Midland Economic Indicators

 

Midland Economic Index June 2019
Economic Indicators*

Base Year
1996

Last Year
2018

This Year
2019

% Change
2018-2019
Taxable Spending - June (per sales tax rebates) $141,940,170 $417,366,412 $470,293,640 12.7%
Taxable Spending - 2nd Quarter $442,669,895 $1,300,206,962 $1,479,843,317 13.8%
Taxable Spending - YTD $915,636,288 $2,629,517,182 $3,009,410,664 14.4%
Dollars Spent on Auto Purchases - June $14,981,686 $60,766,247 $85,108,636 40.1%
Dollars Spent on Auto Purchases - 2nd Quarter $44,588,681 $206,554,450 $245,609,044 18.9%
Dollars Spent on Auto Purchases - YTD $88,002,224 $423,122,720 $472,065,173 11.6%
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 - June 49,408 54,747 58,838 7.5%
Airline Boardings - 2nd Quarter 143,388 156,376 165,536 5.9%
Airline Boardings - YTD 270,562 290,133 308,376 6.3%
Value All Building Permits - June $9,024,905 $29,754,485 $78,953,666 165.4%
Value All Building Permits - 2nd Quarter $57,263,485 $105,396,557 $168,975,550 60.3%
Value All Building Permits - YTD $87,568,453 $335,615,192 $399,794,056 19.1%
Permits for New Homes - June 19 113 66 -41.6%
Permits for New Homes - 2nd Quarter 89 268 213 -20.5%
Permits for New Homes - YTD  162 556 854 53.6%
Sales of Existing Homes - June 157 270 261 -3.3%
Sales of Existing Homes - 2nd Quarter 455 759 799 5.3%
Sales of Existing Homes - YTD 775 1,352 1,412 4.4%
Average Home Sale Price - June $89,041 $339,317 $357,662 5.4%
Average Home Sale Price - 2nd Quarter $83,529 $336,738 $351,232 4.3%
Average Home Sale Price - YTD $84,252 $320,247 $341,630 6.7%
Home Sales Dollar Volume - June $23,613,757 $93,882,698 $93,349,773 -0.6%
Home Sales Dollar Volume - 2nd Quarter $64,396,507 $262,430,967 $281,274,805 7.2%
Home Sales Dollar Volume - YTD $111,048,973 $445,784,397 $484,697,038 8.7%
Employment
Wage & Salary Employment - June 53,600 108,400 111,300 2.7%
Wage & Salary Employment - 2nd Quarter 53,200 107,500 110,500 2.8%
Wage & Salary Employment - YTD Average 52,815 105,465 110,415 4.7%
Unemployment Rate - June 5.3 2.3 2.1 -8.7%
Unemployment Rate - 2nd Quarter 4.9 2.1 1.8 -11.3%
Unemployment Rate - YTD Average 4.8 2.2 2.0 -8.3%
INDEX - June (Base = 100 January 1996) 103.6 250.0 275.1 10.0%

* 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 $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%