Midland, Texas: A Powerhouse Economy and Top Growth Destination

Midland, Texas, has long been a cornerstone of the Lone Star State's economic landscape. Known for its booming energy sector and growing aerospace industry, Midland's consistent growth and quality of life are drawing national attention. Midland, Texas, ranks as Texas's fifth-largest Metropolitan Statistical Area (MSA) economy based on GDP. It is projected to be the fastest-growing economy among the 100 largest midsize cities in the U.S. Midland is not just riding the waves of Texas's economic expansion—it's leading them. Here's a closer look at why Midland has become a premier financial hub and a hotspot for opportunity.

Economic Powerhouse Among Texas MSAs

With a GDP of $55 billion in 2022, Midland ranks as the fifth-largest MSA in Texas, ahead of El Paso. As Texas's metropolitan areas experience explosive growth, Midland remains a significant economic player. Midland's GDP is within striking distance of the San Antonio-New Braunfels metro area, which is nearly 15 times larger by population. This substantial economic output underscores the strength and influence of Midland's energy-driven economy, which is expanding into sectors like healthcare, education, and services.

Midland's per-capita income reflects this economic strength, with an average of $143,728 in 2022. This figure surpasses the Texas average and outpaces notable MSAs like San Jose-Sunnyvale-Santa Clara, California, and Naples-Marco Island, Florida. In contrast, the national average per capita income is $65,470, making Midland one of the most prosperous MSAs in the country.

Fastest-Growing Economy in the U.S.

The American Growth Project by the Kenan Institute ranks Midland as the fastest-growing economy among midsize U.S. cities. In 2022, the Midland MSA grew by an impressive 16.2%, significantly outpacing other booming Texas metros, including Odessa (5.2%), Houston (4.4%), and Dallas (3.7%). This rapid growth has propelled Midland's population increase, job creation, and economic output, solidifying its reputation as a national economic leader.

A driving force behind this growth is Midland's robust employment market. Throughout 2023, Midland consistently led the U.S. in monthly employment percentage gains, reflecting a thriving job market driven by demand across various sectors. As of December 2023, employment figures had risen by a healthy 3.6% year-over-year, with growth peaking at an impressive 11.4% in January—making it one of the top-performing job markets in the country.

High Quality of Life and Millennial Homeownership

Midland's high quality of life is one of its most compelling attributes. With a cost of living 5.2% below the U.S. average, Midland combines affordability with economic opportunity, offering an annual average salary of $89,744. Compared to the Texas state average salary of $69,661, Midland's cost-adjusted income makes it an attractive destination for individuals and families.

Interestingly, 82% of millennials in Midland own homes, the highest millennial homeownership rate in any U.S. metropolitan area. This statistic highlights Midland's affordability and job security and appeals to younger generations looking to establish roots and build equity. In a nation where millennial homeownership remains a challenge due to rising housing costs, Midland's high homeownership rate showcases its distinctive positioning as an accessible and attractive place for young professionals and families.

Competitive Salaries and Cost of Living

Midland stands out in Texas and nationally for its high-income potential and moderate cost of living. As per the Jobs EQ Midland MSA report, with an average household income of $87,900, Midland surpasses the Texas median of $67,321. Midland's per capita income of $44,218 is nearly $10,000 higher than the state average of $34,255. Coupled with a cost of living index of 94.8 (compared to the U.S. average of 100), residents of Midland enjoy a high income relative to living expenses.

A Prime Destination for Business and Talent

Ranked #8 among Site Selection's top U.S. metros in 2023, Midland is increasingly recognized as a prime choice for business growth. From energy companies to healthcare providers, businesses across various sectors are drawn to Midland's favorable business environment and skilled labor force. As local and international companies seek to expand, Midland's strategic location, pro-business climate, and developing workforce position it as a preferred destination for startups and established businesses.

As Midland expands, so do the opportunities for individuals and companies. The area's robust infrastructure, skilled workforce, and proximity to major Texas cities create a landscape ripe for growth and innovation. With its impressive economic trajectory and exceptional quality of life, Midland remains an exemplary model of Texas's dynamic and resilient economy, where businesses and residents can thrive.  

Ready to be part of Midland's booming future? Whether you're a business looking to expand or a professional seeking growth, Midland could be your next destination. Contact us here, and we will be happy to assist you!