Midland Economic Indicators

 

Midland Economic Index September 2019
Economic Indicators*

Base Year
1996

Last Year
2018

This Year
2019

% Change
2018-2019
Taxable Spending - September (per sales tax rebates) $145,563,569 $455,059,562 $526,314,924 15.7%
Taxable Spending - 3rd Quarter $453,160,253 $1,450,606,524 $1,568,967,270 8.2%
Taxable Spending - YTD $1,372,708,789 $4,091,358,869 $4,591,236,272 12.2%
Dollars Spent on Auto Purchases - September $15,298,924 $67,086,299 $65,863,917 -1.8%
Dollars Spent on Auto Purchases - 3rd Quarter $45,588,792 $230,112,056 $217,393,289 -5.5%
Dollars Spent on Auto Purchases - YTD $133,465,113 $652,629,427 $688,783,092 5.5%
Hotel/Motel Revenue - Quarter $5,051,588 $46,506,398 $37,255,739 -19.9%
Hotel/Motel Revenue - YTD $14,159,291 $115,633,503 $110,613,384 -4.3%
Airline Boardings - September 44,654 47,708 53,424 12.0%
Airline Boardings - 3rd Quarter 139,473 154,159 168,897 9.6%
Airline Boardings - YTD 410,035 444,282 477,273 7.4%
Value All Building Permits - September $5,753,830 $27,170,442 $98,410,128 262.2%
Value All Building Permits - 3rd Quarter $33,873,063 $111,515,475 $220,482,463 97.7%
Value All Building Permits - YTD $121,406,291 $446,995,663 $620,076,982 38.7%
Permits for New Homes - September 20 71 71 0.0%
Permits for New Homes - 3rd Quarter 67 320 210 -34.4%
Permits for New Homes - YTD  229 876 596 -32.0%
Sales of Existing Homes - September 154 252 224 -11.1%
Sales of Existing Homes - 3rd Quarter 494 780 781 0.1%
Sales of Existing Homes - YTD 1,269 2,129 2,195 3.1%
Average Home Sale Price - September $91,380 $351,366 $318,294 -9.4%
Average Home Sale Price - 3rd Quarter $87,151 $329,241 $343,963 4.5%
Average Home Sale Price - YTD $85,381 $323,718 $342,046 5.7%
Home Sales Dollar Volume - September $23,740,945 $90,870,450 $71,297,760 -21.5%
Home Sales Dollar Volume - 3rd Quarter $72,836,287 $264,006,147 $269,361,750 2.0%
Home Sales Dollar Volume - YTD $184,677,675 $712,364,838 $757,291,891 6.3%
Employment
Wage & Salary Employment - September 53,900 110,700 111,500 0.7%
Wage & Salary Employment - 3rd Quarter 53,535 110,435 111,535 1.0%
Wage & Salary Employment - YTD Average 53,055 107,120 110,790 3.4%
Unemployment Rate - September 4.3 2.0 2.0 0.0%
Unemployment Rate - 3rd Quarter 4.7 2.1 2.1 3.2%
Unemployment Rate - YTD Average 4.8 2.2 2.1 -4.6%
INDEX - September (Base = 100 January 1996) 104.8 261.5 275.3 5.3%

* 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 $6,030,437 $6,909,294 14.6%
June $5,102,299 $5,878,671 15.2%
July $5,748,985 $6,210,666 8.0%
August $6,408,132 $6,795,857 6.1%
September $5,573,584 $6,578,937 18.0%
October $5,843,893 $6,099,967 4.4%
November      
December      
Year-To-Date Total $55,578,219 $63,131,276 13.6%

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 $4,622,810 $5,304,691 14.8%
May $4,401,605 $4,696,449 6.7%
June $3,781,858 $5,319,290 40.7%
July $5,119,530 $4,895,350 -4.4%
August $5,083,166 $4,620,654 -9.1%
September $4,172,122 $4,116,495 -1.3%
October      
November      
December      
YTD Total $40,706,314 $29,551,784 12.2%

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 $2,702,697 $2,520,290 -6.7%
July $3,201,813 $2,607,902 -18.5%
October $3,040,266 $2,237,289 -26.4%
YTD Total $10,991,212 $9,937,543 -9.6%
Midland International Airport
Passenger Enplanements		 January 40,433 43,436 7.4%
February 42,886 45,860 6.9%
March 50,438 53,544 6.2%
April 47,827 50,350 5.3%
May 53,802 56,348 4.7%
June 54,747 58,838 7.5%
July 52,292 58,126 11.2%
August 54,149 57,347 5.9%
September 47,708 53,424 12.0%
October      
November      
December      
YTD Total 444,282 477,273 7.4%

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 $21,315,486 $50,794,398 138.3%
May $50,760,732 $39,210,539 -22.8%
June $28,601,266 $78,953,666 176.0%
July $38,227,051 $46,264,615 21.0%
August $43,684,495 $75,887,287 73.7%
September $26,603,514 $98,410,128 269.9%
October      
November      
December      
YTD Total $425,451,030 $619,017,938 45.5%
City of Midland
New Single-Family Residence Permits		 January 74 48 -35.1%
February 91 71 -22.0%
March 123 54 -56.1%
April 64 67 4.7%
May 91 80 -12.1%
June 113 66 -41.6%
July 147 98 -33.3%
August 102 41 -59.8%
September 71 71 0.0%
October      
November      
December      
YTD Total 876 596 -32.0%
Midland
Existing Home Sales		 January 164 169 3.0%
February 199 182 -8.5%
March 230 265 15.2%
April 241 282 17.0%
May 246 255 3.7%
June 269 261 -3.0%
July 250 286 14.4%
August 278 271 -2.5%
September 252 224 -11.1%
October      
November      
December      
YTD Total 2,129 2,195 3.1%

Midland
Average Home Sale Price

(not adjusted for inflation)

 January $288,897 $303,238 5.0%
February $307,241 $329,136 7.1%
March $299,435 $344,472 15.0%
April $321,561 $344,595 7.2%
May $349,794 $349,930 0.0%
June $339,969 $357,518 5.2%
July $342,018 $361,594 5.7%
August $297,696 $346,573 16.4%
September $351,366 $318,294 -9.4%
October      
November      
December      
YTD Average $323,718 $342,046 5.7%

Midland
Home Sales Total Dollar Volume

(not adjusted for inflation)

 January $47,379,123 $51,247,239 8.2%
February $61,140,893 $59,902,668 -2.0%
March $68,869,975 $91,284,989 32.5%
April $77,496,183 $97,175,818 25.4%
May $86,049,372 $89,232,035 3.7%
June $91,451,700 $93,312,213 2.0%
July $85,504,397 $103,416,018 20.9%
August $82,759,609 $93,921,270 13.5%
September $88,544,153 $71,297,760 -19.5%
October      
November      
December      
YTD Total $689,195,405 $750,790,010 8.9%
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 106,400 110,000 3.4%
May 107,700 110,200 2.3%
June 108,400 111,300 2.7%
July  110,100 111,300 1.1%
August  110,500  111,800 1.2%
September  110,700  111,500 0.7%
October      
November      
December      
YTD Average 107,122 110,789 3.4%
Midland
Estimated Oil & Gas Employment		 January 26,250  30,915 17.8%
February 27,125  31,055 14.5%
March 27,595  31,005 12.4%
April  28,290  31,365 10.9%
May  28,640  31,245 9.1%
June  29,240  31,175 6.6%
July  29,915  31,515 5.3%
August  30,295  31,680 4.6%
September  30,285  31,435 3.8%
October      
November      
December      
YTD Average 28,626 31,266 9.2%
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 1.9 1.7 -10.5%
May 2.0 1.7 -15.0%
June 2.3 2.1 -8.7%
July 2.1 2.2 4.8%
August 2.1 2.2 4.8%
September 2.0 2.0 0.0%
October      
November      
December      
YTD Average 2.2 2.1 -4.6%