Midland Economic Indicators
The economy in Midland has been steadily growing. Taxable spending has grown 36% year over year and we have witnessed exponential growth in the following sectors:
Automotive
Growth
33%
Hotel
Growth
100%
Building Permits Growth
69%
Average Home Sale Price Growth
14%
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 September 2018 | ||||
|---|---|---|---|---|
| Economic Indicators* |
Base Year |
Last Year |
This Year |
% Change |
| Taxable Spending - September (per sales tax rebates) | $142,629,368 | $361,978,913 | $445,886,689 | 23.2% |
| Taxable Spending - 3rd Quarter | $444,025,666 | $1,105,007,165 | $1,421,365,892 | 28.6% |
| Taxable Spending - YTD | $1,345,038,382 | $2,985,915,887 | $4,008,887,215 | 34.3% |
| Dollars Spent on Auto Purchases - September | $15,206,308 | $52,603,438 | $66,753,954 | 26.9% |
| Dollars Spent on Auto Purchases - 3rd Quarter | $45,312,809 | $170,549,506 | $228,349,698 | 33.9% |
| Dollars Spent on Auto Purchases - YTD | $132,657,148 | $488,567,822 | $648,407,401 | 32.7% |
| Hotel/Motel Tax Receipts - Quarter | $4,968,362 | $23,813,848 | $45,740,190 | 92.1% |
| Hotel/Motel Tax Receipts - YTD | $13,926,012 | $56,602,404 | $113,728,403 | 100.9% |
| Airline Boardings - September | 44,654 | 40,175 | 47,708 | 18.8% |
| Airline Boardings - 3rd Quarter | 139,473 | 128,188 | 154,159 | 20.3% |
| Airline Boardings - YTD | 410,035 | 379,374 | 444,282 | 17.1% |
| Value All Building Permits - September | $5,636,436 | $15,837,502 | $26,603,514 | 68.0% |
| Value All Building Permits - 3rd Quarter | $33,181,957 | $95,300,088 | $109,193,045 | 14.6% |
| Value All Building Permits - YTD | $118,929,260 | $258,271,707 | $437,820,870 | 69.5% |
| Permits for New Homes - September | 20 | 44 | 71 | 61.4% |
| Permits for New Homes - 3rd Quarter | 67 | 198 | 320 | 61.6% |
| Permits for New Homes - YTD | 229 | 652 | 876 | 34.4% |
| Sales of Existing Homes - September | 154 | 228 | 253 | 11.0% |
| Sales of Existing Homes - 3rd Quarter | 494 | 718 | 782 | 8.9% |
| Sales of Existing Homes - YTD | 1,269 | 2,095 | 2,132 | 1.8% |
| Average Home Sale Price - September | $91,380 | $307,528 | $352,370 | 14.6% |
| Average Home Sale Price - 3rd Quarter | $87,151 | $305,212 | $328,605 | 7.7% |
| Average Home Sale Price - YTD | $85,381 | $294,716 | $323,425 | 9.7% |
| Home Sales Dollar Volume - September | $23,133,173 | $71,973,989 | $89,149,501 | 23.9% |
| Home Sales Dollar Volume - 3rd Quarter | $70,971,667 | $225,468,078 | $257,407,347 | 14.2% |
| Home Sales Dollar Volume - YTD | $179,949,899 | $639,072,254 | $694,473,048 | 8.7% |
| Employment | ||||
| Wage & Salary Employment - September | 53,900 | 95,700 | 104,000 | 8.7% |
| Wage & Salary Employment - 3rd Quarter | 53,535 | 95,135 | 103,865 | 9.2% |
| Wage & Salary Employment - YTD Average | 53,055 | 92,200 | 101,320 | 9.9% |
| Unemployment Rate - September | 4.3 | 2.6 | 2.2 | -15.4% |
| Unemployement Rate - 3rd Quarter | 4.7 | 2.9 | 2.2 | -23.3% |
| Unemployment Rate - YTD Average | 4.8 | 3.2 | 2.3 | -29.6% |
| INDEX - September (Base = 100 January 1996) | 104.8 | 212.7 | 254.2 | 19.5% |
* 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 | ||||
| December | ||||
| Year-To-Date Total | $49,012,056 | $55,578,219 | 13.4% | |
|
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 | ||||
| November | ||||
| December | ||||
| YTD Total | $30,660,080 | $40,706,314 | 32.8% | |
|
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 | ||||
| YTD Total | $3,940,701 | $7,950,947 | 101.8% | |
| 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 | ||||
| November | ||||
| December | ||||
| YTD Total | 379,374 | 444,282 | 17.1% | |
|
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 | ||||
| November | ||||
| December | ||||
| YTD Total | $240,355,250 | $425,451,030 | 77.0% | |
| 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 | ||||
| November | ||||
| December | ||||
| YTD Total | 652 | 876 | 34.4% | |
| 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 | 271 | -3.9% | |
| July | 240 | 250 | 4.2% | |
| August | 250 | 279 | 11.6% | |
| September | ||||
| October | ||||
| November | ||||
| December | ||||
| YTD Total | 2,095 | 2,132 | 1.8% | |
|
Midland (not adjusted for inflation) |
January | $273,287 | $288,897 | 5.7% |
| February | $258,416 | $308,076 | 19.2% | |
| March | $280,971 | $299,236 | 6.5% | |
| April | $288,570 | $321,859 | 11.5% | |
| May | $308,881 | $348,679 | 12.9% | |
| June | $312,116 | $339,817 | 8.9% | |
| July | $313,191 | $340,521 | 8.7% | |
| August | $295,440 | $296,379 | 0.3% | |
| September | $307,528 | $352,370 | 14.6% | |
| October | ||||
| November | ||||
| December | ||||
| YTD Average | $293,156 | $321,726 | 9.7% | |
|
Midland (not adjusted for inflation) |
January | $47,825,278 | $47,379,123 | -0.9% |
| February | $48,582,242 | $60,690,893 | 24.9% | |
| 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 | $92,041,287 | 5.3% | |
| July | $75,165,846 | $85,130,247 | 13.3% | |
| August | $73,860,031 | $82,689,645 | 12.0% | |
| September | $70,116,300 | $89,149,501 | 27.1% | |
| October | ||||
| November | ||||
| December | ||||
| YTD Total | $617,430,690 | $689,542,139 | 11.7% | |
| 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 | ||||
| November | ||||
| December | ||||
| YTD Average | 92,200 | 101,322 | 9.9% | |
| Midland Estimated Oil & Gas Employment |
January | 19,090 | 24,695 | 29.4% |
| February | 19,525 | 24,860 | 27.3% | |
| March | 19,905 | 25,995 | 30.6% | |
| April | 20,285 | 26,895 | 32.6% | |
| May | 20,660 | 27,715 | 34.1% | |
| June | 21,170 | 28,865 | 36.3% | |
| July | 22,165 | 28,865 | 30.2% | |
| August | 22,615 | 29,355 | 29.8% | |
| September | 22,955 | 29,110 | 26.8% | |
| October | ||||
| November | ||||
| December | ||||
| YTD Average | 20,930 | 27,373 | 30.8% | |
| 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 | ||||
| November | ||||
| December | ||||
| YTD Average | 3.2 | 2.3 | -29.6% | |
