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% | |
