Midland Economic Indicators

The economy in Midland has been steadily growing. Taxable spending has grown 18% year over year and we have witnessed exponential growth in the following sectors:

Automotive
Growth

15%

Hotel
Growth

24%

 

Building Permits Growth

5.7%

Average Home Sale Price Growth

5.7%

 

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 February 2019
Economic Indicators*

Base Year
1996

Last Year
2018

This Year
2019

% Change
2018-2019
Taxable Spending - February (per sales tax rebates) $220,454,877 $501,360,692 $577,109,710 15.1%
Taxable Spending - YTD $339,833,534 $878,567,861 $1,035,437,122 17.9%
Dollars Spent on Auto Purchases - February $14,517,988 $87,502,901 $74,555,356 -14.8%
Dollars Spent on Auto Purchases - YTD $28,925,381 $154,990,689 $152,209,273 -1.8%
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 - February  40,210 42,886 45,860 6.9%
Airline Boardings - YTD 79,019 83,319 89,296 7.2%
Value All Building Permits - February  $17,962,648 $139,372,022 $84,110,807 -39.7%
Value All Building Permits - YTD $21,803,538 $193,365,235 $204,481,836 5.7%
Permits for New Homes - February 29 91 71 -22.0%
Permits for New Homes - YTD  44 165 119 -27.9%
Sales of Existing Homes - February 107 199 183 -8.0%
Sales of Existing Homes - YTD 174 363 353 -2.8%
Average Home Sale Price - February $83,832 $307,241 $327,454 6.6%
Average Home Sale Price - YTD $84,069 $298,953 $315,971 5.7%
Home Sales Dollar Volume - February $15,212,506 $62,664,463 $59,924,139 -4.4%
Home Sales Dollar Volume - YTD $24,835,425 $111,335,486 $111,644,196 0.3%
Employment
Wage & Salary Employment - February 52,300 103,600 110,000 6.2%
Wage & Salary Employment - YTD Average 52,300 102,800 110,750 7.7%
Unemployment Rate - February 4.6 2.3 2.2 -4.3%
Unemployment Rate - YTD Average 4.8 2.4 2.3 -4.3%
INDEX - February (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 $5,401,078 $6,047,200 12.0%
April      
May      
June      
July      
August      
September      
October      
November      
December      
Year-To-Date Total $16,138,406 $18,979,818 17.6%

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      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total $9,648,190 $9,543,835 -1.1%

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 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      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total $182,419,654 $204,273,763 12.0%
City of Midland
New Single-Family Residence Permits		 January 74 48 -35.1%
February 91 71 -22.0%
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total 165 119 -27.9%
Midland
Existing Home Sales		 January 164 170 3.7%
February 199 183 -8.0%
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total 363 353 -2.8%

Midland
Average Home Sale Price

(not adjusted for inflation)

 January $288,897 $303,609 5.1%
February $307,241 $327,454 6.6%
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Average $298,953 $315,971 5.7%

Midland
Home Sales Total Dollar Volume

(not adjusted for inflation)

 January $48,671,023 $51,720,057 6.3%
February $62,664,463 $59,924,139 -4.4%
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Total $111,335,486 $111,644,196 0.3%
Midland Payroll Employment
per Current Employment Statistics 		 January 102,000 111,500 9.3%
February 103,600 110,000 6.2%
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Average 102,800 110,750 7.7%
Midland
Estimated Oil & Gas Employment		 January 26,250 30,730 17.1%
February 27,125 29,465 8.6%
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Average 26,688 30,098 12.8%
Midland
Unemployment Rate		 January 2.4 2.3 -4.2%
February 2.3 2.2 -4.3%
March      
April      
May      
June      
July      
August      
September      
October      
November      
December      
YTD Average 2.4 2.3 -4.3%