Midland Economic Indicators

The economy in Midland has been steadily growing. Taxable spending has grown 38% year over year and we have witnessed exponential growth in the following sectors:

Automotive
Growth

32%

Hotel
Growth

107%

 

Building Permits Growth

101%

Average Home Sale Price Growth

11%

 

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 chart


Midland Economic Index June 2018
Economic Indicators*

Base Year
1996

Last Year
2017

This Year
2018

% Change
2017-2018

Taxable Spending - June (per sales tax rebates) $138,817,331 $299,108,754 $408,183,894 36.5%
Taxable Spending - 2nd Quarter $432,930,673 $910,569,102 $1,271,600,985 39.6%
Taxable Spending - YTD $895,491,287 $1,869,382,464 $2,571,664,924 37.6%
Dollars Spent on Auto Purchases - June $14,904,403 $60,035,554 $60,509,722 0.8%
Dollars Spent on Auto Purchases - 2nd Quarter $44,358,671 $173,246,915 $205,726,923 18.7%
Dollars Spent on Auto Purchases - YTD $87,548,266 $318,760,806 $421,038,429 32.1%
Hotel/Motel Tax Receipts - Quarter $4,388,857 $15,944,351 $38,609,962 142.2%
Hotel/Motel Tax Receipts - YTD $8,935,786 $32,708,524 $67,822,265 107.4%
Airline Boardings - June 49,408 48,080 54,747 13.9%
Airline Boardings - 2nd Quarter 143,388 134,894 156,376 15.9%
Airline Boardings - YTD 270,562 251,186 290,133 15.5%
Value All Building Permits - June $8,678,569 $29,892,413 $28,601,266 -4.3%
Value All Buildling Permits - 2nd Quarter $55,065,961 $72,048,129 $101,334,439 40.6%
Value All Building Permits - YTD $84,207,955 $160,045,930 $322,722,319 101.6%
Permits for New Homes - June 19 85 113 32.9%
Permits for New Homes - 2nd Quarter 89 222 268 20.7%
Permits for New Homes - YTD  162 454 556 22.5%
Sales of Existing Homes - June 157 280 272 -2.9%
Sales of Existing Homes - 2nd Quarter 455 749 765 2.1%
Sales of Existing Homes - YTD 775 1,377 1,353 -1.7%
Average Home Sale Price - June $89,041 $312,116 $344,215 10.3%
Average Home Sale Price - 2nd Quarter $83,529 $303,637 $338,927 11.6%
Average Home Sale Price - YTD $84,252 $289,244 $321,554 11.2%
Home Sales Dollar Volume - June $23,043,552 $89,801,887 $93,626,553 4.3%
Home Sales Dollar Volume - 2nd Quarter $62,841,516 $234,172,932 $259,793,582 10.9%
Home Sales Dollar Volume - YTD $108,367,458 $411,286,115 $437,098,822 6.3%
Employment
Wage & Salary Employment - June 53,600 93,500 102,400 9.5%
Wage & Salary Employment - 2nd Quarter 53,200 92,365 101,765 10.2%
Wage & Salary Employment - YTD Average 52,815 90,735 99,850 10.0%
Unemployment Rate - June 5.3 3.2 2.4 -25.0%
Unemployment Rate - 2nd Quarter 4.9 3.1 2.2 -28.3%
Unemployment Rate - YTD Average 4.8 3.4 2.3 -32.2%
INDEX - June (Base = 100 January 1996) 103.6 202.1 244.3 20.8%

* 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      
September      
October      
November      
December      
Year-To-Date Total $32,324,925 $37,752,610 16.8%

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      
August      
September      
October      
November      
December      
YTD Total $20,015,818 $26,331,495 31.6%

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      
October      
YTD Total $2,276,732 $4,749,133 108.6%
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      
August      
September      
October      
November      
December      
YTD Total 251,186 290,133 15.5%

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      
August      
September      
October      
November      
December      
YTD Total $151,082,698 $316,935,970 109.8%
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      
August      
September      
October      
November      
December      
YTD Total 454 556 22.5%
Midland
Existing Home Sales
January 175 164 -6.3%
February 188 197 4.8%
March 265 228 -14.0%
April 238 242 1.7%
May 231 251 8.7%
June 280 272 -2.9%
July      
August      
September      
October      
November      
December      
YTD Total 1,377 1,353 -1.7%

Midland
Average Home Sale Price

(not adjusted for inflation)

January $273,287 $287,939 5.4%
February $258,416 $308,356 19.3%
March $280,971 $298,842 6.4%
April $288,570 $322,169 11.6%
May $308,881 $349,354 13.1%
June $312,116 $344,215 10.3%
July      
August      
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 $46,934,123 -1.9%
February $48,582,242 $60,690,893 24.9%
March $74,457,191 $68,157,995 -8.5%
April $68,679,755 $77,964,960 13.5%
May $71,351,506 $87,687,833 22.9%
June $87,392,541 $93,626,553 7.1%
July      
August      
September      
October      
November      
December      
YTD Total $398,288,513 $435,062,357 9.2%
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 93,500 102,400 9.5%
July      
August      
September      
October      
November      
December      
YTD Average 90,733 99,850 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 28,045 32.5%
July      
August      
September      
October      
November      
December      
YTD Average 20,106 26,368 31.1%
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      
August      
September      
October      
November      
December      
YTD Average 3.4 2.3 -32.2%