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Midland Economic Indicators

 

Midland Economic Index December 2016
Economic Indicators*

Base Year

1996

Last Year

2015

This Year

2016

% Change

2015-2016

Taxable Spending - December (per sales tax rebates) $156,008,593 $286,773,855 $278,278,959 -3.0%
Taxable Spending - 4th Quarter $444,400,207 $974,170,209 $841,357,926 -13.6%
Taxable Spending - Annual $1,743,219,552 $4,344,166,390 $3,526,376,354 -18.8%
Dollars Spent on Auto Purchases - December $15,831,577 $42,590,507 $44,871,576 5.4%
Dollars Spent on Auto Purchases - 4th Quarter $47,048,388 $127,149,123 $126,156,466  -0.8%
Dollars Spent on Auto Purchases - Annual $181,270,296 $571,574,819 $515,013,919 -9.9%
Hotel/Motel Tax Receipts - Quarter $353,992 $1,641,016 $939,073 -42.8%
Hotel/Motel Tax Receipts - YTD $1,312,050 $7,460,011 $4,629,901 -37.9%
Airline Boardings - December 46,648 42,009 42,531 1.2%
Airline Boardings - 4th Quarter 136,989 125,562 121,111 -3.5%
Airline Boardings - Annual 547,024 508,116 466,334 -8.2%
Value All Building Permits - December $5,244,542 $21,127,422 $17,934,434 -15.1%
Value All Building Permits - 4th Quarter $25,698,179 $70,873,064 $56,663,636 -20.0%
Value All Building Permits - Annual $134,759,620 $434,877,550 $283,656,377 -34.8%
Permits for New Homes - December 19 68 70 2.9%
Permits for New Homes - 4th Quarter 63 166 183 10.2%
Permits for New Homes - YTD through December 292 751 632 -15.8%
Sales of Existing Homes - December 93 168 184 9.5%
Sales of Existing Homes - 4th Quarter 287 434 510 17.5%
Sales of Existing Homes - Annual 1,556 2,053 2,102 2.4%
Average Home Sale Price - December $85,360 $257,944 $279,748 8.5%
Average Home Sale Price - 4th Quarter  $81,577 $278,949 $278,972 0.0%
Average Home Sale Price - Annual Average $84,679 $271,150 $275,551 1.6%
Home Sales Dollar Volume - December $12,356,759 $44,157,995 $51,473,577 16.6%
Home Sales Dollar Volume - 4th Quarter $36,544,475 $123,564,468 $142,523,814 15.3%
Home Sales Dollar Volume - Annual $208,361,884 $572,159,624 $584,171,031 2.1%
Employment
Wage & Salary Employment - December 55,100 91,700 91,600 -0.1%
Wage & Salary Employment - 4th Quarter Average 54,965 91,200 91,365 0.2%
Wage & Salary Employment - Annual Average 53,540 92,635 90,810 -2.0%
Unemployment Rate - December 3.7 3.6 3.8 5.6%
Unemployment Rate - 4th Quarter Average 3.9 3.7 3.8 0.9%
Unemployment Rate - Annual Average 4.5 3.5 4.2 21.1%
INDEX - December (Base = 100 January 1996) 107.4 213.3 196.1 -8.0%

* 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
    2015 2016 % Change
2015-2016
City of Midland
Sales Tax Rebate
January $5,555,668 $4,231,028 -23.8%
February $7,392,176 $6,637,691 -10.2%
March $5,119,356 $3,972,033 -22.4%
April $4,615,050 $3,630,047 -21.3%
May $5,978,391 $5,119,275 -14.4%
June $4,796,841 $3,777,140 -21.3%
July $4,927,237 $3,854,419 -21.8%
August $5,679,425 $4,674,968 -17.7%
September $4,663,522 $3,772,302 -19.1%
October $4,490,095 $3,807,577 -15.2%
November $5,542,682 $4,615,014 -16.7%
December $4,196,628 $4,174,184 -0.5%
Year-To-Date Total $62,957,070 $52,265,678 -17.0%
         
Midland County
Motor Vehicle Sales Tax
January $3,571,416 $2,538,772 -28.9%
February $2,634,042 $2,272,509 -13.7%
March $3,264,400 $2,886,807 -11.6%
April $3,306,087 $2,780,734 -15.9%
May $2,809,505 $2,696,472 -4.0%
June $3,384,692 $2,853,118 -15.7%
July $3,229,997 $2,445,866 -24.3%
August $2,798,775 $3,133,980 -24.3%
September $3,098,399 $2,877,005 -24.3%
October $3,041,154 $2,550,588 -16.1%
November $2,287,179 $2,516,442 10.0%
December $2,687,278 $2,804,473 4.4%
YTD Total $36,112,923 $32,356,767 -10.4%
         
City of Midland
Hotel/Motel Tax Receipts
Collected January, April, July and October
for previous quarters ending
December, March, June and September
January $2,030,193 $1,284,553 -36.7%
April $1,929,814 $1,235,216 -36.0%
July $1,623,389 $1,126,389 -30.6%
October $1,605,854 $939,073 -41.5%
YTD Total $7,189,250 $4,585,231 -36.2%
         
Midland International Airport
Passenger Enplanements
January            37,373 33,546 -10.2%
February 36,095 33,409 -7.4%
March 44,885 40,166 -10.5%
April 37,697 38,313 1.6%
May 45,083 42,855 -4.9%
June 46,549 43,416 -6.7%
July 48,881 40,427 -17.3%
August 44,018 36,727 -16.6%
September 41,973 38,302 -8.7%
October 43,140 39,942 -7.4%
November 40,413 38,638 -4.4%
December 42,009 42,531 1.2%
YTD Total 508,116 466,334 -8.2%
         
City of Midland
Building Permit Valuation Total
January $22,100,000 $22,361,591 1.2%
February $35,500,000 $19,983,080 -43.7%
March $72,300,000 $13,246,867 -81.7%
April $28,100,000 $29,328,359 4.4%
May $53,600,000 $20,332,298 -62.1%
June $55,600,000 $22,744,244 -59.1%
July $57,400,000 $53,535,862 -6.7%
August $15,300,000 $20,382,004 33.2%
September $36,300,000 $25,533,486 -29.7%
October $23,700,000 $17,510,313 -26.1%
November $26,900,000 $21,150,110 -21.4%
December $21,400,000 $17,934,434 -16.2%
YTD Total $448,200,000 $284,042,647 -36.6%
         
City of Midland
New Single-Family Residence Permits
January 50 38 -24.0%
February 79 32 -59.5%
March 58 36 -37.9%
April 45 61 35.6%
May 71 43 -39.4%
June 74 82 10.8%
July 95 40 -57.9%
August 42 85 102.4%
September 71 32 -54.9%
October 54 53 -1.9%
November 44 60 36.4%
December 68 70 2.9%
YTD Total 751  632 -15.8%
         
Midland
Existing Home Sales
January         91 102 12.1%
February 86 97 12.8%
March 134 161 20.1%
April 140 138 -1.4%
May 200 168 -16.0%
June 237 249 5.1%
July 251 204 -18.7%
August 201 208 3.5%
September 192 195 1.6%
October 148 144 -2.7%
November 118 158 33.9%
December 168 184 9.5%
YTD Total 2,053 2,102 2.4%
         
Midland
Average Home Sale Price
January $265,316 $245,344 -7.5%
February $258,929 $271,859 5.0%
March $270,131 $283,687 5.0%
April $261,748  $259,176 -1.0%
May $279,279 $278,863 -0.1%
June $291,368 $279,933 -3.9%
July $273,392 $283,151 3.6%
August $257,629 $302,393 17.4%
September $253,244 $270,408 6.8%
October $295,073 $283,658 -3.9%
November $288,630 $273,975 -5.1%
December $257,944 $279,748 8.5%
YTD Average $271,364 $275,643 1.6%
         
Midland
Home Sales Total Dollar Volume
January $24,143,774 $25,025,135 3.7%
February $22,267,882 $26,370,318 18.4%
March $36,197,585 $45,673,620 26.2%
April $36,644,678 $35,766,318 -2.4%
May $55,855,836 $46,848,910 -16.1%
June $70,559,831 $69,921,017 -0.9%
July $70,005,173 $57,855,384 -17.4%
August $52,743,172 $62,897,706 19.3%
September $48,622,825 $52,729,638 8.4%
October $43,670,764 $40,846,774 -6.5%
November $34,058,361 $43,287,978 27.1%
December $43,334,665 $51,473,577 18.8%
YTD Total $556,670,273 $579,208,727 4.0%
         
Midland Payroll Employment
per Current Employment Statistics 
January             96,700 90,700 -6.2%
February 95,400 90,300 -5.3%
March 94,100 90,400 -3.9%
April 93,500 90,900 -2.8%
May 92,700 90,800 -2.0%
June 92,700 91,100 -0.8%
July 91,500 90,800 -1.0%
August 90,900 90,400 -0.6%
September 90,500 90,300 -0.2%
October 90,400 91,000 0.7%
November 91,500 91,900 0.4%
December 91,200 91,100 -0.1%
YTD Average 92,717 90,808 -2.1%
         
Midland
Estimated Oil & Gas Employment
January         22,730 19,945 -12.3%
February 21,775 19,320 -11.3%
March 20,880 18,710 -10.4%
April 20,620 18,555 -10.0%
May 20,230 18,555 -8.3%
June 20,225 18,470 -8.7%
July 19,975 18,300 -8.4%
August 19,870 18,225 -8.3%
September 19,435 18,225 -6.2%
October 19,275 18,675 -3.1%
November 19,070 18,500 -3.0%
December 19,385 19,250 -0.7%
YTD Average 20,306 18,776 -7.5%
Midland
Unemployment Rate
January                  2.8 3.8 35.7%
February 3.0 4.0 33.3%
March 3.1 4.3 38.7%
April 3.1 4.3 38.7%
May 3.5 4.3 22.9%
June 3.8 4.6 21.1%
July 3.8 4.7 23.7%
August 3.7 4.6 24.3%
September 3.7 4.5 21.6%
October 3.8 3.9 2.6%
November 3.8 3.6 -5.3%
December 3.6 3.8 5.6%
YTD Average             3.5  4.2 21.1%