Midland Economic Indicators

The economy in Midland has been steadily growing. Taxable spending has grown 18% year over year and we have witnessed exponential growth in the following sectors:

Automotive
Growth

15%

Hotel
Growth

24%

 

Building Permits Growth

5.7%

Average Home Sale Price Growth

5.7%

 

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 March 2019
Economic Indicators*

Base Year
1996

Last Year
2018

This Year
2019

% Change
2018-2019

Taxable Spending - March (per sales tax rebates) $129,893,520 $441,784,564 $483,776,012 9.5%
Taxable Spending - YTD $470,377,884 $1,322,035,006 $1,521,196,142 15.1%
Dollars Spent on Auto Purchases - March $14,632,683 $62,295,197 $75,000,305 20.4%
Dollars Spent on Auto Purchases - YTD $43,567,069 $217,334,139 $227,256,965 4.6%
Hotel/Motel Revenue - Quarter $4,594,117 $29,515,463 $36,743,760 24.5%
Hotel/Motel Revenue - YTD $4,594,117 $29,515,463 $36,743,760 24.5%
Airline Boardings - March 48,155 50,438 53,544 6.2%
Airline Boardings - YTD 127,174 133,757 142,840 6.8%
Value All Building Permits - March $8,364,943 $35,749,551 $25,223,543 -29.4%
Value All Building Permits - YTD $30,221,158 $229,581,955 $230,172,445 0.3%
Permits for New Homes - March 29 123 54 -56.1%
Permits for New Homes - YTD  73 288 173 -39.9%
Sales of Existing Homes - March 146 230 266 15.7%
Sales of Existing Homes - YTD 320 593 616 3.9%
Average Home Sale Price - March $86,723 $299,435 $346,148 15.6%
Average Home Sale Price - YTD $85,280 $299,140 $329,199 10.0%
Home Sales Dollar Volume - March $21,458,590 $70,579,422 $92,075,474 30.5%
Home Sales Dollar Volume - YTD $46,347,812 $182,156,078 $203,132,272 11.5%
Employment
Wage & Salary Employment - March 52,700 104,700 109,500 4.6%
Wage & Salary Employment - YTD Average 52,435 103,435 110,335 6.7%
Unemployment Rate - March 4.6 2.3 2.1 -8.7%
Unemployment Rate - YTD Average 4.7 2.3 2.2 -5.7%
INDEX - March (Base = 100 January 1996) 101.6 237.1 271.8 14.6%

* 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
    2018 2019 % Change
2018-2019

City of Midland
Sales Tax Rebate

(not adjusted for inflation)

January $4,605,591 $5,718,746 24.2%
February $6,131,736 $7,213,871 17.6%
March $5,401,078 $6,047,200 12.0%
April $4,732,483 $5,678,067 20.0%
May      
June      
July      
August      
September      
October      
November      
December      
Year-To-Date Total $20,870,889 $24,657,885 18.1%

Midland County
Motor Vehicle Sales Tax

(not adjusted for inflation)

January $4,205,787 $4,884,126 16.1%
February $5,442,403 $4,659,710 -14.4%
March $3,877,032 $4,687,519 20.9%
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total $13,525,222.83 $14,231,354.41 5.2%

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 $2,046,436 $2,572,063 25.7%
April      
July      
October      
YTD Total $2,046,436 $2,572,063 25.7%
Midland International Airport
Passenger Enplanements
January 40,433 43,436 7.4%
February 42,886 45,860 6.9%
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total 83,319 89,296 7.2%

City of Midland
Building Permit Valuation Total

(not adjusted for inflation)

January $50,786,609 $120,162,955 136.6%
February $131,633,045 $84,110,807 -36.1%
March $33,838,832 $25,223,542 -25.5%
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total $216,258,485 $229,497,305 6.1%
City of Midland
New Single-Family Residence Permits
January 74 48 -35.1%
February 91 71 -22.0%
March 123 54 -56.1%
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total 288 173 -39.9%
Midland
Existing Home Sales
January 164 170 3.7%
February 199 181 -9.0%
March 230 266 15.7%
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total 593 616 3.9%

Midland
Average Home Sale Price

(not adjusted for inflation)

January $288,897 $303,238 5.0%
February $307,241 $328,528 6.9%
March $299,434 $346,148 15.6%
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Average $299,140 $329,199 10.0%

Midland
Home Sales Total Dollar Volume

(not adjusted for inflation)

January $47,379,123 $51,247,239 8.2%
February $61,140,893 $59,463,668 -2.7%
March $68,869,975 $92,075,474 33.7%
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total $177,389,991 $202,786,381 14.3%
Midland Payroll Employment
per Current Employment Statistics 
January 102,000 111,500 9.3%
February 103,600 110,000 6.2%
March 104,700 109,500 4.6%
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Average 103,433 110,333 6.7%
Midland
Estimated Oil & Gas Employment
January 26,250 30,810 17.4%
February 27,125 29,540 8.9%
March 27,595 29,620 7.3%
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Average 26,990 29,990 11.1%
Midland
Unemployment Rate
January 2.4 2.3 -4.2%
February 2.3 2.2 -4.3%
March 2.3 2.1 -8.7%
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Average 2.3 2.2 -5.7%