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 |
Last Year |
This Year |
% Change |
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 (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 (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 (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 (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 (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 (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% |