Midland Economic Indicators

The economy in Midland has been steadily growing. Taxable spending has grown 32% year over year and we have witnessed exponential growth in the following sectors:

Automotive
Growth

33%

Hotel
Growth

88%

 

Building Permits Growth

64%

Average Home Sale Price Growth

10%

 

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 December 2018
Economic Indicators*

Base Year
1996

Last Year
2017

This Year
2018

% Change
2017-2018

Taxable Spending - December (per sales tax rebates) $162,406,588 $376,987,858 $474,353,136 25.8%
Taxable Spending - 4th Quarter $462,625,295 $1,159,812,213 $1,470,394,153 26.8%
Taxable Spending - YTD $1,814,709,908 $4,161,370,370 $5,500,282,663 32.2%
Dollars Spent on Auto Purchases - December $15,896,222 $57,387,799 $75,535,666 31.6%
Dollars Spent on Auto Purchases - 4th Quarter $47,240,501 $174,355,309 $235,690,820 35.2%
Dollars Spent on Auto Purchases - YTD $182,010,479 $670,704,548 $894,425,402 33.4%
Hotel/Motel Tax Receipts - Quarter $5,184,270 $26,751,118 $43,432,368 62.4%
Hotel/Motel Tax Receipts - YTD $19,215,206 $83,779,982 $158,017,638 88.6%
Airline Boardings - December 46,648 56,639 52,018 -8.2%
Airline Boardings - 4th Quarter 136,989 150,948 159,258 5.5%
Airline Boardings - YTD 547,024 530,322 603,540 13.8%
Value All Building Permits - December $5,791,956 $13,514,429 $59,089,740 337.2%
Value All Building Permits - 4th Quarter $28,380,499 $86,667,875 $128,176,337 47.9%
Value All Building Permits - YTD $148,825,536 $348,231,307 $571,631,176 64.2%
Permits for New Homes - December 19 37 38 2.7%
Permits for New Homes - 4th Quarter 63 152 148 -2.6%
Permits for New Homes - YTD  292 804 1,024 27.4%
Sales of Existing Homes - December  93 220 192 -12.7%
Sales of Existing Homes - 4th Quarter 287 677 674 -0.4%
Sales of Existing Homes - YTD 1,556 2,774 2,808 1.2%
Average Home Sale Price - December $85,360 $292,357 $325,433 11.3%
Average Home Sale Price - 4th Quarter $81,577 $284,697 $316,888 11.3%
Average Home Sale Price - YTD $84,679 $292,293 $321,798 10.1%
Home Sales Dollar Volume - December $13,019,409 $65,952,117 $62,483,117 -5.3%
Home Sales Dollar Volume - 4th Quarter $38,504,231 $198,113,331 $214,070,586 8.1%
Home Sales Dollar Volume - YTD $219,535,619 $841,698,568 $913,214,782 8.5%
Employment
Wage & Salary Employment - December 55,000 97,800 104,400 6.7%
Wage & Salary Employment - 4th Quarter 54,865 97,065 103,900 7.0%
Wage & Salary Employment - YTD Average 53,510 93,415 101,965 9.2%
Unemployment Rate - December 3.7 2.3 2.1 -8.7%
Unemployment Rate - 4th Quarter 3.9 2.4 2.1 -11.3%
Unemployment Rate - YTD Average 4.5 3.0 2.2 -26.0%
INDEX - December (Base = 100 January 1996) 107.4 222.0 261.0 17.6%

* 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 $5,395,707 $5,843,893 8.3%
November $6,066,351 $6,576,593 8.4%
December $4,611,026 $5,929,414 28.6%
Year-To-Date Total $59,689,432 $68,084,226 14.1%

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 $3,274,299 $4,172,122 27.4%
October $3,650,005 $5,318,534 45.7%
November $3,538,863 $4,641,708 31.2%
December $3,554,411 $4,720,979 32.8%
YTD Total $41,403,359 $55,387,535 33.8%

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 $1,854,820 $3,040,266 63.9%
YTD Total $5,795,521 $10,991,212 89.7%
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 40,175 47,708 18.8%
October 46,977 52,737 12.3%
November 47,332 54,503 15.2%
December 56,639 52,018 -8.2%
YTD Total 530,322 603,540 13.8%

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 $14,905,176 $26,603,514 78.5%
October $28,554,571 $27,366,159 -4.2%
November $39,822,435 $41,401,407 4.0%
December $12,702,283 $59,089,740 365.2%
YTD Total $321,434,539 $553,308,336 72.1%
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 44 71 61.4%
October 53 53 -1.9%
November 62 58 -6.5%
December 37 38 2.7%
YTD Total 804 1,024 27.4%
Midland
Existing Home Sales
January 175 164 -6.3%
February 188 197 4.8%
March 265 231 -12.8%
April 238 241 1.3%
May 231 248 7.4%
June 280 270 -3.6%
July 240 252 5.0%
August 251 278 10.8%
September 229 251 9.6%
October 261 257 -1.5%
November 196 225 14.8%
December 220 192 -12.7%
YTD Total 2,774 2,808 1.2%

Midland
Average Home Sale Price

(not adjusted for inflation)

January $273,287 $288,897 5.7%
February $258,416 $307,241 18.9%
March $280,971 $299,236 6.5%
April $288,570 $321,561 11.4%
May $308,838 $348,679 12.9%
June $312,116 $339,317 8.7%
July $313,474 $340,949 8.8%
August $295,518 $296,458 0.3%
September $307,394 $352,447 14.7%
October $260,691 $310,819 19.2%
November $308,067 $316,529 2.7%
December $292,357 $325,433 11.3%
YTD Average $292,293 $321,798 10.1%

Midland
Home Sales Total Dollar Volume

(not adjusted for inflation)

January $47,825,278 $47,379,123 -0.9%
February $48,582,242 $61,140,893 25.9%
March $74,457,191 $69,123,475 -7.2%
April $68,679,755 $77,496,183 12.8%
May $71,351,506 $86,472,372 21.2%
June $87,392,541 $91,615,700 4.8%
July $75,165,846 $85,919,197 14.2%
August $74,175,031 $82,415,409 11.1%
September $70,393,300 $88,464,153 25.7%
October $68,040,350 $79,880,548 17.4%
November $60,381,178 $71,219,134 17.9%
December $64,318,566 $62,483,117 -2.9%
YTD Total $810,820,784 $903,609,304 11.4%
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 95,200 104,100 9.3%
September 95,700 104,000 8.7%
October 95,800 103,900 8.5%
November 97,600 103,400 5.9%
December 97,800 104,400 6.7%
YTD Average 93,417 101,967 9.2%
Midland
Estimated Oil & Gas Employment
January 19,090 26,255 37.5%
February 19,525 27,125 38.9%
March 19,905 27,595 38.6%
April 20,285 28,275 39.4%
May 20,660 28,625 38.6%
June 21,170 29,230 38.1%
July 22,165 29,920 35.0%
August 22,615 30,430 34.6%
September 22,955 29,920 30.3%
October 23,725 30,005 26.5%
November 23,910 29,070 21.6%
December 24,365 29,665 21.8%
YTD Average 21,698 28,843 32.9%
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 2.6 2.2 -15.4%
October 2.4 2.1 -12.5%
November 2.4 2.1 -12.5%
December 2.3 2.1 -8.7%
YTD Average 3.0 2.2 -26.0%