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%