B JUNE 1965 u :rEXAS I N R E VIE s I I r:.HE LIBRARY A Monthly Summary of Business and Economic Conditions in Texas BUREAU OF BUSINESS RESEARCH: THE UNIVERSITY OF TEXAS TEXAS BUSINESS REVIEW VOL. XXXIX, NO. 6, JUNE 1965 Editor: Stanley A. Arbingast I 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 149: THE BUSINESS SITUATION IN TEXAS by Robert B. Williamson 162: TEXAS TEENS-A HALF-BILLION-DOLLAR MARKET by Philip R. Cateora 156: TEXAS RETAIL SALES IN APRIL by Francis B. May 168: TEXAS BANKERS LOOK AT INDUSTRIAL DEVELOPMENT by Robert B. Williamson 162: TEXAS BUILDING CONSTRUCTION AUTHORIZED IN APRIL by Robert H. Drenner 166: SECURITIES IWGISTRA TIONS IN TEXAS, FIRST-HALF FISCAL YEAR 1964-65 by Ernest w. Walker CHARTS, MAPS, AND TABLES 149: TEXAS BUSINESS ACTIVITY 160: TOTAL NONAGRICULTURAL EMPLOYMENT IN TEXAS 160: MANUFACTURING EMPLOYMENT IN TEXAS 160: SELECTED BAROMETERS OF TEXAS BUSINESS 161: TEXAS INDUSTRIAL PRODUCTION 161: BUSINESS ACTIVITY INDEXES FOR 20 TEXAS CITIES 162: TOTAL BIRTHS AND BIRTH RATES IN THE UNITED STATES AND TEXAS, 1946-1962 (SELECTED YEARS) 162: ESTIMATES AND PROJECTIONS OF THE POPULATION OF THE UNITED STATES BY AGE AND SEX, 1960-1986 163: CRUDE OIL PRODUCTION IN TEXAS 153: °CRUDE OIL RUNS TO STILLS IN TEXAS 163: NATURAL GAS PRODUCTION IN TEXAS 166: SECURITIES REGISTRATIONS IN TEXAS 156: ESTIMATES OF TOTAL RETAIL BALES IN TEXAS 156: Rm'AIL SALES TRENDS BY KINDS OF BUSINESS 166: CONSUMER PRICES IN THE UNITED STATES 167: POSTAL RECEIPTS: SELECTED TEXAS CITIES 160: TEXAS REGIONS 161: TEXAS INDUSTRIAL PRODUCTION, TOTAL MANUFACTURES 161: TOTAL ELECTRIC POWER USE IN TEXAS 161: INDUSTRIAL ELECTRIC POWER USE IN TEXAS 162: RESIDENTIAL BUILDING AUTHORIZED IN TEXAS 162: NONRESIDENTIAL BUILDING AUTHORIZED IN TEXAS 163: ESTIMATED VALUES OF BUILDING AUTHORIZED IN TEXAS 164: LOCAL BUSINESS CONDITIONS BUSINESS RESEARCH COUNCIL John Arch White, Dean of the College of Business Admin­istration (ex officw); 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, Charles T. Clark, Robert H. Drenner, Joe H. Jones, Ida M. Lambeth, Robert M. Lockwood, Charles A. Pieper, Robert H. Ryan, L. L. Schkade, Elizabeth R. Turpin, Joyzelle Wilke, Rob­ ert B. Williamson Research Assistant: Samir Fahmy, Kim Gaynor, Jackson Gilmore, Dennis Hiser, Otis Horton, Robert Wood Administrative Secretary: Margaret F. Smith Senior Secretary: Diana Rausch Senior Clerk Typist: Patricia Gable, Claire Howard, Carollin Mayes, Sharon Wheat Cartographer: Lois Leonard, Mary Paxton Library Assistant: Merle Danz Statistical Assistant: Mildred Anderson, Constance Cooledge, Leila Moore Statistical Technician: Doris Dismuke Clerical Assistant: Pamela Binkley, Ross Kammlah Offset Presa Operator: Robert Dorsett, Daniel P. Rosas The Bureau of Business Research is a member of the Associated University Bureaus of Business and Economic Research. Published monthly by the Bureau of Business Re h C0 II f B · · · 9econd-claaa posta11:e paid at Austin, Tnas. Conte t sefrcth' ~~ o. u~inesa Adm1'!1stration, The University of Texas, Austin, Texaa, 78712. oource will be appreciated. Subscription, ·SS.OO a ye::r; 0indi~td.:'a'i c~;~;~,n2~•c~:::... copyrighted and may be reproduced freely, Acknowleclament of THE BUSINESS SITUATION IN TEXAS by Robert B. Williamson Business activity in Texas continued to increase dur­ing April according to most of the statistical indicators, but the trends were mixed and the overall rate of ex­pansion was slightly less than in the first three months of the year. Early reports on Texas business during May also were mixed and suggested little change from April in the general level of activity. This apparent slight elowing of the expansion of business activity in Texas follows the national pattern, and the reduced rate of expansion for the nation during April and May was generally expected. National economic growth during the flrst three months of the year had been stimulated by special temporary inftuences--the attempts of automobile producers to make up for production losses caused by the industry's strikes last fall and the effort of steel users to build up stocks in advance of a May 1 steel strike dead­line (now postponed until September 1). The seasonally adjusted index of Texas business activ­ity fell back about 2% in April to 168.3% of the 1957-59 average following an unusually steep rise in the index during March. The April change in the index appears to have been no more than an erratic fluctuation, and the April level was second only to the record peak reached in March. Most other measures of general business activity in the state showed expansion during April. The seasonally adjusted index of nonfarm employment rose one-half of a percent, compared with an average increase of about 1% per month during the first quarter. The number of workers without jobs decreased more than seasonally in Texas, in contrast to a seasonally adjusted rise in na­tional unemployment. Unemployment as a percent of the labor force declined to only 3.4% in Texas. The cor­responding unemployment rate for the nation in April was 4.8%. Activity in the state's dynamic industrial sector in­creased in April despite a decline in durable goods pre):: duction. The index of Texas industrial production com- TEXAS BUSINESS ACTIVITY TOTAL' NONAGRICULTURAL EMPLOYMENT . IN TEXAS j957 1959 100 INDEX-ADJUSTED FOR Sf.HON.Al VARIATIO N­ 200 ~ SOURCE: Tu.. EmploynHnt Commlu lon. Data adju1ted for ttuonal variation by the Bureau o( Butlri•u Re1earch. NOTE: Shadid areu Indicate period• o{ decline of told bulineu activity in the Unit1d Sia.tu. piled by the Federal Reserve Bank of Dallas showed a gain of nearly 1 %, or about the same as the increase for the entire first quarter. Minerals production accounted for most of the April gain. National industrial production in April rose only frac­tionally after seasonal adjustment. The cutback in auto­mobile production to an annual rate of 9.4 million units, compared with a 10-million rate in March, and slower growth in metals production accounted for some of the slowdown in the national index, but a number of other industries reduced their rate of expansion. May auto­mobile production plans called for about the ~ame output as in April, after allowance for normal seasonal varia­tion, and it appears that actual May production was at this scheduled rate, or higher. Steel production, on the other hand, was generally lower during May following its peak in April. The indications of a slower growth in national activity SELECTED BAROMETERS OF TEXAS BUSINESS (Indexes-Adjusted for seasonal variation-1957-59= 100) Percent change Index Apr 1965 Year-to­date Year-ta­average date Apr 1965 1965 Mar average from from 1965 1965 Mar 1965 1964 Texas business activity . 168.3 171.0 163.9 + 13 Crude petroleum production 94 .l• 93.4• 94.3 + •• Crude oil runs to stills 113.7 112.5 112.6 + l -l Total electric power use 179.3 163.7• 167.6 + 10 + 10 Industrial electric power use . ' ' 165.7• 152.3• 157.0 + 9 + 10 Bank debits ' 171.2 173.~ 166.1 + 14 Miscellaneous freight carloadings in S. W. district 81.5 77.1 77.6 + 6 •• Ordinary life insurance sales 158.6 159.4 156.1 Total retail sales 137.8• 144.4° + 5 + 11 Durable-goods sales ''' ' .160.2• 184 .9• -13 + 16 Nondurable-1toods sales 126.3• 123.6• Building construction authorized 134 .3 118.5 121.l + 2 + 13 + 8 -8 New res idential 104.2 104.5 101.2 •• -16 New nonresidential 172.5 121.3 139.7 + 42 6 Total industrial production .. 131.8• 130.8• 130.7 Total nonfarm employment 116.5• 11'5.9• 115.7 Manufacturing employment 114.3• 113.2• 113.4 Total unemployment 79.6 89 .5 91.5 Insured unemployment 80.6 84.6 85.6 + 1 + 1 + 1 -11 5 + + 4 + 3 -11 -14 Averaa-e weekly earnings- manufacturing 120.0• 118.9• 119.1 Average weekly hours­ + 1 + 3 manufacturing 102.0• 102.4° 102.0 •• 0 Preliminary. ••Change is less than one-half of 1o/'c. 150 MANUFACTURING EMPLOYMENT IN TEXAS 200=,..-,--,.!!:IN'.!'.D~EXT-~MJ"'JU~9S::clc:..:19rS9_ S"'TE"'D:,.:FD,;:•rS::::fA::;SD::;.NrA'-lVi;A~'1A~T;.::10-"'N-f-1.:..:·· ;.::clOO'.,---.--,zOO 1954 '55 '56 '57 '58 '59 '60 '61 '62 '63 ' '64 '65 SOURCE: Tex&• Employment Com~iuion, pata adj111 ted for 1ea•onal varlulon by 1he 811ru11 or B111ine11 Renarch. NOTE: Shaded area• indicue period• of decline o! total b111ine11 activi1y In the United Statu. following the rapid expansion of the first quarter are, of course, important to the future pace of industrial and general business activity in Texas. Many observers feel, however, that the slowdown represents no more than a natural adjustment to the abnormally rapid expansion of the preceding months and that general business will grow at a slower but satisfactory rate during the re­mainder of the year. The economically strategic flow of new orders to the nation's durable goods manufacturers continued to rise in April, despite decreases in new orders for steel and automobiles. A rise in military orders led the overall in· crease. A major step-up in defense purchases would be especially significant for Texas with its important aero­space and other defense industries. Texas crude oil and refinery production accounted for much of the April rise in the state's industrial produc­tion. Both crude oil production and crude oil runs to stills showed seasonally adjusted gains of 1% over March. These increases were not enough to bring oil and refinery activity back to the levels prevailing at the end of last year, but the near-term outlook is for further gains. Texas crude oil production allowables permitted a small seasonally adjusted increase in output during May, and the actual rate of allowables was increased from 27.2% of capacity in May to 28.1 % in June, the first increase authorized in three months. The indicated increase in June oil production would be at a time when Texas oil output normally shows a seasonal decline. The June in­crease was authorized because of the industry's improved inventory position. National gasoline stocks in mid-May were down 4% from a year earlier. Advance indicators of Texas building activity moved up in April. Urban building permits showed a seasonally adjusted increase of 13% from March, led by a 42% gain for nonresidential building. The level of permits had been depressed during the first quarter and the April increase brought the level back to slightly above the average of last year. Nonresidential authorizations were at a season· ally adjusted level which was 172.5% of the 1957-59 average and 10% above the 1964 average. Texas residential building permits in April showed little change from March after seasonal adjustment and remained well below 1964 levels. Recent overbuilding of apartment units in the state's major cities continued to be a depressing influence on Texas residential construc­tion. Nationally, private nonfarm housing starts showed a seasonally adjusted gain for the second month in a row during April to reach a level only slightly below TEXAS BUSINESS REVIEW the 1964 average. Urban permits for housing in the ~tion reflected a seasonally adjusted decline in April, but another measure of residential building plans, the :F. W. Dodge Company series on contract awards for residential construction, showed the largest volume of residential projects for any month during April. The April recovery in Texas nonresidential construc­tion authorizations, which was led by a sharp rise for utilities construction, may represent a temporary fluctua­tion in this highly variable series, but it was consistent with expectations for a further expansion of business investment in new plant and equipment. According to the McGraw-Hill Company's latest survey of business plans, conducted in March and early April, the nation's businesses plan to increase expenditures for new plant and equipment this year 15% above the 1964 level. Among industries planning to increase expenditures by more than the 15% average are several which are important in Texas. Some of these and their planned expenditure increases are the chemicals industry (+26%), petroleum refining and related industries (+24%), food processors (+22%), and mineral producers (+22%). Influences which tend to support expectations of a further general increase in business investment spending include the sharp rise in corporate profits to a record level during the ftrst quarter and the government program to dis­ courage increases in foreign investments by American businesses in order to improve the nation's international balance of payments position. As a consequence of this program, a greater share of investment funds may be forced into domestic investment. Retail sales in Texas during April fell back to around their January and February levels on a seasonally adJUlted basis, following a strong gain in March. Automobile sales, which had accounted for much of the March advance, were largely responsible for the April decline. The volume of retail sales is not only of direct importance to retail merchants and consumers, but it also ia important aa an indication of the current level of gen­ eral business. In this light, the weakening of retail sales in Texas during April and the adjusted declines in na­ tional retail sales in both March and April take on an added and somewhat disturbing significance. It is true, however, that a slowdown in automobile sales was the principal factor in both the state and national declines and this waa not unexpected. During May, retail sales at automotive stores weakened somewhat further according to national sales data for the first three weeks of the month. During the May per- TEXAS INDUSTRIAL PRODUCTION• BUSINESS ACTIVITY INDEXES FOR Zt SELECTED TEXAS CITIES (AdiUBted for aeasonal variation-1957-59=100) Percent chanire Yar-to­date Year-to-......... date Apr 1965 1965 Apr Mar averaae from from City 1965 1965 1965 Mar 1965 1964 Abilene .148.2 188.0 186.9 + 4 + '1 Amarillo ... . 156.5 168.2 159.5 - 4 + 14 AUBtin ....... . 161.2 184.'1 169.9 -18 + 5 Beaumont ........ 168.S 165.1 157.1 + 2 + 14 CorpUB Christi ... .148.0 182.'1 129.7 + 8 + 7 Corsicana .. . 182.4 128.1 129.8 + 8 + 9 Dallas El Paso .204.8 ... . ...... 125.8 198.6 125.8 190.5 124.8 + 8 •• + 24 + 5 Fort Worth ' 126.4 188.9 125.2 6 + 5 Galveaton ......... 121.2 111.9 110.5 + 8 + 2 HoUBton .. . 175.0 172.8 169.9 + 2 + 10 Laredo . ... 160.2 149.6 158.8 + 7 + 9 Lubbock .... . 162.5 151.9 160.1 + 7 2 Port Arthur .108.6 100.0 104.2 + 9 + a San Angelo .127.8 San Antonio .. . .. .158.S 129.8 158.0 128.0 148.8 - 1 •• + 2 + 8 Texarkana 147.0 144.6 152.8 + 2 4 Tyler ... 186.7 Waco ...... .. ... .148.0 Wichita Falls ... . . 124.8 145.8 140.8 188.S 140.9 141.9 181.9 -6 + 2 -10 + 8 + •+ a ••Chanire is less than one-half of 1%. riod "these sales were about 11% above a year earlier, compared with a year-to-year gain of 14% during April. Total retail sales in the nation during the early part of May were running about 7% above a year ago, or close to the growth rate shown by seasonally adjusted esti­mates for April. Available data indicating general mer­chandise sales trends in Texas during May suggest that there may have been a slower actual growth rate in the state during May. Department store sales in the Eleventh Federal Reserve District, as reported by the Federal Re­serve Bank of Dallas, were running below year-ago levels during most of May, in contrast with the year-to-year gains shown by the April reports. April department store sales had received a special boost from Easter buying, however. Among the possible developments which would tend to encourage retail sales and general business activity dur­ing the second half of the year are the pending govern­ment measure to increase social security pension benefits beginning in July and the proposal to cut excise taxes. An April survey by the U. S. Bureau of the Census found that consumers remained optimistic about their buying power, and the rates of planned purchases of new auto­mobiles, major appliances, and houses continued as high as or higher than they were in January or a year ago. Prices have begun moving up at a somewhat faster rate despite the indications of some overall weakening of demand within the economy. The consumer price index for the nation rose in April to 109.3% of the 1957-59 average. This represents an increase of 0.3% from March and 1.4% from a year ago. The wholesale price index has moved up slightly more over the past year, and the chairman of the President's Council of Economic Advisers has stated that the number of announcements of price increases seems to be accelerating. However, it is believed that the indicated slowdown in the economic growth rate removes the threat of any serious inflationary pressures during the coming months. TEXAS TEENS ­A Half-Billion-Dollar Market Philip R. Cateora¥ In the United States there are 20,859,000 persons be­tween the ages of 13 and 19.t Over 5%, or approximately 1,190,000,t of these teenagers live in Texas, and a con­servative estimate would place their purchasing power at slightly more than $500 million annually, most of which will be spent on a limited variety of goods. The nation's entire teen population has about $10 billion to spend per year, and that figure is expected to increase to $21 billion by 1970. Nationally, as well as in Texas, the teenage phenomenon will continue to increase in importance as the 39,000,000 births between 1946 and 1963 (Table 1) swell the ranks of the teenagers for decades to come. Table 1 TOTAL BIRTHS AND BIRTH RATES IN THE UNITED STATES AND TEXAS, 1946-1963 (SELECTED YEARS) Births per Births per Year United States 1000 Texaa 1000 1946 . 8,411,000 24.l 180,042 25.0 1947 . ······· ··· ... 8,817,000 26.6 197,028 26.7 1948 ....8,637,000 24.9 196,379 25.8 1949 ·· ·· ······ · . 3,649,000 24.5 202,094 26.5 1950 .....3,632,000 24.l 212,581 27.6 1955 .. 4,047,000 24.6 240,161 27.5 1960 . 4,258,000 23.7 249,142 26.0 1961 ..... 4,268,000 23.3 246,444 25.2 1962 ... .......... . 4,167,000 22.4 246,500 24.4 1968 ....... 4,081,000 21.6 238,981 22.7 Source: For the 1946-1949 (U. S.) data, see Historical Statistics of the U. S.-Colottial Time to 1951; for the 1950-1968 (U. S. & Texas) data, see U. S. Department of Commerce, Bureau of the Census, Statis­tical Ab•tract of the Uttited State•, 1963, p. 58; 1964, p. 49. A result will be to make the nation the youngest, in terms of age distribution of the population, it has been since the early Civil War days; by the late 1970's more than 60% of the total population will be under 35. Texas, too, will become younger; already, 43% of the Texas population is 20 years or younger.1 A second and equally impressive effect will be the increase in new household formations as the first wave of war babies begins reaching 18, a peak marriageable age. This year, 3.7 million youngsters will turn 18 years old, an increase of a million over last year, and the number will keep mounting to a crest of 4.3 million in 1978-1979. These facts have added significance when the following figures are kept in mind: 1. Over 40% of all brides are teenagers. 2. More wives have their first child in their 19th yearthan in any other. 3. One out of six teenage wives has two or more children. 4. Today, the first year of marriage is a peak period •Assistant Professor of Marketing, University of Colorado. tAuthor's •stimate for 1964. 'July l, 1962 estimate of Bureau of Census, Current Population Re­po•·ts-Populati0tt Eatimates, Series P-25, No. 280 (March 2, 1964), p , 5. for the accumulation of automobiles, appliances, and home furnishings. This is in sharp contrast with 1generation ago, when careful planning and savins preceded, often by years, the buying of these itema. Table 2 presents a picture of what is going to hap­pen between now and 1985 to the population of the under­20 age group. Table 2 ESTIMATES AND PROJECTIONS OF THE POPULATION OF Tll UNITED STATES BY AGE AND SEX, 1960-1986 (In thousands) %IncN11 Aire Group 1960 1965 1970 1980 1985 1960-IBU MALES Under 5 .. . . 10,352 10,888 12,245 15,602 16,877 88.0 5-9 . .. 9,572 10,874 10,851 18,944 15,597 82.t 10-14 8,595 9,601 10,894 12,269 18,956 82.8 15-19 ....... 6,814 8,612 9,609 10,878 12,266 80.0 Total Male .. 35,333 39,425 48,099 52,688 58,696 89.0 FEMALES Under 5 .... 10,013 10,403 11,746 14,955 16,171 81.1 5-9 9,254 10,046 10,426 18,888 14,964 81.7 10-14 8,314 9,288 10,075 11,791 18,407 81.I 15-19 6,651 8,365 9,331 10,496 11,829 77.8 Total Female ....84,232 38,102 41.578 50,625 56,871 8'.8 Total Male & Female ......69,565 77,527 84,677 108,818 115,067 86., Source: For the 1960-1985 data, see U. S. Department of Comm­Bureau of the Census, Currettt Populati0tt Reports--Poptllatioft 18"­mates, Series P-25, No. 279 (February 4, 1964), pp. 6, 7. The teenager has become significant from a marketinr view in at least two capacities: as an immediate market and as a future adult consumer. The following discussion should be read in light of the preceding discussion of the growth of this group. The Teen in Today's Market In today's market, as has already been pointed out, teens have roughly $10 billion of discretionary income annually which they spend on a rather limited variety of goods. Teenagers have few obligations for their income, so they can spend their money much more freely than their parents can. Their income represents a combina­tion of allowance, gifts, and wages from summer, regular, and part-time jobs. Scholastic Magazines reports that since 1950 weekly spending money for teens has increased 300% from $2.50 to $10.00.2 How do they typically spend it? Gilbert Youth Re­search reports that the teen's dollar is spent in about the following ways:a "'1 U. S. Market-Youth," Printer•' lttk (Auirust SO, 1964), P· Z7. ' Ibid. TEXAS BUSINESS REVIEW B01JB Girls School lunches .. $.23 School lunches ......$.21 Sports . . . . . . . . .11 Clothing, jewelry . . .19 Dates .10 Movies, records . . . . .09 Snacks . . . .09 Savings . . . . . . . . . .09 Movies, records . . .09 School supplies . . .08 Clothing . . . . . . . . . . 07 Reading . . . . . . . .06 Snacks . . .05tr!f'supplies . :gi Sports .06 Reading . . . . . . .05 Grooming . . . . . . . . . . .07 Cars, gas . . . . . .04 Hobbies . . . . . . . . . . .02 Hobbies . . . . . . . . . . . .03 All other . . . . . . . . . .08 Grooming . . . . . . .02 All other . . . .04 Although the fact that $.09 of a girl's dollar is spent for movies and records may not appear impressive, when this is multiplied by the 11-million-or-so teen girls, a very impressive total emerges. For example, a recent study released by Seventeen Magazine reveals that teen girls--11,165,000 in all-spend $321 million a year for phonograph records. This means that only 6% of the nation's population accounts for 56.3% of the $570 mil­lion record purchases throughout the nation. Girls own an average of 55.1 singles and 22.3 albums each, and they listen to their 7,776,000 phonographs 88.5 million houn a week, an average of nearly 8 .hours a week per girl. Where do these girls buy their records? Everywhere : three out of four buy in record shops, a third in depart­ment stores as well, and a total of 1.3 million belong to record clubs. All in all, without teen girls record sales would be approximately $320 million less annually. How­ever, records do not take all a teenager's allowance. They are important buyers of grooming aids also, and a study recently conducted for Scholastic Magazines shows: 85% of the girls usea hair sprays; 73% used a hair dryer; 6'1Cfo had permanents; and 64% used safety razors.• Another study conservatively estimates that teen girls aeeount for about 20% of the female market for apparel and footwear to the tune of $4.2 billion annually; the girls spend another $450 million a year on cosmetics.5 In addition to clothing and grooming, Media/scope reported that a Chicago optical house sells more than half its contaet lenses to appearance-conscious 15-to-18-year-olds.s There is no denying the significance of the current teenage market. Surveys and reports in this vein are numerous; however, an equally important question is what today's teens will be like as adult consumers. Tomof'l'ow's Adult Consumer Last year, the first of the over 4 million births per J'l.l" that started in 1946 and followed in subsequent 7'&l8 began reaching 18, a peak year for marriages. What will happen to the consumer market when these millions and all those who follow assume the responsibilities of adult consumership? Unfortunately, there are no accurate ways to predict :-what ~e answer will be. But even though there may no precise answers, there are some interesting findings of recent research on which to speculate. 4111iL ~oath: The Frontier Market," Media/scope (June 1964) • pp. 77·78. ·-p. 78. rom: 1965 Today's teens are products of a prosperity that this country has -never known before. Today's teenager, unlike his depression-conditioned parents, knows prosperity and the rewards of economic opulence. Although the same level of success has not been achieved by the entire popu­lation, all economic levels have shared to some degree in this prosperity. The head of the family today worries less about whether or not there will be sufficient food, clothing, or housing, and more about the quality they have and in what quantities they will be consumed along with the many other luxuries available to today's popu­ lation. Our modern-day teens have more money to spend and more independence in how that money is spent. The net result is a teenager who is extremely optimistic about the future. Surely this experience will have its effect upon these teens as they become adults. An example of this may be found in a recent study of a group of teens to determine aspirations about their future homes (future homes were defined as those formed CRUDE OIL PRODUCTION I TEXAS NqrE: SN.ded atn• indin.te period• of decline o! total b1.uii:.eu activity in the Uniud SUtu. CRUDE OIL RU S TO STILLS IN TEXAS '""°".-.--....'l'-"ND'-"EXC.,.--"'lo!J"-' JUSTED FOR SEASONAi. VJ.RIAT/ON-1957-1959· 100 l 9 5 4 '5 5. '5 6 '5 7 ;;-'-;-:,5-;;-9---'-;­ . 6;:1...L,::--1-.,-3-1....,'.,..64-1-5 '76 2, 6;:, 6_J NOTE: $h.i.ded a re!i• indicate ~riods of decl ine o! total b-. .uineu activi!y in the Unite!! States. ATURAL GAS PRODUCTIO IN TEXAS '"'l!:~-~~~-JU~S~TE~DF~O~·~SE~.S~OTN~"--;;V~1-~·1~00'-,...--~­ lNDEX~~lo!J~ ~l"AT~IO~N~-~95~719~59~ NOTE: SM.ded areu indicue puiod1 of decline of total b\.uineu activity in tht: United Sta.tu . mmediately after marriage). It was concluded that "... A child-oriented society ... coupled with gen­eral economic prosperity, has produced a modern teen­ager too impatient to wait for years to accumulate the 'good things' of life. He will fully expect to start mar­ried life with nearly a house full of yesterday's 'lux­uries ' and the writer strongly suspects that should he be d~nied many of these items he would feel badly underprivileged."1 While a study of this nature can only be speculative, some insight may be gained by looking at the kind of consumer the teenager is today. Although he may change when faced with the responsibilities of adulthood, his ex­periences and behavior during the teen period will cer­tainly serve as an important frame of reference for fu­ture consumer behavior. The writer's research indicates that today's teens' criteria for product selection may be a break with the past. National brands have enjoyed for decades a repu­tation for being the most reliable source of product in­formation; yet, when a group of teens were asked when making first-time purchases of quality products whether they would depend for assurance of quality upon the reputation of a known retailer or upon nationally adver­tised brands, 43% said they would go to a store they knew and buy the item there, while only 29% said they would rely on a well-advertised brand for assurance of quality.8 These findings may be supported by an extensive study conducted by Young and Rubicam which, among other facts, revealed that: "Youth is cautious and conservative-a majority said they would rather wait until a new product had proved itself on the market than try it cold themselves. Boys and girls in the 16 to 17 age group proved to be the least daring." "Youth craves protection-41% said that advertisingcould seduce them into buying things they didn't really need or want, and 82% agreed that the Federal Gov­ernment should guarantee that all advertising is 'true and honest.' "D Does this mean that by the time teens have selected an acceptable brand they will be less likely to switch? Scholastic Magazines thinks so, and they suggest that by the time teens become adults, this "new generation" will already have acquired product preferences resulting from their teen experiences as consumers. They recommend two major steps to help insure continuing brand loyalty: (1) "Pinpoint your shoppers as a top priority prime market. Recogni~ them as an unprecedented' factor influencing major family purchases, rather than as sec­ondary targets of brand promotion." (2). "Time a program of sustained brand promotion to begm at the stage when the learning process is most acute. Create ~ran~ loyalt~es prior to early marriage -the peak penods m the life cycle for accumulation of durables."10 Further support of this hypothesis was gained in a recent report by Gilbert Youth Research, Inc., when it was found that there was some sustained brand loyalty, 'Cateora, P. R .. At1 Anal111ia of the Teet1age Market (Austin Texa•· Bureau. of Business Research, The University of Texas; St~diea i~ Marketinir No. 7, 1963), p. 56. 'Ibid., pp. 98, 99. ..'Youth: The Frontier Market."' p. 74. '"The New York Time1, March 2, 1964, p. 28. especially among older teenagers, over a period of years. Gilbert's study .consisted of two groups--0ne 8-to-14 years old and the other 15-to-19 years old. He asked each group in 1954 what brands of cameras, typewriters, and fountain pens they had last bought. In 1963, nine years later, he went back to these same groups and again asked what brands of each of the same items they had most recently bought. There were some startling differences between the groups; of the younger group, only one-third had bought the same brand in 1963 that they had pre­ferred in 1954, but 52% of the older group had remained loyal to the same brand over the nine-year period.11 Based on these and other findings, Gilbert advises adver­tisers to concentrate on older teenagers if future sales and brand loyalty over the years are the main objectives of their promotional program. A Question for Texas Business A question Texas businessmen interested in this mar­ ket might ask themselves is whether they are effectively reaching this future market both for its immediate po­ tential and for what may be an equally important adult market tomorrow. This is a question that should be in· vestigated by the smallest store owner to the largest manufacturers who have something to offer these future "new consumers.'' Fortunately, this market can be effectively reached with a promotional message. In an article in the June 1964 issue of Media/scope, a rather complete listing of available media, including television, radio, newspaper, direct mail and magazines, with information on their selected audiences, indicates that a good supply of special­ ized media is available to reach the teen market.12 Of interest to the smaller business whose promotional range is local rather than regional or national is the success of a national firm specializing in direct mail to teenagers, Teen-Mail, Inc., of Chicago. Teen-Mail, a package mailing to teenagers in selected age groups, con· tains a variety of offers and promotions of noncompeting products and services. Past issues have included promo­ tions from such firms as Clairol, Armour's, Princess Dial Soap, Capital Records and Look Magazine. In addition to the advertisements, each issue has considerable editorial content of special interest to teens in order to present a package with maximum interest and impact. The results from this type of promotion have been quite encouraging, and a recent study of Teen-Mail's audience indicates that the packages have been received very well with an overwhelming majority requesting to be placed on a mailing list that would insure continued receipt of Teen-Mail. Most of those who support direct mail to teens feel that one of its greatest attractions is that young people, who get so very little mail addressed di· rectly to them, are especially receptive and excited when something arrives for them personally. Furthermore, the teens' biggest challenge is to grow up and be accepted as adults-direct mail is one means of conferring adult recognition. To the smaller businessmen direct mail on a local basis may be an effective means of reaching their share of the billion-dollar market. 11"Teenagers: What Kind of Consumers?" Priflter1' lnl< (September 20, 1963). pp. 67-71. "'"Youth: The Frontier Market," pp. 72-91. SECURITIES REGISTRATIONS IN TEXAS, FIRST-HALF FISCAL YEAR 1964-65 by Ernest W. Walker• The Securities Act enacted in 1957 sets forth four pri­mary functions for which the Securities Board is re­sponsible: (1) registering by qualification, notification, or coordination all securities offered for sale in Texas except those specifically exempt; ( 2) licensing sellers of securities (persons as well as corporations); (3) regulat­ing advertising and other methods used to sell securities; and (4) preventing violations of the Securities Act. Jn performing the first function, the Commissioner, with the assistance of the staff of the Securities Regis­tration Division, examines and evaluates all applications for registration of securities designated for sale in Texas. While many securities are exempt from registration, it may be assumed that all securities offered by public so­licitation or advertisements in the primary securities mar­ket by a profit-making firm are required to be registered by one of the three methods mentioned above. The number and dollar volume of registrations at any one time in Texas are affected by many factors and fluctuate widely from period to period. The dollar volume of securities registered reached its peak in the year ended August 31, 1961, when the Commissioner approved original applications amounting to $286.5 million, an in­crease of 47% over the previous year. During the next two years, however, the volume of securities authorized for sale declined substantially; i.e., the volume declined to $256.8 million in 1962 and $151.4 million in 1963, an overall decline of 58%. It is apparent that economic con­ditions in 1964 were such that the demand for new securi­ties greatly improved. To illustrate, in that year the Com­missioner approved for sale securities amounting to $216.4 million, an increase of 43% from 1963. The wide fluctua­tion in the total amount of securities approved by the Securities Commissioner during this five-year period in­dicates that this particular activity is affected strongly by numerous forces. During the second quarter of 1965 the volume of se­curities registered by the Commissioner continued the upward movement begun in 1964. For example, the Com­ 0Prof-r of Finance, The Unlvenlty of Texu. missioner authorized for sale in Texas $69.3 million in all types of securities during the second quarter of 1965, an increase of $6.8 million or 4.9% over the first three months. If this rate of growth continues throughout the remainder of the year-and presently there is no reason to believe that it will not-the total volume of securities authorized for sale will approximate the volume approved in 1961, the year in which the greatest amount of securities was authorized for sale in Texas. The securities registered by mutual investment com­panies accounted for the growth during the second quarter; in fact, securities registered by all other com­panies experienced a decline. To illustrate, securities registered by mutual investment companies increased by 163% but "all other securities" decreased by 51%. A like pattern existed in 1963-64, which is largely explained by the fact that business firms do not like to enter the market in December because of the holiday period. It should be pointed out, however, that the amount of se­curities registered by companies other than mutual in­vestment companies in the second quarter of 1965 was 26% higher than in the like period for 1964. While several reasons may be used to explain why Texas has become one of the leading markets for securi­ties, the following two seem to be the most important. First, as a result of increasing business activity indi­viduals and institutions in this state have become a very important source of funds for business firms not only in Texas but for other parts of the United States as well. Second, the cost of equity capital has declined during the past two years, thus creating a favorable environment for the sale of securities. While there are no data on the cost of capital for Texas companies, there is ample evi­dence from a national standpoint that supports this trend. For example, the average price-earnings ratio of the firms which make up the Dow Jones Average has increased, which means that firms are able to raise "cheaper" funds by selling stock to the public.1 '-One method of ascertaining the cost of equity capital ia to divide the market price into earnings per share. As the price-earnings ratio in­creases. the cost of equity capital declines proportionally. SECURITIES REGISTRATIONS JN TEXAS (By fiscal years---thousanda of dollars) Percent change 1964-65 Second quarter First quarter 1963-64 Second quarter First quarter Firat half 1964-65 from First half 1963-64 Number Amount Number Amount Number Amount Number Amount Number Amount Seouritis Retriatrationa: Orlsinal Applicatlona: Mutnal Investment Companis..... All Other Corporate Seeuritiee: Texu Companiee .. ... ········· · ····· Other Companiee ........ .. ...... Total .... .... .. ··············· ·· Ilesbtrationa Renewed: Mutual Investment Companiee . .. . . ... . Other Corporate Sec:uritlee ...... . ...... 25 10 36 71 32 3 $46,845 12,192 10,294 69,831 15,544 690 19 20 32 71 45 9 $17,843 33,677 14,625 66,145 36,763 3.228 19 10 31 60 34 8 $25,455 6,839 10,944 43,238 16.145 1,976 13 13 37 63 42 6 $ 6.285 10.625 10,281 27,191 36,860 2.281 37.5 103.8 30.4 162.6 17.4 15.4 92.4 1.3 -1.3 -14.3 -8.0 Total SS 16,234 54 39,991 42 18,121 48 39.141 -1.1 -1.8 ··········· ·················· ..Chanae la leea than one-half of 1%. TEXAS RETAIL SALES IN APRIL by Francis B. May After forging ahead 3% in March, seasonally adjusted retail sales declined 4.6% in April. The decline resulted from a sharp drop of 13.4% in sales of consumer durable goods. Automotive stores, whose sales make up a sub­stantial part of total sales of consumer durables, were primarily responsible for the decline. April sales by au­tomotive stores fell 11 % instead of showing the tradi­tional seasonal rise, which averages 8%. Sales by motor vehicle dealers declined 14%. The slowdown in automobile sales growth is national. Although sales are still at a high rate, each month of this year has seen the month-to-month percentage rate of sales for the United States gain a little less than in the preceding month. April sales were 6% above March before seasonal adjustment. Division of the sales data by the seasonal adjustment factor showed that April sales were down a contraseasonal 1.5% from March. National declines are frequently less than regional ones, because divergent sales trends in different sections of the nation partially cancel one another. ESTIMATES OF TOT AL RETAIL SALES IN TEXAS (Millions of dollars) Percent change Type of store Apr 1965 Jan-Apr 1965 Apr 1965 from Mar 1965 Apr 1965 from Apr 1964 Jan-Apr 1965 from Jan-Apr 1964 TOTAL ........$1,239.0 $4,748.0 -s +10 +n Durable iroods• . 505.8 1.918.6 -8 + 9 +is Nondurable goods 733.2 2,829.4 + 2 +10 + 8 •ContA.ina automotive stores, furniture stores, and lumber, building material, and hardware stores. A consensus of opinion of automotive market analysts views the prospects for sales during the second half as being less exuberant than the record 9.2-million-car rate anticipated for the first half of the year. Usually, auto­mobile sales rise during the months immediately prior to the vacation travel season, peaking in June. Thereafter sales decline until introduction of new models in the fall revives consumer interest. Years in which new models undergo major changes in styling and improvements in performance usually achieve major increases in sales. The 1966 models will not be major departures from 1965 ac­cording to current opinion of the automotive frater~ity. Rather, they will be mostly "face-lifted" versions of the ~965 models. There will be few cars with major changes m style. Sales for the coming model year are expected to be a few hundred thousand units under the 8.8 million expected for the current model year. The cut in excise taxes is expected to have less effect on consumer income than the increase in social security taxes for 1966 of $5 billion. Social security taxes fall solidly on the in­comes of those consumers with the highest propensity to spend. Even if less optimistic expectations are realized next year will still be a good one for the automobile industry. ~a~es of 8.5 million units represent a high level of ac­t1v1ty. Forecasts of sales are based on the amount and RETAIL SALES TRENDS BY KINDS OF BUSINESS ·Percent chan11e Normal seasonal• Actual Jan-Apr Number of reporting Apr Apr 1965 Apr 1965 /!~establish-from from from Jan-Apr Kinds of business ments Mar Mar 1965 Apr 1964 1984 DURABLE GOODS Automotive stores .. . . .. .. 412 + 8 -11 +10 +u Furniture & household appliance stores .193 •• + 1 + 7 + 6 Lumber, building material, and hardware stores .. . 278 + +10 + 8 +a NONDURABLE GOODS Appare) stores ........ ... 334 + 7 +s2 +so + 2 Drugstores 219 -6 -S + 6 + 4 Eating and drinking places ... 183 -1 + 4 + 7 +a Food stores .......... .. .. 423 -6 -6 + 4 + 1 Gasoline and service stations .... .. ......... 596 - 1 -1 + 8 .. General merchandise stores ... . 330 + 7 +16 +17 + 2 Other retail stores . .. 297 + 1 + l + 9 + 8 *Average seasonal change from preceding month to current month. • •change is less than one-half of 1o/o. direction of change of statistics of population, incomes, scrappage rates for old cars, and the number of cars per family. Past trends in these data extrapolated into 1966 indicate that sales of 8.2 to 8.3 million would be normal. Changes in the rate of activity of the automobile in­dustry have a strong impact on the level of activity of the national economy. In the week ended April 17, sales by automotive stores were 20.8% of total retail sales. The decline in sales of automotive stores was partly offset by greater than seasonal increases in sales by fur­niture and household appliance stores and by lumber, building material, and hardware stores. Seasonal factors are neutral with respect to sales by furniture and house­hold appliance stores between March and April. That is, the value of the seasonal adjustment factor does not change between the two months because, typically, sales of furniture and household appliances are at the same level in April as in March. In April, sales of these stores rose 1 % to a level 7% above April 1964. Sales of lumber, building material, and hardware stores rose 10% in April. The usual seasonal upswing in April is 3%. Sales by farm implement dealers rose 12%. Farm equipment manufacturers and dealers are experiencing CONSUMER PRICES IN THE UNITED STATES r;w;,--,--,.!!:IN"°OE'-"XT-'°'AO"'JU~S:;,.TE;;.D~~I N=r1-'-'95"'7"-'19r59c:_·:.!OIOOT-0-1200 fORrSE~A~SO~NrA!....V:_-,•;RIA~f!;:IO:!!­ 200~~ t~ :~>~ ~~ ~~~ 150 100 50 ~~f ~~ 0 0 ~${ u~ l9H ·55 '56 '57 '5!1 '59 '60 "61 '62 '63 "64 '65 NOTE: Shaded arell• ind1cille period• of decline u{ 1ou.l buuneu activity In 1he United Stuo. TEXAS BUSINESS REVIEW their fourth straight year of good busiuess. This does not mean that every dealer in every community is doing a bumper business but that, nationally, this is the gen­eral case. New and improved equipment has resulted in increased sales. Production efficiency continues to soar. One farm worker can supply in excess of 30 persons today with their food requirements. During the 1930's the number was approximately ten persons. Prior to World War I a farm worker could supply food for fewer than eight persons. This has required a large investment in equipment. It is expected to be about $2.4 billion this year. Reference to cumulative data for the January-April period show automotive store sales to be 14% ahead of the comparable 1964 period. Furniture and household ap­ pliance stores had cumulative sales 5% above those of the January-April 1964 period. Lumber, building material, and hardware stores experienced a sales increase of 3 % over those of January-April 1964, with farm implement sales making a major contribution to the increase. Seasonally adjusted sales of consumer nondurable goods rose 2.2% in April. Easter sales boosted results for ap­ parel stores 32%, a substantial increase over the season­ ally anticipated increase, which averages 7%. Cumu­ lative sales of apparel stores were 2% above January­ April 1964 sales. Sales by drugstores declined 3% in April. This was less than the usual 5% decline. Cumulative sales were 4% above those of the January-April 1964 period. Cos­ metic sales have assisted the steady increase in sales of drugstores. Population growth, the increasing number of families with annual incomes above $10,000, and more leisure time have all spurred growth in this multibillion­ dollar industry. It seems certain that 1965 will be another record year for cosmetics and toilet goods. Eating and drinking places usually have a 1 % decline in sales in April. Instead of declining, sales rose 4%. Cumulative sales rose 3% over January-April 1964 sales. April sales of food stores declined 6%. This was slight­ ly more than the usual 5% seasonal drop. Cumulative sales were 1% above January-April 1964 results. Sales by gasoline and service stations showed the usual 1% seasonal decline in April. They were 8% above April of last year. Cumulative sales were abreast of 1964 re­ sults. Sales of service stations are an important part of total retail sales. Nationally, service station sales for the week ending April 17 were 7% of total retail sales. This figure, added to the percentage for automotive store sales, gives a total of 27.8% of total retail sales, which represents the contribution of automobiles, accessories, gasoline, and lubricants to the total. The automobile own­ er is a very substantial contributor to the overall level of business activity. Sales of general merchandise stores were favorably in­ fluenced by Easter buying, rising 16% instead of the usual 7%. April sales were 17% above the year-ago level. Cumulative sales were 2% above January-April 1964. Department store sales rose 14% in April to a level 15% above April 1964. Cumulative department store sales were 3% above those of the January-April 1964 period. Sales by other retail stores rose a seasonal 1 o/o. This group includes florists, nurseries, jewelry stores, liquor stores, and office, store, and school supply dealers. Total sales for this group were 9% above April 1964. Cumu­ .JUNE 1966 lative sales were 3% above those of the January-April 1964 period. Declines in sales by office, store, and school supply dealers largely offset gains in other categories of this group in April. Reference to city sales shows that Dallas retail sales declined less than seasonally. The usual decline is 3%. Sales fell only 1%. January-April sales were 6% above the comparable 1964 period. Fort Worth sales gained 3% in April instead of drop­ping the usual 2%. Cumulative January-April sales were 3% above the comparable 1964 period. Houston sales were up 5% instead of showing the customary 4% April decline. Cumulative January-April sales were up 8%. San Antonio sales held steady at the March level instead of dropping the usual 6%. Cumulative sales were 3% above the January-April 1964 total. Many other towns and cities, however, showed greater­than-seasonal declines in April, contributing to the overall state decrease. POSTAL RECEIPTS SELECTED TEXAS CITIES Mar 27, 1965­ Mar 27.1965­ Apr 23, 1965 from Apr 23, 1965 from Mar 27, 1965­ Feb 27, 1965­ Mar 28. 1964­ Classification Apr 23, 1965 Mar 26, 1965 Apr 24. 1964 Alvin . . $10,212 + 6 + 23 Angleton 8,958 -7 + 24 Ballinger 4,868 -14 + 9 Belton 15.370 -25 + a Carrizo Springs 3,431 + 22 + 16 Carthage 6,217 3 -7 Childress 6.425 + 5 + 6 Cleveland 5,555 7 + 11 Coleman 7,484 + 3 + 14 College Station 20.034 -12 + 10 Columbus 7,619 + 84 + 57 Commerce 7,345 -9 6 Crockett 6,367 + 4 + 5 Cuero 5,728 -21 -7 Dalhart 5,681 -4 El Campo 10,916 -7 + 5 Electra 4,091 -24 + 11 Falfurrias 4,763 -9 + 7 Freeport 16,802 -23 3 Galena Park 6,837 -7 4 Gilmer 5,414 + 4 3 Gonzales 5,879 -15 8 Groves 8,359 + 22 + 19 Hearne 3.794 -20 -4 .. Hempstead 4,952 + 2 Hillsboro 7,696 -7 -12 Hurst 10,067 + 4 -14 Kenedy 4,639 + 20 + 1 Kermit 7,420 -20 -11 Kerrville 18,096 + 8 + 27 La Grange 6,729 + 36 + 30 Lake Jackson 9,042 + 51 + 46 Marlin 8,844 + 12 + 10 Mathis 2,599 3 + 15 N avasota 6.073 + 6 -2 Perryton 8,839 + 2 -3 Pittsburg 3.558 -19 -24 Port Lavaca 10.337 -2 7 - Refugio 4,801 + 18 + 4 Rusk 5,786 -2 Seminole 5,059 16 -+ 2 Ta ft 2,762 + 2 1 Wharton 2,021 5 + I Winnsboro 4,430 + 3 -5 Yoakum 17,642 + 8 + 13 ••Change is less than one-half of l 'l<. TEXAS BANKERS LOOK AT INDUSTRIAL DEVELOPMENT Robert B. Williamson Most bank presidents in Texas have a fairly high opin­ion of the importance of efforts to encourage the expansion of industry and general business in their communities. Most of them also have a fairly high opinion of the ef­fectiveness of the industrial development programs con­ducted by banks, utilities, and business groups. Although only a few Texas banks have formal industrial programs, a significant proportion of the bank presidents are per­sonally engaged in various types of industrial develop­ment activities within their communities. Bankers are in a strategic position to observe and to appraise the various kinds of industrial development pro­grams operating in Texas. Of course, bankers also have a considerable direct influence on local industrial develop­ment in their positions as lenders and as community leaders. Because of their key role as observers and par­ticipants, a representative group of Texas banking leaders were asked what they thought about the various types of development programs and what they were doing and thinking about industrial prospects in their own comm uni ties.• Types of Industrial Development Programs Texas probably has about 700 to 800 organizations with active programs to attract new industry or to other­wise directly promote the expansion of general business within specific areas. Included in this number are the chambers of commerce that have active industrial de­velopment departments or committees, local nonprofit in­dustrial foundations which help provide industrial sites ~nd fa~ilities, public utility companies, railroads, private mdustnal parks, other private businesses, city and other local ~overnmental organizations with programs to pro­mote mdustry or tourist trade, the state government's Texas Industrial Commission and Texas Tourist Devel­opment ~gency, and various federal government agencies ~ngaged m development programs within the state. Also mcluded are about a dozen commercial banks which can be considered as having formal industrial development programs. Of course, the total num'ber of separate pro­grams in all the towns and areas of the state is much l~rger than the number of development organizations, smc~ se~eral of th~se organizations have programs op­eratmg m or affectmg many communities. A si~ilar array of organizations in other states are competmg to attract and expand industry for their own areas. More than 14,000 development organizations were reported in existence in the United States a few years ~go. Excluding federal government expenditures, spend­mg to promote local and regional development totaled n oThe presidents or chief executive officers of the 2!) IRrgest banks and saedmple of one out of five of the presidents of the other banks were ask to <"Omplete a mail t· · R r ques 1onmure. e<1uests were sent to 238 out ~ t~~ l ,~<)9 C'ommercial banks in the state. Replies were received during Prl Rn May, 1%4. One hundred and thirty or 54c1 f th sentative R'rO r b k I • /( 0 e repre- I t , b kls up o an eaders responded to the re<1uest. The respond-en s an Recounted for over 40o/o of all bank deposits in Texas. over $200 million a year. Federal government programs which assist local area development throughout the nation include Small Business Administration loans to small businesses; the Small Business Investment Corporation program ; the Area Redevelopment program ; various pro­grams of financial assistance to communities for urban renewal, public housing, and other public facilities; and the Farmers Home Administration and other agricultural credit programs. In addition, the government's new anti­poverty program provides worker-training programs and development grants to local areas. Some other states also use various kinds of statewide development programs not used in Texas to compete for industry. Among these are privately owned statewide credit corporations; authorizations for municipalities to issue bonds for the purchase of sites and facilities for lease or resale to industry; state government development authorities using public credit to acquire industrial sites and facilities, to make loans to industry, and for other development financing; state government industrial loan guarantee programs; and state tax concessions to new industry. In their appraisal of the effectiveness of industrial de­velopment programs of different groups, the bankers gave their highest rating to the programs of electric and gas utility companies. The bankers gav~ their next highest rating to the programs conducted by business groups, such as chambers of commerce, industrial committees, and industrial foundations. They also had a fairly hirh opinion of the effectiveness of bank industrial develop­ment programs. An "average" rating was given to the programs of city governments, state government agencies, railroads, and some miscellaneous private businesses. The opinions ex­pressed regarding state government agencies were not about any specific Texas programs but referred to de­velopment programs of state governments in general. The bankers had a fairly low opinion of the effectiveness of federal government development programs. The president of one of the larger banks expressed the view that: "Major firms are reluctant to seek assistance from federal, state or local governments in the matter of industrial development. The confidence of banks, utility companies, and railroads is regarded highly; and there­fore, we have found that the majority of companies seek· ing a plant location usually work closely with these three classifications of business." On the other hand, the pres­ident of a smaller bank in the same city felt that there definitely was a place for government programs to par­ticipate with banks in meeting the financial needs of new and small firms. A division of the survey replies into different groups revealed some interesting differences of opinion. The re­plies were divided by bank location between those in and those outside standard metropolitan statistical areas and by location among three broad regions of the state. Spe­cial tabulations were made of the replies from the presi­dents of the largest banks in the metropolitan areas and of the replies of bankers in small towns (under 7,500 population) outside metropolitan areas. The latter were divided between the small towns which had gained popu­lation in the previous decade and those which had lost population. The different groups of bankers generally agreed in their ratings of the effectiveness of the various kinds of programs. However, there were some important differ­ences of opinion about a few of the programs. Bank in­dustrial development programs were rated "fairly high" by most of the bankers but were rated only "average" by bankers in the Gulf Coast region. Bankers outside metropolitan areas and bankers in West Texas ranked the programs of "miscellaneous" businesses higher than did the other groups. Notable among the miscellaneous busi­nesses receiving favorable comments were telephone com­panies and individual builders. Federal government de­velopment programs were rated somewhat higher by bankers in metropolitan areas than by their counterparts 1>utside metropolitan areas. The two types of development programs which ranked highest in the opinion of bankers-the programs of utili­ ties and business groups-were also the kinds of pro­ grams that the greatest number of bankers were aware of having in their own areas. Nearly three-fourths of the bankers responding in the survey reported industrial development programs of chambers of commerce, indus­ trial foundations, and other similar business associations operating in their areas. Electric or gas utility pro­ grams were reported by over one-half the responding bankers. Somewhat more than one-third reported federal government and railroad company development programs in their areas. Between one-fourth and one-third reported knowledge of bank programs and of state and local gov­ ernment development programs operating in or affecting their communities. Metropolitan areas appear to have relatively more programs of all types and, among the small towns outside metropolitan areas, those which gained population from 1950 to 1960 have relatively more programs in operation than those which lost population. The industrial foundation is a specific program or tech­ nique of business groups that is used widely throughout Texas. Industrial foundations typically are community­ sponsored nonprofit organizations which provide sites and facilities for sale or lease to industry and which may provide loans and other assistance to encourage local industrial development. A recent study published by the Texas Industrial Commission listed 182 such organiza­ tions in Texas. In the survey of bankers, about 40% of the respondents (or about 20% of all bankers in the sample) reported an industrial foundation in their area. About the same proportions of bankers in and outside metropolitan areas reported industrial foundations in their communities. However, this somewhat overstates the extent of foundations in metropolitan areas since the sample of metropolitan area bankers included more than one banker in some of the major cities. Consequently, there were some instances of multiple reporting by dif­ ferent bankers of the same industrial foundation in the metropolitan area cities. Among the small towns outside metropolitan areas, those that had a population gain dur­ ing the 1950's reported relatively more industrial foun­ dations than did those that lost population. However, the 1950-1960 population growth of these towns cannot be JUNE 1965 attributed to their having relatively more industrial foundations, since a large majority of these foundations were not operating prior to 1958. By region, the use of industrial foundations appears to be most prevalent in Central and East Texas and least prevalent in the Gulf Coast region. The use of industrial foundations to encourage local industrial development was favored by a large majority (80%) of the bankers cooperating in the survey. The region with the greatest concentration of foundations, the Central and East Texas region, had the greatest pro­portion of bankers favoring this industrial development technique. Texas bankers are less enthusiastic about some other industrial development techniques-governmental financ­ing aid and tax concessions-which have been formally adopted by state and local governments in other states. However, based on the weighted replies of the bankers expressing an opinion in the survey, those favoring state and local government financing assistance and tax conces­sions to encourage industrial development outnumbered by small margins those who were opposed. Fifty-two per­cent of the bankers replying in the survey favored state or local government financing assistance to new or small industry, 39% were opposed, and 9% of the responding bankers did not reply to this particular question. Forty­five percent were in favor of state or local governments giving special tax concessions to encourage development, while 44% were opposed, and 11% did not reply to the question. The small margins by which responding bankers fa­ vored these governmental techniques should be inter­ preted with caution. The bankers who stated that they were in favor of these governmental activities represented only about one-fourth of the total number of bankers in the sample. The bankers who did not return their questionnaires about industrial development probably are generally less interested in all types of industrial de­ velopment programs than are those who responded. There­ fore, it seems safe to assume that, among all bankers in the state, those who definitely favor state and local government financing aid and tax concessions are out­ numbered by those who do not favor such programs. The greatest degree of opposition to government financ­ ing aid was recorded by bankers in metropolitan areas and in the Gulf Coast region. The greatest opposition to tax concessions was found among the presidents of the largest banks in the state. A more sympathetic feel­ ing was shown by this latter group toward the idea of financing aid by state and local governments. A rela­ tively favorable attitude towards both financing assist­ ance and tax concessions was shown by bankers in small towns which had experienced population declines. Re­ sponding bankers in the Gulf Coast region also tended to favor tax concessions,. in contrast to their opposition to government financing aid. Undoubtedly, some of the bankers are opposed to government financing assistance as a matter of political principle. The president of a large bank in the Gulf Coast region stated, "I think it unwisel for the state or local government to embark on a program of financing industry as a way of bringing about industrial develop­ ment. This places municipal or state government in com­ petition with the private sector of our economy and, in my opinion, is an inappropriate use of governmental funds." A need for additional ways of meeting the financial requirements of new and small firms was seen by nearly 30% of the bankers replying in the survey. As might have been expected, a smaller proportion of the bankers in metropolitan areas saw a need for additional financ­ing in their own communities. The indication of need was greatest among the small towns with declining popula­ tions. The Gulf Coast was the region with the greatest proportion of bankers reporting a need for additional financing. Bankers who saw a need for additional financing were asked to suggest desirable ways of meeting the need. Most of their suggestions could be grouped under the following classifications: more long-term financing (sourc­es not specified) ; greater use of government programs; TEXAS REGIONS LEGEND c:::::J Standard metro politan statistical areas. ._..._...,.,_,_,_-""' NOTf: The region• reprH•nt comhinationt of economic sub-,egions as defined by the U.S. Bureau of the Census. more local public support and greater use of local in­dustrial foundations; and greater alertness and coopera­tion among lenders. A majority of the bankers saw no need for additional financing arrangements. As one banker expressed it, "We can get it done, if the firms are solid and worthy of it, through our banks and SBA." Bankers' Industrial Development Activities Personal participation in industrial development ac­tivities was reported by over one-half the bank presi­dent~ cooperating in the survey. If other types of com­mumt~ development activities are included, the proportion reporting participation in development work is raised to t~~-~hirds. Of course, the normal business lending ac­tiv1t~e~ of ba.nks would qualify most bank presidents as part1c1pants m industrial development in a broad sense of the term. Th~ extent to which bankers participate in outside in­d~str1al d~velopment activities seems to vary directly with the size of the town and bank. Ninety percent of the reporting presidents of the largest banks in the metropolitan areas were involved in industrial develop. ment work, while the corresponding percentage for small. town bankers was 44 %. By region, the greatest propor­tion of bank presidents personally engaged in industrial development work was in Central and East Texas; the smallest proportion was in the Gulf Coast region. The main types of formal industrial development pro­grams in which bankers participated were those of in· dustrial foundations and chambers of commerce. Signift. cant numbers of bankers also reported taking part in the general activities of chambers of commerce and business clubs and working in various kinds of community de­velopment programs. Texas banks which have their own formal programs of industrial development are comparatively rare. Formal bank programs were reported by only 2% of the re­spondents and, based on the total sample, this would indicate only about a dozen banks in the state with formal programs. Eight of these were identified as major banks in metropolitan centers. The definition of a bank formal industrial development program which was used in the survey was essentially as follows: " ( 1) a formal, organized effort, beyond normal lending activities, to attract or expand any or all types of business for the bank's town or area; and (2) a pro· gram which usually requires at least one-half the time of one employee." In addition to the few banks with pro­grams that met these qualifications, there were some other banks with industrial development programs that did not utilize as much as one-half the time of one em· ployee, as specified in the survey definition of a formal program. Also, many banks make special efforts beyond their normal lending practices to provide or arrange financing for new or small industry. Nearly one-fifth of the re­sponding bankers reported that their banks made such special efforts frequently and 70% reported that this was done either frequently or occasionally. Large banks in metropolitan areas had the highest ratio of respondents which made these special financing efforts either fre· quently or occasionally. The proportion was higher, in the case of small town banks, for banks in towns which had gained population than for those in towns which had lost population. Special bank procedures and arrangements which bank· ers reported they used to provide financial assistance to new and small firms included ( 1) special efforts to qualify firms for regular bank financing; (2) assistance in ar· ranging financing from private non bank sources i (3) working with the Small Busi'ness Administration; and (4) loan participation and cooperation with other banks. The formal industrial development programs reported by a handful of banks went beyond special efforts to pro­vide financing to develop industry. Seven large banks and one comparatively small bank reported detailed informa· tion about their formal development programs. Types of industrial development activities performed by these banks, listed in order of effectiveness according to the average ratings of the banks, are as follows: Industrial development activity 1. Personal assistance to visiting industry representa· tives 2. Out-of-town trips in an attempt to attract new in­dustries to the area TEXAS BUSINESS REVIEW TEXAS I DUSTRIAL PRODUCTION, TOTAL MA UFACTURES o~~--.-'INc::D'-"EX:..,-.:::SnTEO• rSfc:;.N:::.V;;;;-rl'TI0"'-0,---.,--, •D:.:;JU'i;i-F:..::O"',AS:.::O'TAl...:,AA;;;IAccTIO::.:.N;_9-"-57-'-i95'--9·-"OO 20 2 ~ 150 JOO &? 501~~--+--t---1:iH:'l-t-----!-*t;---+-+--+--r---iso f{~ ~...~.., > O t22i11LL--1---'-----"'"""--,-1-,-,,....i...,.-,->~~'.~~.,-:-c-L-,-,--'---:-::--L..,-,--'-,.-;-:~O ~. 1954 '55 '56 '57 '58 '59 '60 '61 '62 '63 '64 '65 NOTE:, Shade d 1.re1. 1 lnd1c1.1e period1 of decline o! tou,I b111inet• 1.c1ivity In 1he United St1.1e1. 3. Cooperation with others engaged in development work 4. Research studies for development planning and promotion 6. Personal letters and brochures in an attempt to attract new industry 6. Special financing arrangements 7. Advertising in newspapers and magazines to attract industry 8. Other: assistance on mergers and acquisitions; work with correspondent banks Bank industrial development activities in general were rated fairly high in importance by the typical banker re­sponding to the survey. Most of the presidents of the banks with formal industrial development programs gave such activities a "very high" rating. Prospects and Problems All the bankers in the survey were asked to identify for their areas the industries which offered the greatest potential for expanding local employment over the next five to ten years, the major problems which will dis­courage growth, and the kinds of activities needed to meet the problems and to take advantage of growth potentials. The seven industry groups which the bankers selected as offering the greatest possibilities for stimulating em­ployment growth in their areas during the next five to ten years are listed below, in order of importance assigned them by the bankers. Nearly nine out of ten of the re­sponding bankers selected and ranked the three industry groups they felt most important. The following summary ranking is based on a weighted summation of these first-, second-, and third-place "votes": Industry groups important to area growth 1. Processing of agricultural and mineral resources 2. Manufacturing of consumer goods 3. Manufacturing of machinery and industrial goods 4. Wholesale and retail trade 6. Personal, business, and professional service 6. Manufacturing of military and scientific equipment 7. Transportation and utility services The order of industries in the summary ranking is part­ly the result of the large number of banks throughout the state that are in small towns whose economies have been traditionally dependent upon agriculture and, to a lesser extent, on oil and gas production. The presidents of the largest banks in the populous metropolitan areas ranked the manufacturing of machinery and industrial goods TOTAL ELECTRIC PO~ ER E IN TEXA INDEX-ADJUSTED FOR SfA.SON,.1.1 VARIATION-19~7-1959 • 100 50 5o l 954 '55 '56 '57 '58 '59 '60 °61 °62 "63 "6·1 "65 NOTE: Shadid ate•• lndicue period• of decline o! tol&I b\uine•• &chv11y 1n the Unucd St.ate•. D TRIAL ELECTRIC PO ER U E 11 TEXA ­ . ­ NOTE: Shaded &tu• indiu1e period• of decline of 1ot&I bu•incu acuvity 10 the United SUt••· first, manufacturing of consumer goods second, and manu­facturing of military and scientific equipment third. Bankers in the three regions of the state generally chose the same top three industry groups in the same order as was shown for all the bankers responding in the survey, with the following exceptions: bankers in Central and East Texas gave their number one ranking to the manu­facture of consumer goods and ranked second the process­ing of agricultural products and mineral resources; ban~­ers in the Gulf Coast region ranked wholesale and retali trade as their third most important industry group. Major problems which will tend to discourage the in­dustrial and economic growth of their areas were com­mented upon by nearly three-fourths of the bankers in the survey. Some of the bankers who commented said they expected no major problems and this group represented about 10% of all respondents. The following types of problems, listed in order of frequency of mention, were reported by the others who replied to this question: Major problems 1. Inadequate water supplies and adverse farming weather 2. Limited access to markets and transportation prob­lems 3. Inadequate supply of industrial sites and facilities 4. Other local facilities inadequate 5. Unskilled labor, high wages, and other labor prob­lems 6. Government programs and taxes 7. Public apathy and inadequate efforts to attract industry Again the predominantly agricultural nature of the service areas of most Texas banks was reflected in the replies. There was a high degree of consistency, in both selection and ranking, between the major problems and the industry groups thought to be important. For example, bankers who feel that processing of agricultural products and mineral resources are important activities in their areas also tend to be concerned mainly about problems of inadequate water supplies and adverse farming weather. The most important problems according to the presi­dents of the largest banks in the metropolitan areas are of the following types: (1) public apathy and inade­quate efforts to attract industry; (2) limited access to markets and transportation problems ; and (3) govern­ment programs and taxes. The specific problems connected with government that were mentioned included not only such things as government interference and high taxes but also the uncertainties of government contracts for lo­cal industries. The presidents of small town banks generally felt that problems associated with water supplies and farming conditions were among the most important problems. Bankers in small towns that gained population were also especially concerned about access to markets and trans­portation problems and about the supply of industrial sites and facilities. Those in small towns which had lost population were especially concerned about the inadequacy of other local facilities, such as schools and municipal facilities in general, about unskilled labor and related problems, and about local public apathy and inadequate industrial development programs for their communities. The question about industrial development activities or other programs needed to meet future problems and to take advantage of growth potentials was answered by about 60% of the bankers replying to the survey. Ap­proximately 10% of the responding bankers indicated that no new activities or programs were needed in their area. The suggestions for new or expanded activities were classi­fied in the following categories, which are listed in order of the number of times the type of activity was suggested. Needed development activities and programs 1. Promotion of area to attract industry generally and the promotion of specific types of industries (such as agricultural, consumer goods manufacturing and minerals industries) ' 2. Better public facilities (of all types including inter­city transportation facilities and services, schools, water supply facilities, and municipal facilities in general) 3. Better industrial development planning and coordi­nation and better research 4. ~reater supJ!lf . and better financing of industrial s1te:i and fac1ht1es and more land use planning and zonmg 5. Steps to increase public support for development The suggested actions and their priority showed a marked degree of similarity among the different groups of bankers. Whether they were inside or outside metro­politan areas and whether they were in one region or another, did not seem to have much effect on what the bankers felt were the best general approaches to en­courage development. In summary, the survey confirmed that Texas bankers have a considerable interest in the development of their c?mmuni_ties. With their practical experience as parti­cipants m economic development and with their knowl­ed&:e of local economic conditions, they can give valuable ass1.stance . in planning and implementing the best types of mdustnal development programs. TEXAS BUILDING CONSTRUCTION AUTHORIZED IN APRIL by Robert H. Drenner The seasonally adjusted index of the total value of building construction authorized in Texas rose from 118.5% in March to 134.3% of the 1957-59 monthly av. erage in April. Normally, building permits are issued in Texas at substantially the ' same levels in March and April, but this year April showed an absolute gain of 13% from March. Although April authorizations were down 7% from April 1964, the month-to-month decline was smaller than the average decline shown in the first three months of 1965 from the same months a year ago. This apparent narrowing in April of the gap between building construction authorized in the state thus far this year and in January-April 1964 may have been only a random and nonsignificant variation in building permits issued during the month, but it may also be evidence of a mild quickening of the pace .of building in Texas. At 104.2% of the 1957-59 average, the seasonally ad· justed index of new residential building authorized in Texas showed virtually no change in April from its value in March. The actual dollar value (i.e., before ad· justment for seasonal variation) of new residential build· ing authorized in April also showed little varia.tion from the March figure. The level of April authorizations in the category was therefore approximately as seasonally anticipated. The value of the seasonally adjusted index RESIDENTIAL BUILDING AUTHORIZED IN TEXAS' - of residential authorizations in April was also within one percent of the average value of the index for the past six months. In other words, residential building activity in Texas this year, though still substantially below its 1964 rate, appears to have leveled off rather quickly after the decline that began last December. The ex­planation is probably that the decline was halted by the strength of basic demand for new housing, particularly of demand for one-family housing, over the state. Most of the decline in residential building this year has been caused by a sharp drop in apartment construction. Con­struction of single-family residences, however, normally accounts for more than three-fourths of the total value of all residential building in Texas; but even at a level of activity which is generally regarded as sluggish and disappointing, one-family dwelling authorizations for Jan­uary-April 1965 were only 3% below those for the com­parable period a year ago. And there is some evidence thst the plunge in apartment building has hit bottom. How steep that plunge has been-and the overwhelming intluence of Dallas and Houston on statewide apartment construction statistics-is suggested by the 66% decline in Houston and the 50% drop in Dallas in the total value of new apartment construction authorized thus far this year from January-April 1964, although in the same four months the two cities together still accounted for 57% of the total number of new apartment units authorized for construction over the entire state. There is no real inconsistency in maintaining that, though residential building in Texas has not shown the improvement characteristic of the state's general economy in the past few years, the industry is fundamentally healthy, but that nevertheless no dramatic upturn in resi­dential building is probable this year, even if the overall economy continues to advance at approximately its present rate. There is little pent-up demand for new housing which it suddenly released would inject marked addi­tional strength into the present rate of homebuilding. Plentiful mortgage money at liberal terms has been gen­erally available for several years, so that those who have wanted new homes have been able to purchase them with­out difficulty. As a consequence, an unusually sensitive balance between supply and demand is presently char­acteristic of the housing market and is expected to con­tinue to dominate building activity in the foreseeable future. The result should be an exceptionally steady pace of residential construction, a pace relatively unmarked by the sudden spurts and slowdowns familiar in the past. Some new strength will appear in those areas where building is currently lagging as a result of overbuilding in the recent past, as inventories are worked off and demand reasserts its influence (particularly in the apart­ment sector). Furthermore, the long-term outlook for the homebuilding industry is unusually promising. Even the more conservative estimates are for an average annual increase of at least 4% for the remainder of the decade, as the population grows and as the rate of family forma­tion rises. In the first quarter of this year nonresidential build­ing in Texas showed a substantial drop from its very en­couraging 1964 rate. Because monthly dollar authoriza­tions in the category are frequently dominated by large projects, the monthly data tend to be more erratic than for the residential category, but April nonresidential ESTIMATED VALUES OP BUILDING AUTHORIZED IN TEXAS Pereent chance Classification Apr Jan-Apr1965 1965 (thouaands of dollarsl Apr 1965 from Mar 1965 Jan-Apr 1965 from Jan-Apr 19~ ALL PERMITS 142,758 509,082 + 6 - 9 New construction 123.360 437,840 + 9 -12 Residential (housekeeping) 66,362 252,954 7 -16 One-family dwellings 56.271 206,445 - 2 - 3 Multiple-family dwellings 10.091 46,509 -27 -47 Nonresidential buildings 56,998 184.886 + 37 - 7 Nonhousekeeping buildings (residential) 3,007 9,465 + 67 -SI Amusement buildings 329 3,039 -58 -71 Churches 2,647 12.208 -21 5 Industrial buildings 6,281 19,744 + 62 - 5 Garages (commercial and privatel 570 2,187 + 24 -11 Service stations 1.519 5,091 + 27 -11 Hospitals and institutions 2,864 10.251 -28 -59 Office-bank buildings 7,886 33,268 + 28 + 68 Works and utilities... 3,990 7,045 +2.771 + 99 Educational buildings 17,403 45,392 + 53 + 26 Stores and mercantile buildings 9,726 32,583 + 82 -19 Other buildings and structures 1.276 4,618 -22 -29 Additions, alterations, and repairs 19,398 71,242 -10 + 19 METROPOLITAN vs. NONMETROPOLITANt Total metroJ>Olitan . ...... 117,199 416.551 + 8 -11 Central cities 89,194 817,800 + 10 -1' Outside central cities . . 28,005 98,751 + 1 2 Total nonmetroJ>Olitan 25,559 92,531 2 + 4 10,000 to 50,000 population 13,672 50,289 + 3 + a Less than 10,000 J>Opulation 11,887 42.242 - 8 + 4 t As defined in 1960 Census. Source: Bureau of Business Research in cooperation with the Bureau of the Census, U. S. Department of Commerce. authorizations may signal a resumption of the strength shown by the category last year. The seasonally adjusted index of nonresidential building authorizations rose sharp­ly to 172.5% of the 1957-59 average, the highest level reached since last November. The magnitude of the rise was largely the result of a 2,771 % March-to-April in­crease in authorizations for utilities construction (bring­ing the category for the first four months of this year 99% ahead of January-April 1964), but particularly en­couraging was a 62% gain from March in permits for new industrial buildings. This important category showed a 17% decrease in the first quarter from the same period a year ago, but April authorizations sharply narrowed the year-to-year gap to 5%. Overall economic expansion is strongly dependent for both its rate and fundamental balance on the rate of basic industrial growth; the rate of construction of new industrial plant is eventually strongly determinative of the pace of construction in every building category. It is, therefore, to be hoped that the April data on planned new industrial building in Texas reflect the continuance of the pace of expansion that marked 1964. LOCAL BUSINESS CONDITIONS Percent change Percent chan11e Apr 1965 Apr 1965 Apr 1965 Apr 1985 Apr from from Apr from from City and item 1965 Mar 1965 Apr 1964 City and item 1965 Mar 1965 Apr 1964 ABILENE AMARILLO Standard Metropolitan Statistical Area Standard Metropolitan Statistical Area (pop. 126,3201; Jones and Taylor2) Buildin11 permits, less federal contracts $ I.624,877 + 74 + 2 (pop. 166,6161; Potter and Randall2 ) Bunk debits (thousands) .$ 1,717,848 + 2 + 13 Building permits, less federal contracts $ 2,768,255 + 81 -22 Nonfarm employment (area) 35,500 o• -l Bank debits (thousands) . .$ 3,804,504 5 •• Manufacturing employment (area) . 3,960 •• -7 Nonfarm employment (area) . 54,600 + l •• Percent unemployed (area) 4.1 -11 -21 Manufacturing employment (area) . 6,550 + 2 + a ABILENE (pop. 110,049r) Percent unemployed (area) . 8.6 -20 + Retail sales . .. . ........ ... . .. . . St + + Apparel stores + 7t + 27 21 AMARILLO (pop. 155,205r) + 6 Automotive stores Retail sales 3t -1 Eating and drinking places . lt + 5 + Apparel stores + 7t + 29 + 2Z Furniture and household Automotive stores + 8t 4 -11 appliance stores . ......... . ••t -20 + 8 Drugstores st -s -6 General merchandise stores . Eating and drinking places. lt + 9 + 9 + 8t + 2 + 15 + 7t + 25 + 20 Lumber, building material, Florists + 88 + 46 and hardware stores Furniture and household + 3t + 11 -16 Postnl receipts• 128,148 -6 + 3 appliance stores ••t + 18 + Building permits, less federal contracts $ 1,584,177 + 71 General merchandise stores. + 7t + 18 + + 18 Bnnk debits (thousands) $ 126,161 Lumber, building material, + 12 End-of-month deposits (thousands) i $ 67,339 + I + 8 and hardware stores + 3t -5 + 11 Annual rate of deposit turnover . 22.6 + 1 + 8 Postal receipts• .$ 266,723 -8 + 7 Building permits, less federal contracte $ 2,650,734 + 52 -22 ALICE (pop. -:.fo;s61) Bank debits (thousands) .. .$ 307,130 6 + 5 Retail sales 3t 8 + End-of-month deposits (thousands) t. $ 129,623 + + l Lumher. building material, Annual rate of deposit turnover . 28.6 + 6 and hardware stores . + 3t + + 14 Postal receipts• $ 20,350 + 27 + 12 CANYON (pop. 6,755r) Building permits, l•ss federal contracts $ 278,491 + 11 +368 Retail sales ALf>1r•.fE- Cpop. 4,740) -----------·-··------.. Drugstores -5t -18 Poata1 receipts• . . . $ 4,863 -15 -16 Postal receipts• ... . .. .$ 7,054 -7 -9 Building permits, less federal ~ont~~~~~ $ 700 -· 36 -69 -84 -98 Building permits, less federal contracts $ 112.521 Bank debits (thousnnds) . . . . . .$ 3,452 16 1 + l + + 11 Bank debits (thousands) . $ 7,986 End-of-month deposits (thousands) i. $ 4,769 4 -+ 17 End-of-month deposits (thousands) t ..$ 7,107 5 + 6 Annual rate of deposit turnover . 8.5 + 16 -7 Annual rate of deposit turnover..... . 13.l + 2 8 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 2 counties are listed under the major heading for the area.The populations shown for the SMSA's are estimates for April 1, 1964,1 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. Since the SMSA and city popula­tion estimates have different sources, it is not surprising that they are sometimes inconsistent, as is the case here with the Odessa SMSA (Ector County) and Odessa. 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 April 23, 1965. 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 m. 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 (**). Percent change Percent change Local Business Conditions Local B0siness Conditions Apr 196S Apr 196S Apr 1965 Apr 1965 Apr from from Apr from from City and Item 196S Mar 196S Apr 1964 City and item 1965 Mar 1965 Apr 1964 ANDREWS (pop. 11,135) NEDERLAND (pop. 15,274r) P09tal receipta• . . . . . . . . . . . .. $ 6,961 -2S -2S Postal receipts• S 11.510 + 14 + 42 Bulldlq permita, less federal contracts $ 46,0SO -lS -84 Building permits, less federal contracts $ 584,022 + 43 +1S6 Bank deblta (tliomanda) ....... ......• 6,3S2 -17 + 11 Bank debits (thousands) S 6,448 -10 14 - End-of-month deposita (thousandsH . . $ 7,2S6 -3 + 4 End-of-month deposits (thousands) i S 4,766 + 4 -1Annual rate of depo1it turnover. 10.3 -16 + 6 Annual rate of deposit turnover . 16.6 -10 -11 ARANSAS PASS (pop. 6,956) Poatal receipta• . . . . . . . . . . . . . . .. $ S,37S -6 + 8 ORANGE (pop. 25,605) Buildins permita, less federal contract.a $ 33,706 -29 + 91 Retail sales St -12 + S4 Bank debita (thouaanda) . . . $ 4,426 7 7 Automotive stores + St -17 + 41 End-of-month depoaitl (thousands) i . .$ 4,96S 1 6 Furniture and household Annual rate of deposit turnover.. 10.6 s 8 appliance stores ••t + + S2 General merchandise stores + 7t + 24 + 21 ARLINGTON: see FORT WORTH SMSA Postal receipta• . . .. .. .$ 28,452 + 16 + s Building permits, less federal contracta $ 167,059 +122 6 ATHENS (pop. 7,086) Bank debits (thousands) . $ 33.112 + 12 + 3 Poltal receipt&• $ 16,374 + 18 + 47 End-of-month deposits (thousands) i S 24,601 -3 6 Buildins permits, less federal contractl $ 120,100 -7S -6S Annual rate of deposit turnover . 15.9 + 10 + 6 Bank debits (thousands) . . . $ 11,36S -12 + 8 Nonfarm placements 192 + 29 9 End-of-month depoaits (tbouaanda)t. . S S,93S + 2 -17 Annual rate of deposit turnover . lS.4 -11 + 2S PORT ARTHUR (pop. 66,676) Retail sales -St •• + AUSTIN Furniture and household Standard Metropolitan Statistical Area appliance stores ..t + 20 s (pop. 243,2261 ; Travis2 ) General merchandise stores. + 7t + 14 + 14 Buildlnir permits, leBB federal contracts $ 4,050,897 -21 -42 Lumber, building material, Bank deblta (tbouaanda) . . .. .. .. . .. .. $ 3,733,476 -11 2 and hardware stores + 4 + St -44 Nonfarm employment (area) . 95,300 + 1 + s Postal receipts• s 51,116 -12 -19 Manufacturinii employment (area) . 6,440 + 1 + Building permits, less federal contracta S 1,720,376 +790 +642 Percent unemployed (area) . 2.3 -lS 4 Bank debits (thousands) . .S 70,426 + 4 + 10 AUSTIN (pop. 212,000r) End-of-month deposita (thousands)t. $ 42,917 •• -1 Retall salea St + s + 13 Annual rate of deposit turnover . 19.7 + 3 + 11 Apparel 1torea + 7t + 21 + 33 Automotive 1torea + St -10 + 12 PORT NECHES (pop. 8,696) Druptorea ... . . .... . . + 2 St -11 Postal receipts• S 7,735 -s -'7 Eatins and drinklns placea . 1t 7 1 Building permita, less federal contracta S 524,200 +747 +sis Food 1torea 6t + s Bank debits (thousands) . . . . . . $ 14,900 4 + 18 Furniture and household End-of-month deposits (thousands) t $ 6,658 + 2 -s appliance 1torea ••t + 14 + 31 Annual rate ot deposit turnover 27.1 + + 15 General merchandise stores . + 7t + lS + 10 Lumber, building material, BAY CITY (pop. 11,656) and hardware stores. .. + 26 + St + 4 Retail salea -St -4 + 16 Postal receipta• $ S9S,S2S + 7 + 21 Automotive stores + St 11 + 21 Building permlta, less federal contracta $ 3,99S,S97 -22 -4S Postal receipts• S 14,214 + 7 -8 Bank debltl (thousands) . . . . . . S 311,231 -12 -2 Bank debita (thousands) . S 17,843 + 4 + 12 End-of-month deposits (thousanda)t. . $ 1S0,3S9 -1 -8 End-of-month deposita (thousands) i $ 24,825 2 + 2 Annual rate of deposit turnover . 20.6 -16 •• Annual rate of deposit turnover . 8.5 + 5 + 10 Nonfarm placements 136 + 4S -1 BAYTOWN: see HOUSTON SMSA BEEVILLE (pop. 13,811) BEAUMONT-PORT ARTHUR-ORANGE Retail sales Standard Metropolitan Statistical Area Drugstores -St -8 -1 (pop. 314,7431; Jefferson and Orange2 ) Postal receipta• S 13,339 -4 + 16 Building permits, lel8 federal contracts S 3,985,SU + 101 +126 Building permits, less federal contracta S 29,444 -S7 -14 Bank deblta (thousanda) ... . . .. . . .. . . $ 4,742,5S6 + + 10 Bank debits (thousands) S 11,571 -1 + 9 Nonfarm employment (area) . 110,000 •• -2 15,095 .. End-of-month deposits (thousands) t S + 4Manufacturing employment (area) . S4,640 •• -8 Annual rate of deposit turnover . 9.2 + + 6Percent unemployed (area) . 4.S s -18 Nonfarm placements 112 + 4 -19 BEAUMONT (pop. 127,500r) Retail aalea . . . . . . . . . . . . . . . . . . . .... 2 St + ' BIG SPRING (pop. 31,230) Apparel atorea + 7t + 41 + 88 Automotive 1torea + St -13 6 Retail salea 3t -23 + 1 Apparel stores + 7t + 44 + 11 Druptorea St 6 + 2 Automotive stores + St -86 s Food storea . . .. .... . . 6t + 6 Lumber, building material, Furniture and household and hardware atores + St + 29 + 9appliance stores ••t 8 + 11 Postal receipta• s 29,254 + 1 6General merchandise atorea. + 7t + 11 + lS Building permits, Jess federal contracta $ 370,660 + 51 + soLumber, building material, Bank debits (thousands) s 35.249 6 sand hardware atorea. + St + 14 -3 End-of-month deposita (thousands) i s 24.523 + 1 + 4P...tal receipta• . .....$ 147,S39 + 6 + 2 Annual rate of deposit turnover . 17.3 -6 6 Building permita, less federal contracta $ 1,4S9, 724 + 19 +SS Nonfarm placements 229 + 40 + 2 Bank debita (thousands) $ 255.572 S + 12 End-of-month depoalta (thouaandaH.. S 110,477 6 + 2 Annual rate of depoalt turnover. 26.S 2 + 6 BISHOP: see CORPUS CHRISTI SMSA Percent change Percent chanp Local Business Conditions Local Business Conditions Apr 1965 Apr 1965 Apr 1965 Apr 1965 Apr from from Apr from from City and item 1965 Mar 1965 Apr 1964 City and item 1965 Mar 1965 Apr 1964 HARLINGEN (pop. 41,207) BONHAM (pop. 7,357) Retail sales St 12 - + 11 Retail sales Automotive stores + St -20 Automotive stores + St + + 28 + 12 Food stores 5t 7 Lumber. building material, + 6 Lumber, building material,nnd hardware stores + St + Sl + 27 and hardware stores + St 9 Postal receipts• $ 8,396 + 10 + 26 + 17 Postal receipts• $ S7,099 Building permits, less federal contracts $ 661,000 +687 +170 •• + 6 Building permits, less federal contracts $ 7S,616 + 20 -84 Bank debits (thousands) $ 8,290 + 5 + 3 Bank debits (thousands) . . .. $ S7,S79 s End-of-month deposits (thousands) t .$ 7,759 7 + 6 End-of-month deposits (thousands); .. $ 20,025 2 Annual rate of deposit turnover. 12.3 + 6 + + I Annual rnte of deposit turnover. 22.1 6 + 6 Nonfarn1 placements 455 9 + 12 BOl{GER (pop. 20,911) Postal receipts• $ 18.476 -16 + 7 LA FERIA (pop. 3,047) Building permits. less federal contracts $ 202,950 -13 -67 Postal receipts• .. ... ..... ...... .$ 2,0S5 ­ 21 + l Nonfarm placements 218 + 64 +100 Building permits, less federal contracts $ IS,SOO +360 -29 Bank debits (thousands) ..... .. .. .. .$ l,SS9 + 9 + 22 BRADY (pop. 5,338) End-of-month deposits (thousands);.. $ 1.491 + 1 -6 Annual rate of deposit turnover . 16.S + 9 Postal receipts• .$ 5,883 + 21 + 17 + 29 Building permits. less federal contracts $ 43,450 +108 -60 PORT ISABEL (pop. 3,575) Bank debits (thousands) $ 6,159 + 2 7,422 Postal receipts• .. .. .. .. .. .. ...$ 2,360 -37 +H End-of-month deposits (thousands) t $ + 4 + Annual rate of deposit turnover . 10.l s 4 Building permits, less federal contracts $ s.ooo -6S + 84 Bank debits (thousands) . . . ...$ 1,526 -10 + 10 End-of-month deposits (thousands) i .$ 1.200 + l + a BRECKENRIDGE (pop. 6,273r) Annual rate of deposit turnover . 15.S -6 + 9Postal receipts• 7,355 -8 Building permits, less federal contracts $ 119,685 +S79 SAN BENITO (pop. 16,422) Bank debits (thousands) ............. $ 6,952 + 7 Postal receipts• $ 7,927 -4 + 9 End-of-month deposits (thousands) i ..$ 7,S49 + 2 Building permits, less federal contracts $ 2S,200 + 41 +178 Annual rate o( deposit turnover . 11.5 + 6 Bank debits (thousands) . . .. . . $ 5,S62 + + ' End-of-month deposits (thousands) i ..$ 5,70S + BRENHAM (pop. 7,740) Annual rate of deposit turnover . 12.2 + + Postal receipts• .$ 9,S3S -11 + 17 BROWNWOOD (pop. 16,974) Building permits, leas federal contracts $ 127,5S9 -79 +1so $ Retail sales -St + 17 + 18Bank debits (thousands) 12,626 + 1 + 9 Apparel stores + 7t + 60 + 84End-of-month deposits (thousands) t . . $ 14,1S3 2 + 9 Postal receipts• $ 30,073 -s -8Annual rate of deposit turnover . 10.6 + 2 + Building permits, less federal contracts $ 414,S72 -60 Bank debits (thousands) . .$ 20,404 2 + 11BROWNFIELD (pop. 10,286) End-of-month deposits (thousands);.. $ lS,709 + 4 + 6 Postal receipts• .. .$ 10,964 -2 -5 Annual rate of deposit turnover. lS.2 -4 + 8 Building permits, less federal contracts $ 12,150 -88 -Sl Nonfarm placement• ........ . .... . . 153 + 29 + 16 Bank debits (thousands) $ 28,646 + 8 + 61 BRYAN (pop. 27,542) End-of-month deposits (thousands); .. $ 14,695 -s -3 Retail salesAnnual rate of deposit turnover . + 11 22.4 + 68 Apparel stores + 7t + 76 + 20 Automotive stores + St + l + 28 BHOWNSVILLE-HARLINGEN-SAN BENITO Postal receipts• ...........$ 2S,23S + 4 -18 Standard "Metropolitan Statistical Area Building permits, less federal contracts $ lSS,400 -6S -6C (pop. 146,2071 ; Cameron2) Bank debits (thousands) . $ 33,264 6 + 8 Building permits. less federal contracts $ 266,920 -19 -63 End-of-month deposits (thousands) i S 21,818 + 1 + 14 -l + 6 ­ Bank debits (thousands) . . . $ 1,258,0SO Annual rate of deposit turnover. 18.4 8 6 Nonfarm employment (area) S5,750 •• + 2 Nonfarm placements ..... .. . . . Sl7 + 33 3 Manufacturing employment (area) 5,230 s s + CALDWELL (pop. 2,202r) Percent unemployed (area) . 6.6 11 Postal receipts• ......$ S,117 + + BROWNSVILLE (pop. 48,040) Bank debits (thousands) . . ... ....$ 2.616 + + Het.ail sales St 7 + 10 End-of-month deposits (thousands) i ..$ S,992 +Apparel stores + 7t + 22 + 62 Annual rate of deposit turnover . 7.S + +Automotive stores + Bt 16 + Lumber, building material, CAMEIWN (pop. 5,640) and hardware etorr.s Postal receipts• $ 10,S40 + 68 -10 + St + 5 + 10 Postal receipts• S Building permits, less federal contracts $ 5,S50 -7S -78 S6,164 9 + 9 Building permits, less federal contracts $ 14S,305 -S6 -27 Bank debits (thousands) . $ 4,774 -2 + 8 Bnnk debits (thousands) S 35,9S7 3 End-of-month deposits (thousands); . $ 5,210 •• + a End-of-month deposits (thousands)t .$ 21,65S 2 + 11 Annual rate of deposit turnover. 11.0 -s •• + + 12 Annual rate of deposit turnover . 20.1 6 + 4 CANYON: see AMARILLO SMSA Nonfarm plac-ements 592 + 29 CARROLLTON: see DALLAS SMSA LOS FRESNOS (pop. 1,289) CISCO (pop. 4,499) Postal receipts• s Postal receipts• . . $ 4,S60 -IS + 26 1,081 -17 -4 Building permits, less fede~ai ~on.tr~~~s $ 0 Bank debits (thousands) . . $ 4,070 s + 6 Bank debits (thousands) . . . . . . $ End-of-month deposits (thousands);.. $ 3,518 + 6 End-of-month deposits (thousands)t $ 1,226 Annual rate of deposit turnover . 13.6 '1 + I 1.153 + 10 -15 2 -24 Annual rate of deposit turnover. 11.2 + 8 + 6 CLEBURNE: see FORT WORTH SMSA Percent chanire Percent chan~ LoeaI Business Conditions Local Business Conditions Apr 1965 Apr 1965 Apr 1965 Apr 1965Apr from from Apr from fromClt:v and Item 1985 Mar 1966 Apr 1964 City and item 1965 Mar 1965 Apr 1964 CLUTE (pop. 4,501) CRYSTAL CITY (pop. 9,101) PO&tal receipts• ... . .... ... 2,715 + 6 + 24 • Postal receipts• s 8,514 •• - Bulldlnir permits. lea federal contracts • 8,665 -86 -91 Building permits, less federal contracts $ 47.500 -26 + 23' Bank debits (thouaands) ........ 2,882 + 12 + 19 Bank debits (thousands) s 8.12S -18 + 3End-of.month deposits (thousands) i. •• l,794 + 1 + 19 End-of-month deposits (thousands) t. $ 2,991 -2 + 12Annual rate of deposit turnover. ... . . 15.7 + 11 •• Annual rate of deposit turnover 12.4 -17 -s COLORADO CITY (pop. 6,457) DALLAS Retail aales Lumber, buildinir material, Standard Metropolitan Statistical Area and hardware stores ... + St + 57 -6 (pop. 1,232,6251; Collin, Dallas, Dentor., and Ellis2 ) PO&tal receipts• ... ..... ... 5,808 -15 -9 Building permits. less federal contracts $34.640,440 + 20 -19 Bank deblta (thouaands) . .. .... .• 4,975 2 + 14 Bank debita (thousands) ... . . . ... .. ..$59,275,152 + + 25 End-of-month depoaita (thousands) i. • 6,088 8 -2 Nonfarm employment (area) .. 525,700 + +Annual rate of deposit turnover.... 9.6 + 19 Manufacturing employment (area) 119,725 + + ' • Percent unemployed (area) . 2.S -IS -10 COPPERAS COVE (pop. 4,567) CARROLLTON (pop. 9,832r) Polltal recelpta• .. S 4,256 -18 + 1 Postal receipts• S 9,100 -5 + 23 Bulldinir permit&, less federal contract& $ 449,200 +132 +lSO Buildinir permits, less federal contracts S 833.750 +268 +152 Bank debit& (thousands) . .S 2,025 + 8 + 21 Bank debits (thousands) . S 6,459 -5 + s End-of-month deposits (thouaanda)t.. $ 2,015 s + 7 End-of-month deposits (thousands) i S 3,028 -11 -6 Annual rate of deposit turnover . 11.9 8 + s Annual rate of deposit turnover. 24.1 -5 + 12 CORPUS CHRISTI DALLAS (pop. 679,684) Standard Metropolitan Statistical Area Retail sales ... ····· ··· -3 -1 + 9 (pop. 222,0981; Nueces2) Apparel stores + 7 + 47 + lS Bulldlnir permlta, leu federal contracts S 3,179,556 + 11 + lS Automotive stores ......... .. -10 6 + 14 Bank debits (thousands) .. . ... . .... ..• 3,40S,552 + + 17 Drugstores 1 -2 + 11 Nonfarm employment (area) . 76,900 + + 11 Eatinir and drinkinir places. + 2 + 9 •• Manufacturinir employment (area) . S,900 + + 8 Florists . . . . . . . . . . . . 4 + 20 + 42 Percent unemployed (area) . 8.5 -10 -10 Food stores 5 -16 -8 Furniture and household BISHOP (pop. 3,825r) appliance stores + 5 + 5 + 12 Polltal recelpta• ........... ......... .S 3,048 -20 + 89 4 + 11 Gasoline and service stations .. + 1 Bulldlnir permits, less federal contracts S 40,000 + 29 General merchandise stores. + 1 6 + 17 Bank debit& (thousands) . .S 1,9S8 + 1 8 Lumber, buildinir material,End-of-month depoaita (thousands) i . .S 1,909 8 9 and hardware stores. + 14 + 2 Annual rate of deposit turnover..... . 11.7 + 7 + 5 Ofl\ce, store, and school supply dealers -14 -8 + 12 CORPUS CHRISTI (pop. 184,163r) Postal receipts• • 3,347.9S5 + 2 + 1 Retail aales ... .. .... ...... .. ... . St -11 + 6 Building permits, less federal contracts $18.144,S42 + ao -as Apparel stores .. . ... ....... .... . . . + 7t + 31 + 87 Bank debits (thousands) • 4,782,772 -4 +2'7 Automotive stores . . ... + St -22 + 5 End-of-month deposit& (thousands) i . s l.367.8Sl •• + 2 Dnlptores .... ..... st -4 + 11 Annual rate of deposit turnover . 41.5 -5 + 25 Eatlnir and drlnkinir places. 1t + 14 -2 General merchandise atorea..... + 7t + 22 + 22 DENTON (pop. 26,844) PO&tal receipts• .. .......... ....219,275 -1 + 12 Retail sales Balldlnir permits, leu federal contracts • 3,107,466 + 12 + lS Drugstores -St -4 + 17Bank debits (thousands) . 268,691 + 6 + 17• Postal receipts• .. .S 4S,939 + JO + 15 End-of-month deposits (thousands) i . .s 129,71S -16 + 11 Building permits, less federal contracts S 2,030,475 +190 +478 Annual rate of deposit turnover.... 22.6 + 2 -4 Bank debits (thousands) S 30,613 7 •• End-of-month deposits (thousands)t . S 22,2S6 + -20 ROBSTOWN (pop. 10,266) Annual rate of deposit turnover . 16.6 5 + 27 Retall ules Nonfarm placement& 174 + 11 Automotive ator. .............. ... + St -18 -18 Poatal receipts• .................... • S,9S2 + 14 -8 ENNIS (pop. 10,250r) Buildinir permit&, less federal contraeta S 82,090 -52 -58 $ 13.987 + 6 5 Bank debits (thousands) . . . . . . . . . . . . S 9,99S + 11 -1 Postal receipta• ­ 7,994 + 12 + 20 End-of-month deposit& (thousands>t..S S,8S9 -1 + 10 Bank debits (thousands) s Annual rate of deposit turnover. ... 13.4 + 18 -s End-of-month deposit& (thousands) t s 7,056 3 •• Annual rate of deposit turnover . 18.4 + 17 + 19 CORSICANA (pop. 20,344) GARLAND (pop. 50,622r) Retail aales . ..... .................. . St + 29 + 19 St -24 -1Lumber, bulldlne material, Retail sales 7t + 3S + 33 and hardware atorea. . .... .... . . + St + 49 + 11 Apparel stores + -30 2 P09tal receipts• . . . . . . . . . . . . . .S 22,692 + 2 + 8 Automotive stores + St Balldinir permits. less federal contracts S 872,901 +sos -18 Postal receipts• . s 54,699 6 + 14 Buildinir permits, less federal contracts s 2,06S,188 2 + 2 Bank deblta . . . . .s 20,688 •• + 8 End-of-month deposits (thousanda)t.. $ 20,992 -8 + 1 Bank debit& (thousands) . • 37,937 3 + 18 Annul rate of deposit turnover.. . .. . 11.6 + 2 + 9 End-of-month deposit& (thousands) i • 19.607 + 9 + 12 Nonfann placements ............... . 226 + 18 + 18 Annual rate of deposit turnover. 24.2 5 + 'I 167 JUNE 1965 Local Business Conditions City and item Apr 1965 Percent change Apr 1965 Apr 1965 from from Mar 1965 Apr 1964 Local Business Conditions City and item Apr 1965 Percent chanire Apr 1965 Apr 1966 from from Mar 1965 Apr 1964 GRAND PRAIRIE (pop. 40,150r) Postal receipts• $ S2,967 Duilding permits, less federal contracts $ 878,027 Bank debits (thousands) . . .. $ 19,075 End-of-month deposits (thousands)t .. $ 11,310 Annual rate of deposit turnover . 20.4 + 6 + 18 11 + 2 -IS + 18 + 83 + 1 s + 6 WAXAHACHIE (pop. 12,749) Post11I receipts• S Building permits, less federal contracts $ Bank debits (thousands) $ End-of-month deposits (thousands) t . $ Annual rate of deposit turnover . Nonfnrm placements 25,0S2 53,195 11,837 9,936 14.2 82 -1 -S9 + I -1 + 1 -12 -9 -62 + 6 -+ ' 8 +m IRVING (pop. 60,136r) DAYTON (pop. 3,367) Postal receipts• .....$ 42,431 -25 + 9 Postal receipts• . . $ 3,286 + 10 + 26 Duilding permits, less federal contracts $ 2,331,999 15 -42 Building permits, less federal contracts $ 24,275 -63 +ao1 Bank debits (thousands) . End-of-month deposits (thousands) t . Annual rate of depoait turnover . $ 41.909 S 18,013 27.9 + 3 •• + 2 + 2S + s + 20 Bank debits (thousands) . . . . . .. . .. $ End-of-month deposits (thousands) t .. $ Annual rate of deposit turnover . 4,206 3,104 13.2 + 16 -82 + S5 + 87 + ' + 15 DEER PARK: see HOUSTON SMSA JUSTIN (pop. 622) Postal receipts• .. .$ Building permits, less federal contracts $ Bank debits (thousands) . . . . $ End-of-month deposits (thousands) t . $ Annual rate of depoait turnover . 558 600 1,087 824 15.S -S7 -67 + 12 -6 + 10 -5 -lS + 1 -15 DEL RIO (pop. 18,612) Retail sales Automotive stores Lumber, building material, and hardware stores. Postal receipts• . . . . . . . . . . . . .. $ + St + St 17,506 -19 -5 + 8 -1 + 62 + 28 McKINNEY (pop. 13,763) Retail sales Food storea Poatal receipts• ...$ Buildinir permits, leas federal contracts $ Bank debits (thousands) . .$ End-of-month deposits (thousands) t .. $ Annual rate of deposit turnover . Nonfarm placements -5t 11,483 106,574 13,324 ll,3S3 14.2 151 + 19 + 99 + 15 + 1 + 11 18 + 7 -15 + 21 + 21 + 16 + 7 + 8 Building permits, less federal contracts $ Bank debits (thousands) . . . $ End-of-month deposits (thousands) t .. $ Annual rate of deposit turnover . DENISON (pop. 25,766r) Retail sales Apparel stores Automotive stores Postal receipts• . . . . . . . . . . . . . $ Building permits, less federal contracts $ 240,432 13,700 16,567 10.6 + 7t + St 24,827 153,147 +176 5 + + 88 + + 10 + 61 + 11 + a + 8 + 28 -10 + 8 9 MESQUITE (pop. 27,526) Poatal receipts• S Buildinir permits, less federal contracts $ Bank debits (thousands) . . ... . ... .. .$ 15,275 890,012 9,588 -15 + 40 -13 + s + 60 + 3 Bank debits (thousands) . . . . . . $ End-of-month deposits (thousands) t . . $ Annual rate of deposit turnover . Nonfarm placements 19,024 15,455 14.6 190 + 5 2 + 4 7 + + ' 1 -10 End-of-month deposits (thousands) t $ 7.160 + 8 + 2 DENTON: see DALLAS SMSA Annual rate of deposit turnover . 16.7 -16 + DONNA (pop. 7,522) MIDLOTHIAN (pop. 1,521) Buildinir permits, less federal contracts S Bank debits (thousands) . $ End-of-month deposit• (thousands) t .. S Annual rate of deposit turnover. 21.800 1.028 1,385 8.7 -68 •• 3 + 4 -51 6 + 4 9 Postal receipts• .. $ 4,105 Duilding permits, less federal contracts $ 4,800 Bank debits (thousands) . . S 2,450 End-of-month deposits (thousandslt . . $ S,560 Annual rate of deposit turnover. 8.2 + 2 -56 + 1 1 + 8 + 10 -82 7 + 7 PILOT POINT (pop. 1,254) DUMAS (pop. 10,547r) Postal receipts• . . .... . $ 9,018 + 16 + 25 Building permits, less federal contracts $ 173,000 Building permits, less federal contracts $ 315,656 + 28 +88 Bank debits (thousands) . . ... . .. S End-of-month deposits (thousands) t .. $ Annual rate of deposit turnover . 1,227 1,573 9.2 + + 11 + 15 4 + 21 Bank debits (thousands) . . .. . ... . . . . . $ End-of-month deposits (thousands) t .. $ Annual rate of deposit turnover . 11,408 11,806 12.S -17 + 18 -20 + 16 + 21 + • PLANO (pop. 10,102r) EAGLE PASS (pop. 12,094) Retail sales Postal receipta• .. . . .. ... . .... . . . . .. .$ Building permits, less ferleral contracts $ Bank debits (thousands) . . . . . . . . . . $ End-of-month deposits (thousands) t . $ Anuus.l rate of deposit turnover RICHARDSON (pop. 34,390r) Retail sales 8,718 771,295 4,412 2,703 19.2 + 12 + 73 + 4 + 5 + 29 + 4 + 54 + s + 48 Gasoline and service stations . Postal receipts• . $ Building permits, less federal contracts $ Bank debits (thousands) . . ....$ End-of-month deposits (thousands) t . . $ Annual rate of deposit turnover . EDINBURG (pop. 18,706) -lt 9,185 46,850 6,253 4,589 16.3 + 7 -1 + 26 s + 7 + 16 -44 + 9 + • + 7 Apparel atores Postal receipts• Buildinir permits, less federal ~~~t~a~~ + 7t $ 41,701 $ 1,902,843 B11nk debita (thousands) . . . . . . . . .. . $ 26,149 End-of-month deposits (thousands) t . Annual rate of deposit turnover . $ 11,911 SEAGOVILLE (pop. 3,745) 25.8 + 68 -12 + 63 + 2 4 + 5 + 62 + 6 9 + 14 + 12 -2 Postal receipts• . . . . . . . . . . . ... . . . . . $ Building permits, less federal contracts $ Bank debits (thousands) ... . . ... . ... .$ End-of-month deposits (thousands)t. . $ Annual rate of deposit turnover . Nonfarm placements EDNA (pop. 5,038) Postal receipts• .. $ 13,237 354,100 16,505 10,119 18.2 144 5,300 -6 +145 -6 -IS -1 -16 -1 + +294 + 9 + 10 -2 -80 + 9 Postal receipts• . . . . . . . .$ Buildinir permits, less feder~i ~~~t~~~~ S Bnnk debits (thousands) . .. .. ....$ End-of-month deposits (thousands) t . $ Annual rate of deposit turnover. 5,759 23,713 3,627 1.997 22.0 + 52 +416 + 6 + 2 + 71 -66 + 16 + 10 + 6 Building permits, less federal contracts $ Bank debits (thousands) . $ End-of-month deposits (thousands) t .. $ Annual rate of deposit turnover. ENNIS: see DALLAS SMSA 109,748 5,761 6,402 10.5 + 10 -6 + 15 -48 + 10 + 1 + 8 Percent change Percent change Local Business Conditions Local Business Conditions Apr 1965 Apr 1965 Apr 1965 Apr 1965 Apr from from Apr from from City and item 1965 Mar 1965 Apr 1964 City and item 1965 Mar 1965 Apr 1964 EULESS (pop. 10,500r) EULESS: see FORT WORTH SMSA Postal receipts• . . ...... .$ 7,064 + 8 + 19 EL PASO Building permits, less federal contracts $ 870,770 -SI -27 Bank debits (thousands) . $ 5,997 2 + 81 Standard Metropolitan Statistical Area End-of-month deposits (thousands) i ..$ 2,845 -16 + (pop. 339,2401; El Paso2) Annual rate of deposit turnover.. . . S0.9 + 88Buildinir permits, less federal contracts $ 6,196,654 + 59 + 48 Bank debits (thomanda) .. ......... . .• 4,675,892 -1 + 5 GRAPEVINE (pop. 4,659r) Nonfarm employment (area) . 94,400 •• + 2 Postal receipts• ... .$ 5,114 + 1 + 84Manufacturinir employment (area) . 16,590 + 1 + 6 Building permits, leas federal contracts $ 51,975 -75 +229Percent unemployed (area) . 4.5 -10 -10 Bank debits (thousands) ....... . .... 4,184 •• + 12 EL PASO (pop. 276,687) End-of-month deposits (thousands) i. .$• 8,S70 s + 2 Retail sales St + 1 + 14 Annual rate of deposit turnover . 14.6 + 1 + 10 Apparel stores + 7t +SS + 85 NORTH RICHLAND HILLS (pop. 8,662) Automotive 1torea ......... ..... . + St -16 + 8 Druptorea .. .. ........ .. ...... .. . 5t + 4 + 8 Building permits, less federal contracts $ IS6.824 -44 -74 Bank debits (thousands) . ..... ...... .$ 7,766 + 5 + 28 General merchandise stores . + 7t + 8 + 28 End-of-month deposits (thousands) i. .$ 4,711 •• + 22 Annual rate of deposit turnover .. . ... 19.8 Food 1torea ...... .............. .. . 5t + 8 + 6 Poltal receipts• . . . . . . . . . . . . . $ S57,711 -11 + 4 -1 + 1 Buildinir permits, less federal contracts $. 6,195,754 + 59 + 48 WHITE SETTLEMENT (pop. 11,513) Bank debits (thousands) . .$ S84,629 -12 + 7 Building permits, less federal contracts $ 88,65S -48 4 End-of-month deposits (thousands>: . $ 202,858 + 2 -15 Bank debits (thousands) . .$ 1,662 + s +111 Annual rate of deposit turnover . . . . 2S.O -9 + 15 End-of-month deposits (thousands) i. $ 1,162 + 2 + 18 Annual rate of deposit turnover . 17.8 2 FORT STOCKTON (pop. 6,373) Poatal receipts• ... ... .. . . . . . .$ 6,566 + 2 + 8 FREDERICKSBURG (pop. 4,629) Buildinir permits, ieu federal contract& $ 209,000 +207 +212 Retail sales Bank debits (thou.sands) . . . . . . . . . .$ 7,225 + 24 + 25 Drugotores St -s + 11 End-of-month deposits (thousands) i . .$ 5,754 •• + 12 General merchandise stores . + 7t + 12 + S2 Annual rate of deposit turnover..... . 15.1 + 22 + 12 Postal receipts• . . . .S 7,540 + 7 + 5 Building permits, less federal contracts S 5S,410 -54 +124 FORT WORTH Bank debits (thousands) .... ........ .$ 9,SS2 + 4 + 12 End-of-month deposits (thousands) i .. $ 8,786 + 4 -II Standard Metropolitan Statistical Area Annual rate of deposit turnover. IS.S + 2 + 16 (Pop. 603,4471; Johnson and Tarrant2) Buildinir permits, ieu federal contracts $10,598,295 + 10 4 FRIONA (pop. 3,049r) Bank debits (thomanda) ..... . .... . ..• 12,251,864 S + 4 Building permits, leas federal contracts $ 174,400 +180 + 12 Nonfarm employment (area) . 2S6,800 + 1 + 8 Bank debits (thousands) . $ 6,S25 + 6 -10 Manufacturinir employment (area) . 60,825 + 1 + 5 End-of-month deposits (thousands) i . .$ S,242 -10 -18 Percent unemployed (area).. ... 8.1 -16 6 Annual rate of deposit turnover... . . lS.7 + 12 + 1 ARLINGTON (pop. 53,024r) <; \INESVILLE (pop. 13,083) Retail lalea . . ....... . St + 14 + 29 Retail sales Apparel storea .................. .. + 7t + 54 + 47 Drugstores -st -12 -1 Automotive stores .. lt + 11 + 89 Furniture and household Lamber, buildlnc material, appliance stores . .. .... . ••t + 20 + 16 and hardware stores . . . + St + 28 + 19 Postal receipts• . .$ 14,866 + s -18 POltal receipts• . . . . . . . . . . . . . .• 72,77S -12 + 18 Building permits, leas federal contracts S 17S,885 -64 + 6 Buildinc permits, leu federal contracts S 2,680,684 + 15 + 69 GALVESTON-TEXAS CITY CLEBURNE (pop. 15,381) Standard Metropolitan Statistical Area Poatai receipts• . .$ 17,821 + 12 -1 (pop. 149,4051; Galveston2 ) Buildinir permits, leu federal contract& $ 216,665 +158 +10s Building permits, leas federal contracts $ 1,819,216 + 82 -67 Bank debits (thou.sands) . . .$ lS,970 + 2 + 9 Bank debits (thousands) .............• 1,984,260 + S + 12 End-of-month deposits (thousands) i. $ 12,527 •• + 8 Nonfarm employment (nrea) . SS,600 •• •• Annual rate of deposit turnover . 18.4 + 2 + 7 Manufacturinc employment (area) . 10,4SO •• 1 Percent unemployed (area) . . . . . 4.4 4 8 FORT WORTH (pop. 356,268) GALVESTON (pop. 67,175) Retail lalea . .. .. .. . . . ........ . -2 + 8 + 10 Retail sales St 2 + 8 Apparel stores .. + 87 27 + 5 + Apparel stores + 7t + 81 + 81 Automotive storea ...... . ......... . -14 -12 + 1 Automotive stores + St 2 + 2 Druirstorea .. . -7 -5 + 6 Food stores . . . . .......... · .. st + + 16 Eatinc and drinkinc places....... . -2 + 7 + 18 Furniture and houaehold Florina ...... . . . ........ . + 20 + 28 appliance stores . . ........ . ••t •• -a Food stores ...... . . . .. .... ...... . . 11+ 8 + 1 + Postal receipts• . . . . . . . .$ 119,1S9 + 12 + 14 Furniture and houaehold Building permits, less federal contracts $ 4Sl,500 2 -77 appliance stores . . . . . . . . . . . 2 + 7 + 20 Bank debits (thousands) . .S 108,897 + 8 + 10 Guoline and service 1tation1. . . . . . . •• 9 + 10 End-of-month deposits (thou•ands) i . .$ 57,242 9 -8 General merchandise 1tores. •• 8 + 16 + Annual rate 9f deposit turnover.... 21.8 + + 11 Lumber, buildinc material, and hardware stores. . . . . . + 8 + 82 7 LA MAijQUE (pop. 13,969) Poetat receipts• '· ....................S 998,895 + 9 + 6 Postal receipts• . . . . . . . . . . . . . . .S 10,594 6 -a 134,474 -44 -28Buildlnc permits, leu federal contracts S 4,S51,059 + 27 + 6 lluildinc permits, leu federal contracts S 10,184 6 Bank debits (thousand•) . .s 920,015 8 + 6 Bank debits (thousands) . . .$ -9 End-of-month deposits (thouaand•H .. S 428,685 + 8 + 8 End-of-month deposits (thousands>:.. $ 6,046 + 16 1 Annual rate of deposit turnover. . . . . . 26.4 9 + 4 Annual rate of deposit turnover ..... . 21.6 -6 + II JUNE 1965 Percent change Percent chanae Local Business Conditions Local Business Conditions Apr 1965 Apr 1965 Apr 1965 Apr 1966 Apr from from Apr from from City and item 1965 Mar 1965 Apr 1964 City and item 1965 Mar 1965 Apr 1964 TEXAS CITY (pop. 32,065) HARLINGEN: see BROWNSVILLE-HARLINGEN-SAN Postal receipts• 29,569 + •• BENITO SMSA Building permits, less federal contracts $ 733.242 +147 -22 Bank debits (thousands) $ 39,970 + 29 + 55 HENDERSON (pop. 9,666) End-of-month deposits (thousands) i $ 16,018 -23 + 4 Postal receipts• ....... .. $ 13,187 + 2 + 1 Annunl rate of deposit turnover 26.1 + 24 + Sl Building permits, less federal contracts $ 120,055 -18 +su Bank debits (thousands) .. . $ 8,S25 5 -12 GAllLAND: see DALLAS SMSA End-uf-month deposits (thousands) i . .$ 18,754 + + g Annual rate of deposit turnover. 5.4 -16 GATESVILLE (pop. 4,626) Postal receipts• .....$ 5,836 + 25 s Bnnk debits (thousands) $ 5,812 + 2 s HEREFORD (pop. 9,584r) End-of-month deposits (thousands) i $ 6,581 •• + 10 Retail sales .. Annual rate of deposit turnover . 10.6 -12 Lumber, building material, and hardware stores . + St -16 -6 GEORGETOWN (pop. 5,218) Postal receipts• .. . $ ll,S69 -10 -11 Postal receipts• ..... . . . . $ 6,627 + 6 + 22 Building permits, less federal contracts $ 556,700 -65 + 56 Building permits, less federal contracts $ 66,2SO -72 -6 Bank debits (thousands) . $ 19,807 -2 -17 Bnnk debits (thousands) $ 5,677 + 16 •• End-of-month deposits (thousands) i . .$ 19,788 + 25 + 26 End-of-month deposits (thousands) i . .$ 6,110 + 4 + 9 Annual rate of deposit turnover. 13.4 -12 -24 Annual rate of deposit turnover . 11.4 + IS 7 GIDDINGS (pop. 2,821) HOUSTON Postal receipts• . ..... .$ 5,382 + 68 + 61 Standard Metropolitan Statistical Area Building permits, less federal contracts $ 23,92S + 84 -16 (pop. 1,373,8721; Harris2) Bank debits (thousands) $ 3,471 + + 2 Building permits, less federal contracts $27,765,207 -12 -17 End-of-month deposits (thousands) i $ 4,066 •• Bank debits (thousands) . ...... . . . . ..$S2,361,448 + 2 + 12Annual rate of deposit turnover . 10.0 + •• Nonfarm employment (area) . 590,600 + 1 + I GLADEWATER (pop. 5,742) Manufacturing employment (area) . 106,100 + 1 + 9 Postal receipts• .......... . . . . . $ 9,691 + 33 + 3S Percent unemployed (area) . 2.5 -19 -19 Building permits, less federal contracts $ 24,235 -21 + 49 BAYTOWN (pop. 38,000r) Bank debits (thousands) . $ 4,577 + 9 + 6 Retail sales 3t -20 -1 End-of-month deposits (thousands) i. $ 4,43S -4 + 20 Automotive stores + St -28 -7 Annual rate of deposit turnover . 12.2 + 10 -IS Food stores st -8 + 18 Nonfarm employment (area) . 31,200 + I + 8 Postal receipts• . ..... . ...... $ 35,722 + 5 + 16 Manufacturing employment (area) . 7,400 + 2 + 23 Building permits, less federal contracts $ 252,160 -15 -58 Percent unemployed (area) . 3.S s 3 Bank debits (thousands) ............ . $ 39,604 + 6 + 12 GOLDTHWAITE (pop. 1,383) End-of-month deposits (thousandsJi..$ 28,164 + 4 + 6 Postal receipts• .... ... .... .. ... ... .. $ 3,260 + 47 + 73 Annual rate of deposit turnover . 17.2 + 7 + 20 Bnnk debits (thousands) . . . . .. .. .. $ 4,001 + 16 12 - End-of-month deposits (thousands) i. $ 5,824 + 3 + 7 BELLAIRE (pop. 21,182r) Annual rate of deposit turnover . 8.4 + 14 -17 Postal receipts• . . . . $ 44,527 + 4 + 16 GRAHAM (pop. 8,505) Iluilding permits, less federal contracts $ 45,5SO -SS +828 Postal receipts• . . ... ... . $ 7,676 17 Bank debits (thousands) . . ...... . . $ 22,242 + + 16 I Building permits, less federal contracts $ 86,603 -14 End-of-month deposits (thousandsJi..$ 13,554 + +16 +SIG +180 Bank debits (thousands) . $ Annual rate of deposit turnover. 19.8 + 2 9,777 •• •• + ' End-of-month deposits (thousands)t .. S 9,799 •• + 1 Annual rate of dep'lsit turnover. 12.0 DEER PARK (pop. 4,865) •• + s GllANBURY (pop. 2,227) Postal receipts• . . . . . . . . . . . . . $ 7,289 + 88 + 10 Building permits, less federal contracts $ 104,200 -55 -88 Postal receipts• ... ... . ..... .$ 4, 119 + 18 -20 Bank debits (thousands) . . ........ $ 4,926 -4 + 16 Bank debits (thousands) .... . $ 1,777 + End-of-month deposits (thousands) t. $ 2,IS2 + 2 End-of-month deposits (thousands)t.. $ 2,481 + 11 +H + 7 Annual rate of deposit turnover . 25.1 + 2 + 11Annual rate of deposit turnover. 9.6 + 2 GRAND PllAllUE: see DALLAS. SMSA HUMBLE (pop. 1,711) GRAPEVINE: see FORT WORTH SMSA Postal receipts• ...$ 4,221 -7 + • Ruilding permits, less federal contracts $ 41,000 -16 GREENVILLE (pop. 22,134r) +688 Ilank debits (thousands) ......... ... . $ 4,190 + 11 + 28 Retail sales End-of-month deposits (thousands)t ..$ 3,584 -5 + 12Drugstores -St + + 21 Annual rate of deposit turnover . 13.7 + 12 + 10Food stores -St 12 -2 Postal receipts• . $ 30,728 -8 + KATY (pop. 1,569) Building permits, less federal c~n·t~~~b $ 281,510 Bank debits (thousands) . . . . $ 17,448 -43 + ..29 Postal receipts• . . . .... .. .. ..... .. ...$ 2,481 -24 + 17 End-of-month deposits (thousands) i $ 15,143 + 4 3 + 10 Building permits, lesa federal contracts $ 43,700 -19 -78 Bank debits (thousands) . . $ 2,257 -11 -21Annual rate of deposit turnover . 14.0 8 7 - Nonfarm plnrem <"nts End-of-month deposits (thousands) i . .$ 2,968 •• + 19 103 + 13 42 Annual rate of deposit turnover. 9.1 -9 -88 HALE CENTER (pop. 2,296r) Postal receipts• . . . . ..... $ 2,317 + 21 -1 LA PORTE (pop. 7,250r) Building permits, less federal contracts $ 10,000 -67 -16 Building permits, lesa federal contracta $ 8S,000 -87 -8 Bnnk debits (thousands) . . $ 2,645 + 1 -20 Bank debits (thousands) . . $ 4,151 + 5 -16 End-of-month deposits (thousands) i $ 3,674 -13 -15 ­ End-of-month deposits (thousands)t.. $ 2,613 2 11 Annual rate of deposit turnover. -. 8.1 + 14 -9 Annual rate of deposit turnover. ... . . 18.9 + 6 Percent change Percent change Local Business Conditions Local Business Conditions Apr 1965 Apr 1965 Apr 1965 Apr 1965 Apr from from Apr from fromCity and item 1965 Mar 1965 Apr 1964 City and item 1965 Mar 1965 Apr 1964 HOUSTON (pop. 938,219) JUSTIN: see DALLAS SMSA Retail Alea . . . . . . . . . . . . . . . . . . . . . . . . . -4 + 5 + 16 Apparel stores . . . . . . . . . . . . . . . . . . . . + 3 + 25 + 84 Automotive stores . . . . . . . . . . . -11 6 + 27 KATY: see HOUSTON Sl\ISA Druptores . . . . . . . . . . . . . . . 6 -3 + 11 Eating and drinking places. . . . . . . . 3 + 5 + 4 Floriata ... . ...... . . . + 27 + 49 KILGORE (pop. 10,092) Food stores . . . . . . . . . . . . . . . 4 + 2 + 6 Postal receipts• S 15,033 -6 + 2Furniture and household Building permits, less federal contracts $ 3Sl,755 + 93 + 72appliance storea + 8 -16 + 19 Bank debits (thousands) . ...$ 12,271 1 + 1 General merchandise storea + 2 + 24 + 14 End-of-month deposits (thousands) i S 12,6Sl 5 + 2Liquor stores . . . . . . . . . . . 8 + 2 + 6 Annual rate of deposit turnover. I 1.3 + 4 3Lumber, buildinc material, Nonfarm employment (area) 31,200 + l + s and hardware stores. . . . 5 + 11 + 36 Manufacturing employment (area) 7,400 + 2 + 23 Postal receipts• . . . . . . . . . . . S 2,37 5,3SO + 1 + 9 Percent unemployed (area) . 3.5 5 -8 Bulldinc permits, leaa federal contract.a $25,S9S,90S s -14 Bank debits (thousands) ......... ... . $ 4,149,420 5 + 12 End-of-month deposits (thousands) t. S l.695,S22 + 3 + 18 KILLEEN (pop. 23,377) Annual rate of deposit turnover. . . . . 29. 7 7 + 1 Postal receipts• S 50,5S3 + 22 + 8 Building permits, leas federal contracts S S06,679 -20 + 16 PASADENA (pop. 58,737) Bank debits (thousands) S 20,428 -7 + 10 Retail Alea . ....... . 8t + 6 + 16 End-of-month deposits (thousands) i S 15.S68 + 2 + 27 Apparel stores .......... .. . + 7t + 60 + 46 Annual rate of deposit turnover. 15.6 -17 -12 Automotive storea + St + 4 + 20 Poetal receipts• . . . . . . . . . . . . . . . .. S 57,094 + 6 + 13 fUNGSLAND (pop. 150) Bulldlnc permits, leaa federal contract.a S 666,950 -49 -62 Bank debits (thousands) . . $ 69,300 + 6 + s Postal receipts• S 967 -49 -42 End-of-month deposits (thousands) i $ 32,320 2 + 9 Bank debits (thousands) S 1,144 + 2 + 40 Annual rate of deposit turnover... 25.5 + 4 End-of-month deposits (thousands) i. $ SS4 + 30 + 34 Annual rate of deposit turnover. 17.6 -16 + 14 SOUTH HOUSTON (pop. 7,253) Postal receipts• . . . $ S,292 -10 + 6 KINGSVILLE (pop. 25,297) Bulldlnc permits, leaa federal contracts $ 94,030 -34 -67 Retail sales Bank debits (thousands) .S 7,920 + 4 + 15 Drugstorea -St -14 ••End-of-month deposits (thouaands)t .S 6.239 6 Postal receipts• .. .S 16,389 -14 -6Annual rate of deposit turnover . 17.6 + 9 + 9' Buildinc permits, leas federal contracts S 660,000 +179 + 28 Bank debits (thousands) $ 12,346 4 TOMBALL (pop. 2,025r) End-of-month deposits (thousands) i $ 15,729 2 -+ 15 ' Bulldlnc permits, leaa federal contract.a $ 40,500 Annual rate of deposit turnover 9.S 5 -15 Bank debits (thousands) . S 7,446 -10 7 F.nd-of-month deposits (thouaands) i. S 6,522 8 + 2 Annual rate of deposit turnover 15.7 -1 -11 KIRBYVILLE (pop. 2,021r) Postal receipts• $ 3,804 -7 + 17 HUMBLE: see HOUSTON SMSA Bank debits (thousands) . $ 8,290 + 47 + 69 End-of-month deposits (thousands) i S 3,639 + 4 + 18 HUNTSVILLE (pop. 11,999) Annual rate of deposit turnover. 11.0 + 41 + 45 Postal receipts• . . . . . . . . . . . . ....S 11,956 -80 -15 Bulldlnc permits, leaa federal contract.a $ SS,500 •• -75 LA FERIA: see BROWNSVILLE-HARLINGEN-SAN Bank debits (thouaands) . . . . $ 9,925 + lS + 21 End-of-month deposits (thousanda)t..$ 9,327 -4 •• BENITO SMSA Annual rate of deposit turnover... .. . 12.5 + 24 + 19 LA MARQUE: see GALVESTON-TEXAS CITY SMSA IOWA PARK: see WICHITA FALLS SMSA LAMESA (pop. 12,438)lRVING: see DALLAS SMSA Retail sales Automotive 1torea + St -29 -29 JACKSONVILLE (pop. 10,509r) Druptorea -st -12 -12 Betall Alea Postal receipts• .. .S 12.169 -3 + 11 Automotive atorea ....... . + St + 41 •• Building permits, leas federal contracts S 41,681 -34 -64 Poaal receipts• .S 19,047 + 3 -4 Bank debits (thousands) . S 13,S50 -10 -21Bulldinc permits, leaa federal contract.a S 61,250 -51 -2S End-of-month deposits (thousands) i $ 15,624 -4 -10Bank debits (thousands) . . . . S 14,174 + 7 + s Annual rate of deposit turnover. 10.4 -7 -10End-of-month deposits (thouaands>t . S 10,536 4 + 13 Nonfarm placements 99 + 62 -2 Annual rate of deposit turnover. 15.S + 6 -7 JASPER (pop. 5,120r) LAMPASAS (pop. 5,670r) Retail Alea . . . . ......... . St -4 + 13 Postal reeeipts• S ~.424 -2 + 7 Automotive atorea .. . ......... . . . . . + St -14 + 17 Building permits, leas federal contracts S S2,250 + 9 + 45 General merchandise atorea........ . + 7t + 87 + 26 Bank debits (thousands) .... .$ 7,760 + 11 + 5 PoRai receipts• ....... .S 8,011 -2 + 1 End-of-month deposits (thousands) i S 6,S58 + 6 + 7 -4 Annual rate of depoait turnover. . . . . . 14.0 + 4 + Bulldlnc permits, leaa federal contract.a S 31,425 -66 Bank debits (thousands). . ...$ 11,250 •• + 9 End-of-month deposits (thouaands)t..$ 8,859 8 -6 Annual rate of clepoalt turnoTer..... . 15.9 -1 + 14 LA PORTE: see HOUSTON SMSA Percent change Percent chanp Local Business Conditions Local Business Conditions Apr 1965 Apr 1965 Apr 1965 Apr 1985 Apr from from Apr from from City and item 1965 Mar 1965 Apr 1964 City and item 1965 Mar 1965 Apr 19114 LUBBOCK Standard Metropolitan Statistical Area Standard Metropolitan Statistical Area LAREDO (pop. 69,0441 ; Webb") (pop. 17 4,8441 ; Lubbock2) Building permits, less federal contracts $ 131,400 -57 + 42 -59 Building permits, less federal contracts $ 5,407,853 + 13 Bank debits (thousands) .... .... .....$ 497,136 + 7 + 9 Bank debits (thousands) ......... .... S 8,492,886 + 7 + 2 Nonfarm employment (area) 20,450 + 4 + 8 Nonfarm employment (area). 6S,400 •• + 2 Manufacturing employment (area) . l,340 •• + 2 Manufacturing employment (area) 6,570 •• + 8 Percent unemployed (area) 8.9 -23 9 Percent unemployed (area) . S.S -15 LUBBOCK (pop. 155,200r) • LAREDO (pop. 60,678) Retail sales St + 10 + 18Retail oales Apparel stores + 7t + 59 + 87 Apparel stores + 7t + 84 + 46 Automotive stores + St + 11 + 29Postal receipts• .. $ 44,693 -1 + 11 Drugstores 5t -2 + 5Buildinll' permits, less federal contracts $ 131,400 -59 -57 Florists . . .. .... .. .. ... ... .... . ... . + 24 + 21Bank debits (thousands) . $ 44,687 + 9 + 10 Food stores -5t + 8 8End-of-month deposits (thousands) i $ 28,136 + 2 + 7 Furniture and household Annual rate of deposit turnover. 19.2 + 8 + 4 appliance stores 9 9 Nonfarm plncements 650 + 55 + 5 General merchandise stores. + s + 1' Lumber, building material, LEVELLAND (pop. 12,117r) and hardware stores + St + 28 -10 Retail sales Postal receipts• . . . . . . . . . . . . $ 212, 787 -4 -4 Automotive stores + St -6 -11 Building permits, less federal contracts $ 5,344,498 + 18 + 48Postal receipts• .. . . . $ 9,261 -20 -16 Bank debits (thousands) .. . ... . $ 257,753 2 + 4Buildinll' permits, less federal contracts $ 152,250 + 7 + 87 End-of-month deposits (thousandsH.. $ 137,106 2 + 2Bank debits (thousands) . . .. . ... . .. $ 15,732 -5 + 11 Annual rate of deposit turnover. 22.3 + I End-of-month deposits (thousands) i $ 11,090 -7 -4 Annual rate of depoeit turnover . 16.4 + 15 + 16 SLATON (pop. 6,568) Postal receipts• ............. ....... $ 4,097 + 6 + 18 LIBERTY (pop. 6,127) Building permits, less federal contracts $ 22,860 + 6 -57 Postal receipts• ...$ 6,385 -28 -10 Bank debits (thousands) .. . $ 8,797 9 -12 Buildinll' permits, less federal contracts $ 62,100 -84 +211 End-of-month deposits (thousands) i . .$ 8,S66 6 9 Bank debits (thousands) . . ........ .. $ 9,001 4 Annual rate of deposit turnover . 11.6 End-of-month deposits (thousands!* . $ 9,368 6 -28 Annual rate of deposit turnover . 11.8 1 LUFKIN (pop. 17,641) Postal receipts• . . . . . . . . . . . . . $ 29,838 •• + 9 LITTLEFIELD (pop. 7,236) Building permits, less federal contracts $ 322,750 + 48 + 9 Retail sales Bank debits (thousands) . . $ 38,912 -9 + 18 Automotive atorea + Bt -12 -18 End-of-month deposits (thousands) i. $ 31,212 -12 + 9 Postal receipts• . ....$ 6,592 -2 6 Annual rate of deposit turnover . 14.0 -18 -1 - Building permits, less federal contracts $ 198,765 +172 + 16 Nonfarm placements .. . . .. .. . . . . S2 + S6 + 19 McALLEN (pop. 32,728) LLANO (pop. 2,656) Retail sales . St + 1 + 17Postal receipts• . ..$ 8,061 -7 + 10 Apparel stores ........ ....... . + 7t + 14 + 42 Bulldinll' permits, less federal contracts $ 4,000 -74 -81 Automotive stores . .. .. . . .... .. . . . + St 8 + 18Bank debits (thousands) ... . ..... . . ..$ 3,803 + 4 + Food stores ......... ......... .... . Gt + 1 + a End-of-month deposits (thousands) i . .$ 4,128 2 + 4 Furniture and household Annual rate of deposit turnover. 9.5 + 6 2 appliance stores ••t 6 + a Gasoline and service stations. -1t 8 + 19 LOCKHART (pop. 6,084) Postal receipts• . . . . . . . . . . . . . . . . $ 37,SlO + 1 + 9Retail sales Building permits, less federal contracts $ 1,643,870 +49S +788Automotive stores + St -39 -11 Bnnk debits (thousands) .. $ 87,122 4 + 12 Postal receipts• $ 4,274 -14 -6 End-of-month deposits (thousands) i . .$ 28,109 + 8 + 4Bulldinll' permits, less federal contracts $ 48,925 +160 +280 Annual rate of deposit turnover. 19.6 7 + lZBank debits (thousands) ..... ...... $ 5,369 -3 •• Nonfarm placements 389 + 7 -41End-of-month deposits (thousands) i. $ 5.304 -2 2 Nonfarm employment (area) . 48,600 •• + IAnnual rate of deposit turnover. 12.0 •• + 2 Manufacturing employment (area) . 5,000 -6 + a Percent unemployed (area) . . . . . 5.8 -24 -19 LONGVIEW (pop. 40,050) Retail sales McCAMEY (pop. 3,350r) St + 6 + 24 Apparel stores ........... .... . Postal receipts• . . . . . . . . . . . . . . . . $ 2,467 -27 -25 + 7t + 28 + 51 Automotive stores Bank debits (thousands) . . $ l ,767 -6 -7 + St 2 + 30 Druirstores .. . ... . ... .. . . .. .. . . End-of-month deposits (thousands) i . .$ 1,568 -6 -18 5t -6 + 10 Lumber, building material, Annual rate of deposit turnover .. .. . 18.1 •• + 6 and hardware stores . + St + 39 + 2 McGREGOR: see WACO SMSA Postal receipts• . . . . . . . . . . . . . . . . . . $ 57,887 + 2 + 8 Buildinll' permits, less federal contract,; $ 864,300 -82 -38 McKINNEY: see DALLAS SMSA Bank debits (thousands) . . ... ..... . . $ 62,827 6 + 19 End-of-month deposits (thousands) i. $ 43,641 + 2 + 3 MARSHALL (pop. 25,715r) Retail sales ........ ........ ........ . -St + 21 + zz Annual rate of deposit turnover . 17.3 8 + 14 Apparel stores . . . . . . . ...... . + 7t + 49 + 56Nonfarm employment (area) ... . . ... . 31,200 + + 8 Postal receipts• . . . . . . . . . . .$ 2S,42S -2 -5Manufacturing employment (area) . 7,400 + 2 + 23 Percent unemployed (area) . . . Building permits, less federal contracts $ 7S,860 -62 + az 3.5 6 -3 Bank debits (thousands) .. ......... .. $ 20,42S + 2 + 18 End-of-month deposits (thousands) i . .$ 21,961 -4 -6 LOS FRESNOS: see BROWNSVILLE-HARLINGEN. Annual rate of deposit turnover.... . . 10.9 + 6 + zo SAN BENITO SMSA Nonfarm placements ..... .......... . 288 + 80 •• 172 TEXAS BUSINESS REVIEW Percent change Percent change Local Business Conditions Local Business Conditions Apr 1965 Apr 1965 Apr 1965 Apr 1965Apr from from Apr from from City and item 1965 Mar 1965 Apr 1964 City and item 1965 Mar 1965 Apr 1964 MERCEDES (pop. 10,943) NACOGDOCHES (pop. 15,450r) Poatal receipts• . . . ..... . .. 6,429 + 5 + 11 Retail sales Building permits, less federal contracts 's 29,000 + 20 -63 Apparel stores + 7t + 26 + 27 Bank debits (thousands). s 6,299 1 + lS Postal receipts• $ 19,502 -20 -taEnd-of-month deposits (thousands) i . . $ 4,022 + 9 + 14 Building permits, less federal contracts $ 452,566 +194 +154Annual rate of deposit turnover.... . 19.6 + 11 Bank debits (thousands) . $ 21,913 + + a End-of-month deposits (thousands) i. $ 19,l 7S ­ MESQUITE: see DALLAS SMSA Annual rate of deposit turnover. 13.4 + '6 + ' MEXIA (pop. 7,621r) Nonfarm placements 102 + 9 -50' Poatal receipts• .. .... . ... . ... . ..... . ' 5,563 -15 -17 Building permits, less federal contracts $ 17,000 -90 -71 NEDERLAND: see BEAUMONT-PORT ARTHUR­Bank debits (thousands) . . .. ...$ 4,S64 + 2 5 ORANGE SMSA End-of-month depoaits (thousands) i .$ 5,082 1 2 Annual rate of depoait turnover .. ... . 11.6 + 2 8 NEW BRAUNFELS (pop. 15,631) Retail sales MIDLAND Automotive stores + St -24 -12 Standard Metropolitan Statistical Area Postal receipts• .. ... .$ 19,178 + 5 + 6 Building permits, less federal contracta $ 92,661 (pop. 66,8901; Midland2) -79 -47 Building permits, less federal contracts $ l,130,S75 + 12 + 6 Bank debits (thousands) ...... . ....$ 13.390 + 2 a Bank debits (thousands) ......... . $ 1, 753,992 -4 + s End-of-month deposits (thousands) i . .$ 12,947 + 2 + ' Nonfarm employment (area) . . ... ... 56,100 •• •• Annual rate of deposit turnover . 12.6 + 7 Manufacturing employment (area). 4,220 + 1 + 2 NORTH RICHLAND HILLS: see FORT WORTH SMSA Percent unemployed (area). 3.3 6 + 10 MIDLAND (pop. 62,625) ODESSA Retail sales -St 2 + Standard Metropolitan Statistical Area Drugstores ..... -st + 8 (pop. 86,1531; Ector2) Poctal receipts ... $ 112,977 + 4 4 Building permits, less federal contracts $ l,121,519 -31 + 91Building permits, less federal contracts s l,130,875 + 12 + 6 Bank debits (thousands) . . . . ....$ 1,052,580 -6 + SBank debits (thousands) .. . .$ 149,325 •• + 7 Nonfarm employment (area) . 56,100 •• ••End-of-month depoaits (thousandaH..S 111,034 -4 + s Manufacturing employment (area) . 4,220 + + 2 Annual rate of deposit turnover. 15.S + 8 4 Percent unemployed (area) . 3.3 -6 + 10Nonfarm placements .. . .. S12 + 47 8 ODESSA (pop. 86,937r) Retail sales ....... .. ... -St + 16 + 8 MIDLOTHIAN: see DALLAS SMSA Furniture and household MINERAL WELLS (pop. 11,053) appliance stores ..t + 14 + 5 Retail nles General merchandise stores + 7t + 17 + 18 Automotive 1tores .. . . .. . . . + St -18 -6 Postal receipts• ..... . $ 90,233 •• + 6 Poatal receipts• .. .................. . $ 20,018 + 43 + 50 Building permits, less federal contracta $ 1.121,519 -Sl + 91 Building permits, less federal contracts $ 165,586 + 28 + 5S Bank debits (thousands) $ 92,7SS -+ 6 Bank debits (thousands) . . . . .$ 18.800 -15 + 9 End-of-month deposits (thousands) i. .$ 61,1S3 -16' -29 End-of-month deposits (thousands) $ 11,719 -6 + 2 Annual rate of deposit turnover.. ... 16.6 + 4 +SS Annual rate of deposit turnover.... 13.2 -16 + 6 Nonfarm placements 493 + 11 -2 Nonfarm placements . . .. . . .. . . . . . . . . 104 + 12 + 1 ORANGE: see BEAUMONT-PORT ARTHUR­MISSION (pop. 14,081) ORANGE SMSA Retail salea Drugstorea .. . . -st •• + s PALESTINE (pop. 13,974) Poata! receipta• . . ..... ..... . ........$ 9,27S -7 -6 Postal receipts• ... . $ 15,669 -4 .. Building permits, less federal contracts $ lS,962 -81 -35 Building permits, less federal contracts $ 355,450 +419 +140 Bank debita (thousands) . . . $ 10,921 -11 -7 End-of-month deposits (thousanda)t. $ 7,942 4 -11 Bank debits (thousands) . $ 12,489 -12 + 5 End-of-month deposits (thousands) i . .$ 15.413 2 1 Annual rate of deposit turnover. 16.2 6 + 6 Annual rate of deposit turnover. 9.6 -9 + 7 MONAHANS (pop. 9,252r) Poatal receipts• . . . . . . . . . . . . . . . . . . . . 9,691 -1 -11 PAMPA (pop. 24,664) Building permits, less federal contracts $ 65,450 -62 -80 -22 -18 Retail sales St Bank debits (thousands) . . . . . . . . . .. $ 10,414 8 + 8 Automotive stores + St -SS -25 · · · · · ····· End-of-month deposits (thousands); .$ 7,847 8 + 8 Eating and drinking places . 1t + 10 •• Annual rate of deposit turnover... . 16.8 7 •• Postal receipts• • 27,677 •• + • MOUNT PLEASANT (pop. 8,027) Building permits, less federal contracts $ 57,495 -72 -63' Retail salea Bank debits (thousands) . $ 27,625 2 + End-of-month deposits (thousands) i. • 19,203 -7 -10' Apparel stores .............. ... .. . + 7t + 68 + 27 Annual rate of deposit turnover. 16.6 + 2 + 11 Poata! receipts• . . . ..... . ...S 9,622 -6 -16 Nonfarm placements 166 + 54 -18 Building permits, less federal contracta $ 114,925 + 77 + 20 Bank debits (thousands). . ..$ 11,375 + 6 + 2 PECOS (pop. 12,728) End-of-month depoaits (thousand&) i . .$ S,307 1 1 Postal receipts• .. . $ 12,632 + 24 + 21 Annual rate of deposit turnover. 16.4 + 8 + 4 Building permits, less federal contracta $ 6,580 •• -43 MUENSTER (pop. 1,190) Bank debits $ + a (thousands) 16,321 Poetal receipts• .................... . S 1,632 -12 -10 End-of-month deposits (thousands);. .$ 11,133 + + Building permits, leas federal contracta S s.ooo -SS 17.7 -'s Annual rate of deposit turnover.... + Bank debits (thousands) . ........ . .. S 2,694 + 9 + 20 Nonfarm placements 72 + + 36 End-of-month deposita (thousandaH.. $ 2,198 + 10 + 1 Annual rate of depoalt ~over. 15.5 + 9 + 25 PASADENA: see HOUSTON SMSA Percent change Pereat.... Local Business ConditionsLocal Business Conditions Apr 1965 Apr 1965 Apr 1916-' A'r lNI Apr from from Apr from ~ Mar 1965 Apr 1964 City and item 1966 Kar 1"6 Apr 11'4City and item 1965 SAN ANGELOPARIS (pop. 20,977) St + 10 + 8 Standard Metropolitan Statistical Area Retail sales Apparel stores + 7t + 62 + 43 (pop. 70,5821; Tom Green2) - Automotive at.ore• . + St -9 18 Building permits, less federal contracta $ 667,246 + 12 -II Lumber. buildinll' material. Bank debits (thousands) . . ......... . .S 7S9,144 -4 + • + 19 + 4 and hardware stores. + St s 6 Nonfarm employment (area) . . . . . . . . . 20,460 •• + • Postal receipta• . .$ 25,269 -+ Manufacturing employment (area) . 8,010 + I ­ . Building permita, less federal contracta $ 698,333 +1S9 + 6S Percent unemployed (area) . . . . 8.6 -l'r -lt Nonfarm placementa 143 + 30 + 77 SAN ANGELO (pop. 58,815) PHARR (pop. U,106) Retail sales -at + 10 +• General merchandise stor"8 Poatal recelpta• .. .$ 7.205 + 5 -7 + 7t + 18 + 19 Building permita, leu federal contracta $ 51,530 -S4 + 54 Jewelry stores ........ .. . .. -6 + I Bank debita (thousands) -I $ 4,908 + 4 + 20 Postal receipts• .. $ 90,203 + 11 End-of-month deposita (thousands) i. .$ 4,666 -1 + 18 Building permits, less federal contracta $ 567,246 + 11 -II Annual rate of deposit turnover. 12.5 .. + 2 Bank debits (thousands) ........ .... .$ 65,307 1 + ' End-of-month deposits (thousands) i . .S 51,766 + I PILOT POINT: see DALLAS SMSA + ' Annual rate of deposit tnmover..... . 16.S 2 I PLAINVIEW (pop. 18,731r) Retail sales SAN ANTONIO Automotive otoret + St -25 + 28 Standard Metropolitan Statistical Area General merchandise otores. + 7t + SI + 35 (pop. 784,2691; Bexar and Guadalul>e2) Pootal receipta• . .. . ...S 26,480 -11 + 9 Building permits, less federal contracta $ 7,351,593 + 21 + lT Building permita, leu federal contracta S l,033,900 +199 + 17 Bank debits (thousands) . . ..... . .$10,050,600 -a + 8 Bank debita (thousands) .. S 42,470 -6 + Nonfarm employment (area) .... .. ... 22S,900 •• + •End-of-month deposita (thousands) i. $ S0.724 -lS + 5 Manufacturing employment (area) . 27,200 •• + 5 Annual rate of deposit turnover. 16.2 + 5 4 Percent unemployed (area) . 4.0 -11 5 Nonfarm placementa 2S5 + 20 -19 SAN ANTONIO (pop. 655,006r)PLANO: see DALLAS SMSA Retail sales . . . . . . . . . . -6 •• + lt PLEASANTON (pop. 5,053r) Apparel stores . . ..... . . . -4 + 19 +• Retail oalea Automotive stores ........ . . .. . . . . . -16 -19 .+• Guoline and service stations . -1t + 1 + 5 Drugstores . -6 -10 •• Building permita. leas federal contracta $ 4,500 -97 -90 Eating and drinking places. . . ... . . -2 + 6 + 5 Bank debita (thousands) ........ .... .$ S,294 + 12 + 25 Florists ......... . .. .... . ..... . ... . + 28 + .. End-of-month depoaita (thousands)t .. $ 3,647 -5 -4 Food stores ......... . . . . .. ....... . a + Annual rate of deposit turnover. 10.6 + 14 + 2S + ' Furniture and hotuiebold PORT ARTHUR: see BEAUMONT-PORT ARTHUR­appliance otores s 8 + • Gasoline and service stations . 6 7 .. ORANGE SMSA General merchandise stores. 9 + 1S + • PORT ISABEL: see BROWNSVILLE-HARLINGEN­Lumber, building material, SAN BENITO SMSA and hardware otores .. + 1 -H Nurseries ........ . ......... ... ... . + lt PORT NECHES: see BEAUMONT-PORT ARTHUR­ ++ '° 14 ORANGE SMSA Postal receipts• .................. . ..I 914,214 + 1 + 1t QUANAH (pop. 4,56() Building permits, less federal contracta S 6.490,006 + 18 +n Pootal receipta• . . . . . . . . . . .$ 4,691 + 8 + 12 Bank debits (thousands) . . ...I 868,416 I + • Stationery stores .. .. .... . ...... . . . -I End-of-month deposits (thousands) i . .S 446,397 1 Buildlnir permita, leu federal contracta $ 0 2 + ' Annual rate of deposit tnmover. 2S.O + 5Bank deblta (thousands) . . . ...$ 4,4Sl 7 -14 End-of-month depoaita (thousands)t .. S 4.941 4 2 Annual rate of depoait turnover . 10.5 8 -9 SCHERTZ (pop. 2,281) Postal receipts• . .. . . .S 1,8S7 -88 +.. RAYMONDVILLE (pop. 9,385) .. Bank debits (thousand&) . . . S 600Retail aalea End-of-month deposits (thousandaH..$ l,lOS •• + •. Automotive otores + St -15 + 49 ­ Annual rate of deposit tnmover. 6.4 6Pootal receipta• S 6.788 -lS -6 Building permita. leu federal contracta S S,600 -79 -SS SEGUIN (pop. 14,299) Bank debita (thouaands) . . . . . . . . . . s 6,802 6 + 12 End-of-month deposita (thousands) i. S 7.106 -4 Retail sales + 7 Annual rate of deposit turnover. 10.4 3 Automotive stores ... + St + 18 + 11 Nonfarm placementa 50 -+ 4 Postal receipts• . . . .. .S 12,27S -4 + • -12 -21 Building permits, less federal contracta S 434,a8S +82'1 -11 RICHARDSON: see DALLAS SMSA Bank debits (thousands) . . ...$ 15,769 8 +• ROBSTOWN: see CORPUS CHRISTI SMSA End-of-month deposits (thouaandsH..$ 16,094 --I . Annual rate of deposit tnrnover. . . . . . 12.8 -8 + .. ROCKDALE (pop. 4,481) Pootal recelpta• . . . . . . . . s 5,777 + 11 + 30 SAN BENITO: see BROWNSVILLE-HARLINGEN-SAN BuildinII' permita, 1-feder~ ~~~t~~~ $ 30,245 +122 + 50 BENITO SMSA Bank debita (thousands) ... . . . ..... .$ 4,593 + 1 -2 End-of-month depooita (thousand1) i . .s 7.097 + s + 16 Annual rate of deposit turnover . ... 7.9 2 14 SAN JUAN (pop. 4,371) Postal receipts• ... ...... ........... .I 2,406 -11 -I ROSENBERG (pop. 9,698) Buildinll' permits, leas federal contracta S 6.700 +&00 +•Pootal receipta• . . . . . . . . . . . . S 10,089 + 18 + lS Bank debits (thousands) ..... .. ......$ 1,942 -18 Building permita. leu federal contracta s 112,050 -4S +1t + 15 End-of-month depoaits (thousands>*..I 2,282 -1End-of-month depoaita (thousands) i . .s -· 9,214 ........ -5 + 4 Annual rate of deposit turnover.. . . . . 10.4 -1li Percent cliange Percent change Local Business Conditions Local Business Conditions Apr 1965 Apr 1965 Apr 1965 Apr 1965 Apr from from Apr from fromCity and item 1965 Mar 1965 Apr 1964 City and item 1965 Mar 1965 Apr 1964 SAN MARCOS (pop. 12,713) SWEETWATER (pop. 13,914) Postal receipts• S 11,753 -7 -10 Retail sales Building permits. less federal contracts S 125,092 -S2 -73 Automotive stores + St -27 -25 Bank debits (thousands) . . $ 10,714 + 3 + 14 Postal receipts• $ 10.750 16 6 End-of-month deposits (thousands) i . .$ 12,074 6 + 17 Building permits, less federal contracts $ 42,090 -4S -40 Annual rate of deposit turnover. 10.3 + 6 Bank debits (thousands) . . . $ 11,167 6 s End-of-month deposits (thousands) i $ 9,603 -4 -2 SAN SABA (pop. 2,728) Annual rate of deposit turnover . 13.7 -s 6 -Nonfarm placements 296 Postal receipts• . . . .S 2,S40 -38 + 2 + 2S + 77 Bank debits (thousands) . .$ 4,622 + 17 + s Building permits, less federal contracts $ 0 TAYLOR (pop. 9,434) End-of-month deposits (thousands)t . $ 4,194 •• 6 Retail sales Annual rate of deposit turnover. 13.2 + 17 + 17 Automotive stores . . . ... . . .. ...... . + St -10 + 15 SCHERTZ: see SAN ANTONIO SMSA Postal receipts• $ 9.45S + 4 •• Building permits, less federal contracts $ S3.214 -S2 + 15 SEAGOVILLE: see DALLAS SMSA Bank debits (thousands) .. .. .$ S,255 .. End-of-month deposits (thousands) i . .$ 15.049 + 5 SEGUIN: see SAN ANTONIO SMSA Annual rate of deposit turnover. 6.6 s s SHERMAN (pop. 30,660r) Nonfarm placements 29 + 12 + 4 Retail sales . ............. . St -8 + 6 Apparel stores ..... . + 7t + 65 + 24 TEMPLE (pop. 34,730r) Retail sales St + 1 + 15 Apparel stores + + 64 Automotive stores ..... ... . + St -17 -4 7t + 84 Automotive stores + St s + 25 Furniture and household appliance stores .. .. .... . ••t + 2 + 23 Eating and drinking places It + 7 +Postal receipts• . . . . . . .. $ 3S.S94 -5 + 1 Furniture and household Building permits, leaa federal contracts $ 236.7SO -34 -64 appliance stores . ••t 8 Bank debits (thousands) .......... ...$ 34,403 + 7 + 12 Postal receipts• . . . $ 47,SS3 + 4 ' End-of-month deposits (thousands) i . .$ 22.2s2 •• + 18 •• Building permits, less federal contracts $ 457.666 + 9 + 29Annual rate of deposit turnover. lS.5 + 6 + 1 Bank debits (thousands) .... . . $ 89,011 + 11 + 15 Nonfarm placements 167 + 10 + 2 Nonfarm placements 249 + -10 SILSBEE (pop. 6,277) Postal receipta• . . . . . . $ 10,721 + 21 + 21 TERRELL (pop. 13,803) Bank debits (thousands) . S 4,6SO + 4 8 Postal receipts• $ 10,9S7 + 14 + 27 End-of-month deposits (thousands) i . .$ 5,445 4 + 8 Building permits, less federal contracts $ 109,700 + 12 + 67 Annual rate of deposit turnover. 10.1 + 6 6 Bank debits (thousands) . $ 9,893 + 6 + 2 End-of-month deposits (thousands) i . .$ 8,901 + 6 + 7 SINTON (pop. 6,008) Annual rate of deposit turnover . 13.7 + 5 •• Postal receipta• . . . ... . . S S,200 + 25 + 21 Building permits, less federal contracts S 63,320 -64 +845 TEXARKANA Bank debita (thousands) .$ 4,476 + 2 -6 Standard Metropolitan Statistical Area End-of-month deposits (thousands) i . .$ 5,096 + 6 + 14 Annual rate of deposit turnover. 10.S -16 (pop. 64,6141 ; Bowie, excluding Miller, Ark.2) Building permits, less federal contracts S 181,935 -46 -74 SLATON: see LUBBOCK SMSA Bank debits (thousands) ............ . $ S67,S04 + 5 SMITHVILLE (pop. 2,933) Nonfarm employment (area) . S2,150 + 1 Postal receipts• ...$ 2,294 -10 + 4 Manufacturing employment (area) 6,540 •• a Percent unemployed (area) . 5.7 -12 + 4 Bank debits (thousands) . . . .. .S 1.323 + 8 TEXARKANA (pop. 50,006r) End-of-month deposits (thousands)t.. S 2,397 •• •• Retail sales .. St + 10 + 9 Annual rate of deposit turnover. 6.6 + 8 + 2 Building permits, less federal contracts S 0 Apparel stores + 7t + 41 + 46 Automotive stores + St -4 + 9 SNYDER (pop. 13,850) Furniture and household Retail sales appliance stores + 20 -18 Automotive stores . . . . . . . . . . . + St -5 + 12 Lumber, building material, Postal receipts• ... ... . . .. . .. ... .. $ 14,123 + 2 -7 and hardware stores + St + 80 + 12 Building permits, leaa federal contract& $ 57,050 +102 + 38 Postal receipts• $ 64.050 -10 + 2 Bank debits (thousands) . . . $ 11,544 -13 -14 Building permits, less federal contracta S 157,0S5 -43 -77 End-of-month deposits (thousands)t.. $ lS,671 •• + 6 62,6S9 6 Bank debits (thousands). . .. $ •• Annual rate of deposit turnover . 7.4 -12 -17 End-of-month deposits (thousands)tl .$ 20,779 •• + 4 SOUTH HOUSTON: see HOUSTON SMSA Annual rate of deposit turnover . 18.9 -1 + 2 SULPHUR SPRINGS (pop. 9,160) TEXAS CITY: see GALVESTON-TEXAS CITY SMSA Retail sales Automotive stores .......... ... . . . + St -21 -6 TOMBALL: see HOUSTON SMSA Postal receipts• $ 16,528 -4 + s Building permita, less federal contracts $ 255,206 -24 +145 UVALDE (pop. 10,293) Bank debits (thousands) ......... . .. . S 14,070 3 + 3 Retail sales End-of-month deposits (thousands) i . .$ 13,406 + 3 + 9 -S4 -88 Automotive stores ..... . ... .. .. . .. . + St Annual rate of deposit turnover..... . 12.S 3 Lumber, building material, STEPHENVILLE (pop. 7,359) and hardware stores.. . + st + 90 + SS 14.890 + 52 + 71 POltal recelpta• . . . . . . . . . . . . . S 10,483 + 13 + 9 Postal receipts• . .. .. ..• Building permita, less federal contracts S 107,300 -71 -17 Building permits, less federal contracts $ 225.799 + 31 +1S7 Bank debits (thousands) .............S 7,92S 6 2 Bank debits (thousands) .$ 14,924 + 14 + 7 End-of-month depoalta (tholll&Dda) i . .$ 9,009 1 + 2 End-of-month deposits (thousands) t. $ 9,486 + 8 + 9 Annual rate of deposit turnover. 10.5 4 8 Annual rate of deposit turnover . 19.7 + 9 + 4 Percent change Pereent chanse Local Business Conditions Local Business Conditions Apr 1965 Apr 1965 Apr 1966 Apr 1986 Apr from from Apr from from 1965 Mar 1965 Apr 1964 City and item 1965 Mar 1966 Apr 1964City and item WAXAHACHIE: see DALLAS SMSATYLER Standard Metropolitan Statistical Area WEATHERFORD (pop. 9,759) (pop. 93,2591; Smith2) Postal receipts• .$ 18,106 + 17 + 18 Building permits, less federal contracts $ l.05S,085 -s -lS Buildinir permita, less federal contracts $ 168,0SO +178 +u Bank debita (thousands) . . . . $ 1,39S,OOO -s + 4 2 End-of-month deposita (thouaands) i $ 14,006 -2 •• Nonfarm employment (area) . . . S2,700 •• + Manufacturing employment (area) . S,850 •• + s WESLACO (pop. 15,649) Percent unemployed (area) . S.S -15 -15 Retail sales TYLER (pop. 51,230) Food store• -st + 8 + 11 Postal receipts• . . . $ 10,942 -2 +u St -9 + sRetail sales Building permits, less federal eontracts $ S5,290 + 69 + 9Apparel stores + 7t + 24 + 85 Dank debits (thouaands) . . . . ...... . .. $ S,966 •• + TAutomotive atores + St -15 + 2 En•l-of-month deposits (thousands) i. $ 7,SSS 8 + 8 + 16 + 14Floriata Annual rate of deposit turnover.. .. . . 13.s -1 + I Postal receipts . $ 112,94S -15 -10 Building permita, less federal contracts $ l,026,2S5 -10 -lS Bank debita (thouaanda) . $ 114,059 -s + 4 WHITE SETTLEMENT: see FORT WORTH SMSA End-of-month deposita (thousands) i. $ 76,035 -2 + 9 Annual rate of depusit turnover. 17.9 -11 -5 WICHITA FALLS Nonfarm placements . 603 -s -21 Standard Metropolitan Statistical Area (pop. 134,0401; Archer and Wichita2) VERNON (pop. 12,1'1) Building permits, less federal contracts $ l,67S,9s0 + SC + 11 Retail aales Bank debits (thousands) . . ......$ l,S01,S72 -10 + 1 Automotive atorea ....... + St + 23 + •2 Nonfarm employment (area) . . . 46,3s0 + 1 + I Po1tal receipts• $ lS,704 -10 •• Manufacturing employment (area) . 4,270 + 1 + 4 Bulldlnir permits, Iese federal contracts $ 10,210 -S7 -95 Percent unemployed (area) . 8.2 -18 -20 Bank debits (thouaaad1) $ 15,2SS + 2 + 3 End-of-month deposite (thousands) i. .$ 19,173 -s + 2 IOWA PARK (pop. 5,152r) Annual rate of deposit turnover . 9.4 + 4 + Buildinir permits, less federal contracts $ 82,705 -16 -11 Nonfarm placements 77 + 64 + 15 Dnnk debits (thousands) . . . . . . . . . . . . .$ s.sso + 1 -1' End-of-month deposits (thousands) i . . $ 4,172 6 -1 VICTORIA (pop. 33,047) Annual rate of deposit turnover . . . .. . 9.4 + 8 -15 Retail aales St -4 + 21 Automotive atores . . . . + St -16 + 29 WICHITA FALLS (pop. 101,724) Lumber, bulldlnir material, Retail sales St -s -a and hardware stores + St + 41 + 81 Apparel stores + 7t + 88 + 20 Poatal receipts• $ 44,355 -1 + 5 Automotive stores + St -11 9 Buildlnir permita, less federal contracts $ 844,635 -56 + lS Furniture and household Bank debits (thouaand1) $ 7S,231 + 9 + 14 appliance stores ••t -28 .. End-of-month deposits (thousands) i $ S5,208 -4 + 2 Gasoline and service stations . lt + 1 Annual rate of deposit turnover . 10.S + 11 + 9 General merchandise stores . + 7 + 80 + 21 Nonfarm placements 682 + 7 + 5 Lumber, building material, . and hardware stores... + St + S9 + 18 Postal receipts• ...... ... ... ..... . . $ 12S,19S + 8 -a WACO Building permits, less federal contracts $ 1,527,745 + 61 + 1' Standard Metropolitan Statistical Area Bank debits (thousands) . .$ 1S5,690 -12 -..' (pop. 154,0791; McLennan2) End-vf-month deposits (thousands)t.. $ 97,036 •• Buildlnir permita, less federal contracta S l ,28S,367 -47 -49 Annual rate of deposit turnover . . . . . . 16.S -12 -1 Bank debits (thouaands) . . . .. .....$ l,S95,124 + 6 + s Nonfarm employment (area) . 53,100 1 2 + + LOWER RIO GRANDE VALLEY Manufacturinir employment (area) 11,060 + 1 + Percent unemployed (area) 8.6 -16 -20' (pop. 359,8361; Cameron, Willacy, and Hidalgo2 ) McGREGOR (pop. 4,642) Retail sales St -s + 15 Apparel stores + 7t + 1' + 19 Buildlnir permita, leas federal contracts $ 7,000 -69 +776 Bank debits (thouaand1) . ..... .. .... $ 6,279 + 6 Automotive stores + lit -9 + 18 + End-of-month deposits (thousands)t . $ 6,556 + 2 "" Drugstores . . . st -8 + 1' + 16 Annual rate of deposit turnover . 11.6 Eating and drinkin11r places.. lt -10 + 1 + s + 26 Florists + 16 + 19 Food stores . . . . . . . . . . . . . . . . . . . . . . . -st 2 + 10 WACO (pop. 103,462) Furniture and household Retail aales St -8 + 14 appliance stores . . . . .. ..... . . . ••t + 7 • + Apparel stores 2 + lt + 7t + S4 + 16 Gasoline and service stations . . lt Automotive 1toree . . ....... . . . + 11 + St -10 + 12 General merchandise stores. + 7t + Eating and drinkinir placa. lt -8 + 7 Lumber, building material, Furniture and houaehold +H and hardware stores . .. + St 8 appliance stores ••t + 12 + 11 Office, store, and school General merchandise stores + 7t + 24 + 26 supply dealers ... . ... ... .... .. . . 6 •• Poatal receipts• $ 207,604 + • •• + 9 Postal receipts•Building permits, leas federal contracts $ 1,204,102 + 92 -4S -•9 Building permits, less federal contracts +111' Bank debits (thouaands) . .$ 141,546 3 + 8 Bank debit.a (thousands) .. ... .... . . . 6 + 8 End.of-month deposibl ( thousand1) t. $ S8,013 1 + 11 End-of-month deposits (thousands) .. . 1 + ' Annual rate of deP<>1it tuinover . 19.2 2 -7 Annual rate of deposit turnover.. . .. . 17.6 ' + ' BAROMETERS OF TEXAS BUSINESS All figures are ~or Texas unless other_wi~ indicated. All ind.exes are based on the a\'erage months for 1957-59, except where indi· cated;_ all are ad)usted. for seasonal vanauon, except. ~nnual indexes. Employment estimates are Texas Employment Commission data m cooperation with the Bureau of Labor Stausucs of the U. S. Department of Labor. The index of Texas business activitv is baled on bank debits in 20 cities, adjusted for price level. An asterisk (•) indicates preliminary data subject to revision. Re,·i~I data are marked (r) . Data marked (§) are dollar totals for the fiscal years to date. Apr Mar Apr 1965 1965 1964 1966 1984 GENERAL BUSINESS ACTIVITY Texas business activity, index .. . . 168.3 171.0 149.1 163.9 145.5 Miscellaneous freight carloadings in SW District, index . 81.5 77.l 79.6 77.6 77.6 Wholesale prices in U. S., unadjusted index . 101.7 101.3 100.3 101.3 100.6 Consumers' prices in U. S., unadjusted index .. 109.3 109.0 107.8 109.0 107.7 Income paymenu to individuals in U. S. (billions, at seasonally ad­ justed annual rate) ... $ 514.5• $ 513.8r $ 486.6r $ 512.4 $ 482.4 Busineu failures (number) .. 71 77 34 68 56 Buaineu failures (liabilities, thousands) .. $ 8,558 $ 3,877 $ 4,047 $ 5,851 $ 5.261 Newspaper linage, index . 113.8 108.3 109.l 112.0 107.5 Ordinary life insurance sales, index 158.6 159.4 157.l 156.1 149.3 TRADE Total retail sales, index . 137.8• 144.4• 125.6r Durable-goods sales, index . 160.2• 184.9• 146.4r Nondurable-goods sales, index . . ......... . . 126.3• 123.6• 114.9r Ratio of credit sales to net sales in department and apparel stores Ratio of collections to outstandings in department and apparel stores 69.9• 25.1 • 71.1 • 31.0• 68.9r 28.5r 67.8 29.6 66.5 30.0 PRODUCTION Total electric power use, index . Industrial electric power use, 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-manufactures, index . Texas industrial production-durable manufactures, index . Texas industrial production-nondurable manufactures, index Texas industrial production-mining, index .. Building construction authorized, index ..... . New residential building authorized, index ....... .... . .. ..... .... . New nonresidential building authorized, index . . .. . . .. . . 179.3• 165.7• 94.I • 13.2 113.7 14-0.8• 131.8• 154.2• 150.0• 157.2• 102.5• 13U 104.2 172.5 163.7• 152.3• 93.4• 13.2 112.5 J4-0.5r 130.8• 154.5• 151.2• 156.8• 99.6• 118.5 104.5 121.3 153.4r 144.lr 94.6r 13.J IUl.7 130.5r 125.9r 144.8r 139.5r 148.6r IOI.Or 143.9 117.0 169.0 167.6 157.0 94.3 13.3 112.6 139.7 130.7 153.l 150.3 155.1 101.2 121.1 101.2 139.7 152.3 143.1 94.6 IH 113.2 128.9 124.7 143.!l 136.9 147.9 100.2 132.3 120.7 149.2 AGRICULTURE Prices received by farmers, unadjusted index, 1910-14=100 . Pric.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 246 320 77 239 318 75 253 314 81 240 318 76 255 31!! 82 FINANCE Bank debits, index ... Bank debits, U. S., index 171.2 178.0 173.2 173.8 149.5 168.7 166.J 172.5 146.3 161.1 Reporting member banks, Dallas Federal Reserve District: Loans (millions) . .. Loans and investments (millions) . Adjusted demand deposits (millions) .. Reve~ue receipts of the State Comptroller (thousands) $ 4,508 $ 6,580 $ 2,873 $201,395 $ 4,492 $ 6,583 $ 2,845 $157,897 $ 4,085 $ 6,161 $ 2,771 $179,858 $ 4,441 $ 6,526 $ 2.833 $170,011 $ 4,058 $ 6,140 $ 2,8!!4 $143,467 Securuies registrations: Original applications: Mutual investment companies (thousands) . . . . . . . . ... . .... . $ 11,829 $ 18,615 $ 7.210 $ 95.132§ $ 46,658§ All other corporate securities: Texas companies (thousands) ..... . ... . .. .. . .. . .. ... . .. . . . Other companies (thousands) . $ 12,150 $ 10.234 $ 2,144 $ 5,14-0 $ 5,959 $ 2,633 $ 60,163§ $ 40,293§ $ 39,266§ $ 26,127§ Securities registrations: Renewals: Mutual investment companies (thousands) Other corporate securities (thousands) ..... $ 5,118 $ 1,879 $ 2,333 $ 1,4-08 $ 5,233 $ 1,77' $ 59,759§ $ 7.225§ $ 60,250§ $ 6,293§ LABOR Manufacturing employment in Texas, index . . . . . . . . .. . . . . . . ... . . . . Total nonagricultural employment in Texas, index Average weekly hours-manufacturing, index . Average weekly earnings-manufacturing, index Total nonagricultural employment (thousands) ..... . . . . . . . . . . . . .. . Total manufacturing employment (thousands) Durable-goods employment (thousands) Nondurable-goods employment (thousands) 114.3• 116.5• 102.0• 120.0• 2,876.3• 552.5• 279.6• 272.9• 113.2• 115.9• 102.4• 118.9• 2,843.6• 548.I • 275.3• 272.8• JJ0.6r l 12.2r 102.5 118.l 2,769.3 534.6r 265.9r 268.7r 113.4 115.7 102.0 119.l 2,837.7 547.0 274.9 272.2 109.9 111.7 101.6 116.0 2,740.2 530.2 261.5 268.7 Total nonagricultural labor force in selected labor market areas (thousands) . . . . . . . . . . . . . . . . . . . . .... . ...... ..... . Employment in selected labor market areas (thousands) ....... . 2,707.7 2.534.l 2,702.0 2,518.9 2,643.0 2,459.0 2,703.4 2,514.8 2,637.3 2,44-0.9 Manufacturing employment in selected labor market areas (thousands) . . . . . . . . . . . . . . . . Total unemployment in selected labor market areas (thousands) .. 464.4 91.3 460.9 106.0 441.7 100.6 460.2 109.2 438.2 121.3 Percent of labor force unemployed in selected labor market areas ................... .... . . .. .. . ............... .. . 3.4 3.9 3.8 4.1 4.6 i:J >'l ~ z i:J IO d l'l rn t;j tl > d rn >'l _z t;j ~ rn -::i 00 -::i ,_. N> >'l p:: l'l d z ~ ::0 rn ::J M c::: 0 "'1 t:O c::: rn ...... z trl rn rn ~ trl rn trl > ~ () ll1 HOUSTON SMSA ENLARGED On March 24, 1965, the Bureau of the Budget announced an amendment to its definition of the Houston Standard Metro­politan Statistical Area to include, in addition to Harris County, Brazoria, Fort Bend, Liberty, and Montgomery counties. The Bureau of Business Research is adopting this new definition in its publications as rapidly as appropriate statistical data for the enlarged Houston SMSA become available and hopes to be able to do so in the Texa,s Business Review in the near future. rt .. t-t ,.... 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