Midland Economic Indicators

The economy in Midland has been steadily growing. Taxable spending has grown 21% year over year and we have witnessed exponential growth in the following sectors:

Automotive
Growth

15%

Hotel
Growth

24%

 

Building Permits Growth

122%

Average Home Sale Price Growth

5.6%

 

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 January 2019
Economic Indicators*

Base Year
1996

Last Year
2018

This Year
2019

% Change
2018-2019

Taxable Spending - January (per sales tax rebates) $119,163,069 $376,525,964 $457,499,710 21.5%
Taxable Spending - YTD $119,163,069 $376,525,964 $457,499,710 21.5%
Dollars Spent on Auto Purchases - January $14,498,692 $67,915,458 $78,146,010 15.1%
Dollars Spent on Auto Purchases - YTD $14,498,692 $67,915,458 $78,146,010 15.1%
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 - January 38,809 40,433 43,436 7.4%
Airline Boardings - YTD 38,809 40,433 43,436 7.4%
Value All Building Permits - January $3,834,251 $53,899,880 $120,162,955 122.9%
Value All Building Permits - YTD $3,834,251 $53,899,880 $120,162,955 122.9%
Permits for New Homes - January 15 74 48 -35.1%
Permits for New Homes - YTD  15 74 48 -35.1%
Sales of Existing Homes - January 67 164 167 1.8%
Sales of Existing Homes - YTD 67 164 167 1.8%
Average Home Sale Price - January $84,448 $288,897 $304,986 5.6%
Average Home Sale Price - YTD $84,448 $288,897 $304,986 5.6%
Home Sales Dollar Volume - January $9,603,085 $48,570,707 $50,932,607 4.9%
Home Sales Dollar Volume - YTD $9,603,085 $48,570,707 $50,932,607 4.9%
Employment
Wage & Salary Employment - January 52,300 102,000 111,500 9.3%
Wage & Salary Employment - YTD Average 52,300 102,000 111,500 9.3%
Unemployment Rate - January 5.0 2.4 2.3 -4.2%
Unemployment Rate - YTD Average 5.0 2.4 2.3 -4.2%
INDEX - January (Base = 100 January 1996) 100.0 228.2 271.5 19.0%

* 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      
April      
May      
June      
July      
August      
September      
October      
November      
December      
Year-To-Date Total $10,737,327 $12,932,618 20.4%

Midland County
Motor Vehicle Sales Tax

(not adjusted for inflation)

January $4,205,787 $4,884,126 16.1%
February      
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total $4,205,787 $4,884,126 16.1%

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      
April $2,046,436 $2,572,063 25.7%
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      
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total 40,433 43,436 7.4%

City of Midland
Building Permit Valuation Total

(not adjusted for inflation)

January $50,786,609 $120,162,955 136.6%
February      
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total $50,786,609​​​​​​​ $120,162,955​​​​​​​ 136.6%​​​​​​​
City of Midland
New Single-Family Residence Permits
January 74 48 -35.1%
February      
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total 74 48 -35.1%​​​​​​​
Midland
Existing Home Sales
January 164 167 1.8%
February      
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total 164 167 1.8%

Midland
Average Home Sale Price

(not adjusted for inflation)

January $288,897 $304,986 5.6%
February      
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Average $288,897​​​​​​​ $304,986​​​​​​​ 5.6%​​​​​​​

Midland
Home Sales Total Dollar Volume

(not adjusted for inflation)

January $47,379,123 $50,932,607 7.5%
February      
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total $47,379,123​​​​​​​ $50,932,607​​​​​​​ 7.5%​​​​​​​
Midland Payroll Employment
per Current Employment Statistics 
January 102,000 111,500 9.3%
February      
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Average 102,000​​​​​​​ 111,500 9.3%
Midland
Estimated Oil & Gas Employment
January 26,250 30,730 17.1%
February      
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Average 26,250​​​​​​​ 30,730​​​​​​​ 17.1%
Midland
Unemployment Rate
January 2.4 2.3 -4.2%
February      
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Average 2.4 2.3 -4.2%