Midland Economic Indicators

The economy in Midland has been steadily growing. Taxable spending has grown 36% year over year and we have witnessed exponential growth in the following sectors:

Automotive
Growth

33%

Hotel
Growth

100%

 

Building Permits Growth

69%

Average Home Sale Price Growth

9%

 

This growth is, in part, due to increased business activities and rising wages. Workers in Midland experienced a 9.1% increase in wages year over year, further increasing their personal household income.


Midland Economic Index August 2018
Economic Indicators*

Base Year
1996

Last Year
2017

This Year
2018

% Change
2017-2018

Taxable Spending - August (per sales tax rebates) $179,028,246 $406,642,520 $512,650,555 26.1%
Taxable Spending - YTD $1,200,010,018 $2,618,701,805 $3,555,891,778 35.8%
Dollars Spent on Auto Purchases - August $15,276,529 $68,794,775 $81,330,655 18.2%
Dollars Spent on Auto Purchases - YTD $118,711,047 $440,642,132 $587,894,390 33.4%
Hotel/Motel Tax Receipts - Quarter $4,968,362 $23,813,848 $45,740,190 92.1%
Hotel/Motel Tax Receipts - YTD $13,926,012 $56,602,404 $113,728,403 100.9%
Airline Boardings - August 46,117 42,990 54,149 26.0%
Airline Boardings - YTD 365,381 339,199 396,574 16.9%
Value All Building Permits - August $19,170,045 $23,462,437 $43,684,495 86.2%
Value All Building Permits - YTD $112,693,606 $241,151,946 $409,013,502 69.6%
Permits for New Homes - August 26 59 102 72.9%
Permits for New Homes - YTD  209 608 805 32.4%
Sales of Existing Homes - August 170 250 287 14.8%
Sales of Existing Homes - YTD 1,115 1,867 1,884 0.9%
Average Home Sale Price - August $85,235 $295,440 $299,106 1.2%
Average Home Sale Price - YTD $84,552 $293,152 $320,057 9.2%
Home Sales Dollar Volume - August $23,846,256 $75,862,014 $85,843,341 13.2%
Home Sales Dollar Volume - YTD $156,556,841 $566,158,442 $606,913,858 7.2%
Employment
Wage & Salary Employment - August 53,900 95,200 104,000 9.2%
Wage & Salary Employment - YTD Average 52,950 91,765 100,975 10.0%
Unemployment Rate - August 4.5 3.0 2.2 -26.7%
Unemployment Rate - YTD Average 4.8 3.3 2.3 -30.6%
INDEX - August (Base = 100 January 1996) 104.4 209.5 251.4 20.0%

* With the exception of the average home sale price, all economic indicators expressed in dollar form above are adjusted for inflation by restating prior periods in current dollars.


Midland, Texas Economic Indicators
    2017 2018 % Change
2017-2018

City of Midland
Sales Tax Rebate

(not adjusted for inflation)

January $4,257,903 $4,605,591 8.2%
February $5,481,160 $6,131,736 11.9%
March $4,286,051 $5,401,078 26.0%
April $4,050,977 $4,732,483 16.8%
May $4,931,320 $6,030,437 22.3%
June $4,402,437 $5,102,299 15.9%
July $4,915,077 $5,748,985 17.0%
August $5,975,608 $6,408,132 7.2%
September $5,315,815 $5,573,584 4.8%
October      
November      
December      
Year-To-Date Total $43,616,349 $49,734,325 14.0%

Midland County
Motor Vehicle Sales Tax

(not adjusted for inflation)

January $2,827,137 $4,205,787 48.8%
February $2,788,408 $5,442,403 95.2%
March $3,548,533 $3,548,533 9.3%
April $3,298,075 $4,622,810 40.2%
May $3,798,023 $4,401,605 15.9%
June $3,755,642 $3,781,858 0.7%
July $3,119,562 $5,119,530 64.1%
August $4,250,402 $5,083,166 19.6%
September      
October      
November      
December      
YTD Total $27,385,782 $36,534,191 33.4%

City of Midland
Hotel/Motel Tax Receipts
Collected January, April, July and October
for previous quarters ending
December, March, June and September

(not adjusted for inflation)

January $1,163,652 $2,046,436 75.9%
April $1,113,081 $2,702,697 142.8%
July $1,663,968 $3,201,813 92.4%
October      
YTD Total $3,940,701 $7,950,947 101.8%
Midland International Airport
Passenger Enplanements
January 34,828 40,433 16.1%
February 36,323 42,886 18.1%
March 45,141 50,438 11.7%
April 40,193 47,827 19.0%
May 46,621 53,802 15.4%
June 48,080 54,747 13.9%
July 45,023 52,292 16.1%
August 42,990 54,149 26.0%
September      
October      
November      
December      
YTD Total 339,199 396,574 16.9%

City of Midland
Building Permit Valuation Total

(not adjusted for inflation)

January $15,269,187 $50,786,609 232.6%
February $23,730,318 $131,633,045 454.7%
March $43,767,225 $33,838,832 -22.7%
April $21,143,868 $21,315,486 0.8%
May $18,772,714 $50,760,732 170.4%
June $28,399,386 $28,601,266 0.7%
July $52,246,965 $38,227,051 -26.8%
August $22,120,411 $43,684,495 97.5%
September      
October      
November      
December      
YTD Total $225,450,074 $398,847,516 76.9%
City of Midland
New Single-Family Residence Permits
January 55 74 34.5%
February 75 91 21.3%
March 102 123 20.6%
April 80 64 -20.0%
May 57 91 59.6%
June 85 113 32.9%
July 95 147 54.7%
August 59 102 72.9%
September      
October      
November      
December      
YTD Total 608 805 32.4%
Midland
Existing Home Sales
January 175 164 -6.3%
February 188 197 4.8%
March 265 231 -12.8%
April 238 240 0.8%
May 231 248 7.4%
June 280 271 -3.2%
July 240 246 2.5%
August 250 287 14.8%
September      
October      
November      
December      
YTD Total 1,867 1,884 0.9%

Midland
Average Home Sale Price

(not adjusted for inflation)

January $273,287 $288,897 5.7%
February $258,416 $308,076 19.2%
March $280,971 $299,236 6.5%
April $288,570 $321,859 11.5%
May $308,881 $348,679 12.9%
June $312,116 $339,636 8.8%
July $313,191 $342,239 9.3%
August $295,440 $299,106 1.2%
September      
October      
November      
December      
YTD Average $289,244 $321,554 11.2%

Midland
Home Sales Total Dollar Volume

(not adjusted for inflation)

January $47,825,278 $47,379,123 -0.9%
February $48,582,242 $60,690,893 24.9%
March $74,457,191 $69,123,475 -7.2%
April $68,679,755 $77,246,183 12.5%
May $71,351,506 $86,472,372 21.2%
June $87,392,541 $92,041,287 5.3%
July $75,165,846 $84,190,778 12.0%
August $73,860,031 $85,843,341 16.2%
September      
October      
November      
December      
YTD Total $547,314,390 $602,987,452 10.2%
Midland Payroll Employment
per Current Employment Statistics 
January 88,200 97,300 10.3%
February 89,300 97,600 9.3%
March 89,800 98,900 10.1%
April 91,200 100,900 10.6%
May 92,400 102,000 10.4%
June 93,500 103,600 10.8%
July 94,500 103,500 9.5%
August 95,200 104,000 9.2%
September      
October      
November      
December      
YTD Average 91,763 100,975 10.0%
Midland
Estimated Oil & Gas Employment
January 19,090 24,695 29.4%
February 19,525 24,860 27.3%
March 19,905 25,995 30.6%
April 20,285 26,895 32.6%
May 20,660 27,715 34.1%
June 21,170 28,865 36.3%
July 22,165 28,865 30.2%
August 22,615 29,355 29.8%
September      
October      
November      
December      
YTD Average 20,677 27,156 31.3%
Midland
Unemployment Rate
January 4.0 2.4 -40.0%
February 3.8 2.5 -34.2%
March 3.5 2.4 -31.4%
April 3.0 2.1 -30.0%
May 3.0 2.1 -30.0%
June 3.2 2.4 -25.0%
July 3.0 2.2 -26.7%
August 3.0 2.2 -26.7%
September      
October      
November      
December      
YTD Average 3.3 2.3 -30.9%