Tuesday, November 24, 2020

Tag: Financial-Crisis-Style Carmageddon Descends on Houston

Financial-Crisis-Style Carmageddon Descends on Houston

1

by Wolf Richter, Wolf Street:
Houston is recovering from the oil bust. Didn’t consumers get the memo?

Auto sales in Houston, whose economy had been battered by the oil bust, should be turning around from their Financial-Crisis-type levels, but they just got worse: New vehicle sales plummeted 26{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in June from a year ago, with car sales getting totally crushed and even trucks sales plunging.

For the 12-month period through June, auto dealers sold 284,085 new vehicles, down 16.8{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from the same period last year, and down 25{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from the levels in late 2015 and early 2016, before the oil bust began clobbering consumers and their desire to buy a new car or truck. Sales are now back to the same level as in January 2009 (chart by the Greater Houston Partnership, red marks added):