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

14%

 

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 September 2018
Economic Indicators*

Base Year
1996

Last Year
2017

This Year
2018

% Change
2017-2018

Taxable Spending - September (per sales tax rebates) $142,629,368 $361,978,913 $445,886,689 23.2%
Taxable Spending - 3rd Quarter $444,025,666 $1,105,007,165 $1,421,365,892 28.6%
Taxable Spending - YTD $1,345,038,382 $2,985,915,887 $4,008,887,215 34.3%
Dollars Spent on Auto Purchases - September $15,206,308 $52,603,438 $66,753,954 26.9%
Dollars Spent on Auto Purchases - 3rd Quarter $45,312,809 $170,549,506 $228,349,698 33.9%
Dollars Spent on Auto Purchases - YTD $132,657,148 $488,567,822 $648,407,401 32.7%
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 - September 44,654 40,175 47,708 18.8%
Airline Boardings - 3rd Quarter 139,473 128,188 154,159 20.3%
Airline Boardings - YTD 410,035 379,374 444,282 17.1%
Value All Building Permits - September $5,636,436 $15,837,502 $26,603,514 68.0%
Value All Building Permits - 3rd Quarter $33,181,957 $95,300,088 $109,193,045 14.6%
Value All Building Permits - YTD $118,929,260 $258,271,707 $437,820,870 69.5%
Permits for New Homes - September 20 44 71 61.4%
Permits for New Homes - 3rd Quarter 67 198 320 61.6%
Permits for New Homes - YTD  229 652 876 34.4%
Sales of Existing Homes - September 154 228 253 11.0%
Sales of Existing Homes - 3rd Quarter 494 718 782 8.9%
Sales of Existing Homes - YTD 1,269 2,095 2,132 1.8%
Average Home Sale Price - September $91,380 $307,528 $352,370 14.6%
Average Home Sale Price - 3rd Quarter $87,151 $305,212 $328,605 7.7%
Average Home Sale Price - YTD $85,381 $294,716 $323,425 9.7%
Home Sales Dollar Volume - September $23,133,173 $71,973,989 $89,149,501 23.9%
Home Sales Dollar Volume - 3rd Quarter $70,971,667 $225,468,078 $257,407,347 14.2%
Home Sales Dollar Volume - YTD $179,949,899 $639,072,254 $694,473,048 8.7%
Employment
Wage & Salary Employment - September 53,900 95,700 104,000 8.7%
Wage & Salary Employment - 3rd Quarter 53,535 95,135 103,865 9.2%
Wage & Salary Employment - YTD Average 53,055 92,200 101,320 9.9%
Unemployment Rate - September 4.3 2.6 2.2 -15.4%
Unemployement Rate - 3rd Quarter 4.7 2.9 2.2 -23.3%
Unemployment Rate - YTD Average 4.8 3.2 2.3 -29.6%
INDEX - September (Base = 100 January 1996) 104.8 212.7 254.2 19.5%

* 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      
December      
Year-To-Date Total $49,012,056 $55,578,219 13.4%

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      
November      
December      
YTD Total $30,660,080 $40,706,314 32.8%

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      
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 40,175 47,708 18.8%
October      
November      
December      
YTD Total 379,374 444,282 17.1%

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      
November      
December      
YTD Total $240,355,250 $425,451,030 77.0%
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      
November      
December      
YTD Total 652 876 34.4%
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 280 271 -3.9%
July 240 250 4.2%
August 250 279 11.6%
September      
October      
November      
December      
YTD Total 2,095 2,132 1.8%

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 $339,817 8.9%
July $313,191 $340,521 8.7%
August $295,440 $296,379 0.3%
September $307,528 $352,370 14.6%
October      
November      
December      
YTD Average $293,156 $321,726 9.7%

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 $77,496,183 12.8%
May $71,351,506 $86,472,372 21.2%
June $87,392,541 $92,041,287 5.3%
July $75,165,846 $85,130,247 13.3%
August $73,860,031 $82,689,645 12.0%
September $70,116,300 $89,149,501 27.1%
October      
November      
December      
YTD Total $617,430,690 $689,542,139 11.7%
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      
November      
December      
YTD Average 92,200 101,322 9.9%
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 22,955 29,110 26.8%
October      
November      
December      
YTD Average 20,930 27,373 30.8%
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      
November      
December      
YTD Average 3.2 2.3 -29.6%