 95.4 13.0 114.5 131.4 127 143 138 148 104 134.5 119,9 158.7 149.7 134.6 94.5 12.7 111.1 123.8 119 134 126 139 102 119..5 119.4 116.1 126.1 123.1 127.6 AGRICULTURE Pr~ces re~eived by farmers, unadjusted index, 1910-14 100 .. . .. . Pnc.es paid by farmers in U. S., unadjusted index, 1910-14=100 .... . Ratio of Texas farm prices received to U.S. prices paid by farmers . 238 313 76 236 312 76 256 311 82 245 313 79 260 312 84 FINANCE Bank debits, index ......... . ........ .. ........ . .... . . . ..... .. .... . 149.9 151 .8 136.9 148.6 136.2 Bank debits, U. S., index ........ . . . . . ..... . ....... . ..... . 169.5 168.8 150.6 164.0 150.0 Reporting member banks, Dallas Federal Reserve District: Loans (millions) .... . .. • ... . .. . .... . ... . ............... .. .... $ 4,284 $ 4,226 $ 3,903 $ 4,163 $ 3,658 Lo~ns and investments (millions) ....... . .. ... . . $ 6,401 $ 6,431 $ 6,069 $ 6,248 $ 5,806 Adjusted demand deposits (millions) .... .. .. . .... . ... . . . . .... . . $ 2,851 $ 2,940 $ 2,963 $ 2,837 $ 2,860 Reve~~e receipts of the State Comptroller (thousands) ... .. . . . . . . . . . Secunues registrations: Original applications: $153,299 $120,542 $158,334 $144,568 $135,741 Mutual investment companies (thousands) ... . ....... .. .... ... . . All other corporate securities: ............. .. . ....... .. . . ..... . $ 9,515 $ 7,278 $ 4,600 $ 17,843§ $ 6,415§ Texas companies (thousands) ... .. . .. . . .... ..... ....... . . . . $ 2,419 $ 23,671 $ 9,189 $ 33,677§ $ 9,231§ Other companies (thousands) .... . . .... . .. . .. . .. ...... . ... . $ 7,773 $ 4,358 $ 2,642 $ 14,625§ $ 6,283§ LABOR Manufacturing employment in Texas, fodex ........ . 110.0• 109.6• l07.6r 109.0 106.1 Total nonagricultural employment in Texas, index .... .. . .... . . . . . . . Average weekly hours-manufacturing, index ............ . .. . ....... . Average weekly earnings-manufacturing, index ..... . ..... . . . ...... . 112.4• 100.6• 117.7• 112.0r 101.2• 118.4• 109.3r 100.lr 114.3r 111.2 101.4 117.3 108.5 100.7 112.7 Total nonagricultural employment (thousands) ....... . . ... ... . .. . . . 2,793.l • 2,782.8r 2,717.4r 2,747.9 2,682.3 Total manufacturing employment (thousands) ....... . .. . . ..... . 532.9• 530.4• 520.9r 528.3 514.1 Durable-goods employment (thousands) . ... . .. . ....... . . . 263.7• 262.2• 253.0r 260.9 249.5 Nondurable-goods employment (thousands) . . ........... .. . 269.2• 268.2• 267.9r 267.4 264.6 Total nonagricultural labor force in selected labor market areas (thousands) . .. . . .... . .. . . ... . .... .. ... .. .... . . .. ...... . .... . Employment in selected labor market areas (thousands) .. .... . Manufacturing employment in selected labor market areas 2.543.6 2,380.1 2,518.1 2,368.8 2.475.8 2,307.5 2.499.3 2,341.7 2.442.4 2,267.7 (thousands) .... . .... . . ........ . ... .. .. . ... . .... ... . . Total unemployment in selected labor market areas (thousands) .. Percent of labor force unemployed in selected labor market 430.6 99.8 428.7 86.5 412.8 106.3 425.7 100.9 406.2 112.5 3.9 3.4 4.3 4.0 4.6 t:i .., c:! :: c:! r:n :j z ~ ~ r:n -:i 00 -:i ...... Nl .., ::i: t'l c:! z .... t:i ::< 0 "'I ~ ~ r:n t:i::I d I'd t: d 0 "%j t:i::I d rn z H t: ~ 0 ::i:: NOW AVAILABLE An Important Research Bibliography BIBLIOGRAPHY OF 1963 PUBLICATIONS OF UNIVERSI'l'Y BUREAUS OF BUSINESS AND ECONOMIC RESEARCH The 1963 publications of the 51 member bureaus of the Asso­ciated University Bureaus of Business and Economic Research are listed by institution, by subject, and by author. Many of these 534 separate publications are not included in commercial library indexes. $2.00 Order your copy from Bureau of Business and Economic Research University of Oregon Eugene, Oregon 97403 (Please make your check payable to: AUBBER) .,, 0 r:n .., 0 "'I "'I g > r:n r:n t'l 0 0 z 0 (.., s;: Vl r:n ~ > ~ t'l :: .., .., ::i: l'l > c:! r:n .., .... z .., t'l x > r:n