Anyone disheartened by Wednesday’s first-ever Greater Waco Economic Index analysis and report should take heart. Our condition is serious yet hardly terminal. Examine index figures closely and you’ll realize that, while our local economy is definitely tied to what’s happening statewide and nationally, we remain in a state of recovery. We’re especially encouraged that so many economists we know and trust refuse to subscribe to predictions that a second recession is imminent.

Perhaps the Greater Waco Economic Index report, assembled by Texas economist Karr Ingham and sponsored monthly by First National Bank of Central Texas and the Tribune-Herald , seemed more grim than it actually was because of what topped our front page and that of other newspapers that morning: Home sales nationwide in July dropped to their lowest level in more than 40 years. Home sales for Waco weren’t quite so bleak but still fell to their lowest point since at least 2002.

May we offer a cheerier prognosis, based both on the report and what else we saw in the local news but some possibly overlooked? For instance, below the story on home sales, Tribune-Herald staff writer J.B. Smith offered a glowing update on efforts by the city of Waco and East Waco property owners to capitalize on an exciting master plan for downtown Waco. The family of the late Doug Brown, who long placed faith in East Waco and owned much property there, now plans to bolster much of this economically disadvantaged area, razing parts that threaten to hold it back, paving the way for a possible fountain plaza between Bridge and Elm streets and leaving it all ripe for savvy investors.

Also, Tribune-Herald staff writer Mike Copeland reported on Extraco Banks sealing a multimillion-dollar deal to dub the Heart O’ Texas Fair Complex the Extraco Events Center. We’re more than happy to embrace the new name; it indicates Extraco Banks’ deep faith in our community and the activities at the complex. Fair complex CEO Wes Allison told us as the Greater Waco Economic Index press conference was breaking up yesterday that Extraco was moved by the complex’s example and success, including its $40 million impact on the community and its bold expansion plans.

As for concerns about housing sales, we’re happy to refer to the insightful observations of real estate agents Camille Johnson and Celina Fuller, who say that veterans in their field can still move homes, even if they’re priced a bit less than before. In short, real estate agents with moxie and some smarts can still make sales happen. But sticking a sign up in a yard and walking away won’t do anymore.

More than all this, the underlying message behind Wednesday’s Greater Waco Economic Index analysis suggests what many of us know: While economic doldrums may have pinched us in the pocketbook, the local economy remains strong, our central location leaves us poised for future growth and our business community is committed to our success.

It behooves all of us from time to time to take a deep breath, put aside gloomy headlines from New York and Washington, and just look around us to see how fortunate we are and what great potential we share as a community.

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• Greater Waco Economic Index: Area faces 'slow' recovery