Midland Economic Indicators

 

Midland Economic Index July 2017
Economic Indicators*

Base Year

1996

Last Year

2016

This Year

2017

% Change

2016-2017

Taxable Spending - July (per sales tax rebates) $119,137,444 $262,614,243 $327,671,803 24.8%
Taxable Spending - YTD $998,936,007 $2,141,432,680 $2,164,294,929 1.1%
Dollars Spent on Auto Purchases - July $14,970,532 $38,466,738 $49,912,995 29.8%
Dollars Spent on Auto Purchases - YTD $102,188,969 $289,045,419 $367,106,062 27.0%
Hotel/Motel Tax Receipts - Quarter $4,959,417 $16,564,516 $23,770,975 43.5%
Hotel/Motel Tax Receipts - YTD $13,900,941 $53,732,967 $56,500,500 5.2%
Airline Boardings - July 48,702 40,427 45,023 11.4%
Airline Boardings - YTD 319,264 270,194 296,209 9.6%
Value All Building Permits - July $7,737,383 $54,676,098 $52,246,965 -4.4%
Value All Building Permits - YTD $87,927,887 $184,545,053 $204,664,514 10.9%
Permits for New Homes - July 21 40 95 137.5%
Permits for New Homes - YTD  183 332 549 65.4%
Sales of Existing Homes - July 170 204 239 17.2%
Sales of Existing Homes - YTD 945 1,198 1,627 35.8%
Average Home Sale Price - July $85,235 $283,905 $310,403 9.3%
Average Home Sale Price - YTD $84,429 $271,208 $291,103 7.3%
Home Sales Dollar Volume - July $7,737,383 $54,676,098 $52,246,965 -4.4%
Home Sales Dollar Volume - YTD $87,927,887 $184,545,053 $204,664,514 10.9%
Employment
Wage & Salary Employment - July 52,800 86,300 88,600 2.7%
Wage & Salary Employment - YTD Average 52,815 87,470 87,945 0.5%
Unemployment Rate - July 5.2 4.9 3.2 -34.7%
Unemployment Rate - YTD Average 4.9 4.5 3.7 -17.8%
INDEX - July (Base = 100 January 1996) 103.9 194.6 202.4 4.0%

* 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
    2016 2017 % Change
2016-2017

City of Midland
Sales Tax Rebate

(not adjusted for inflation)

January $4,231,028 $4,257,903 0.6%
February $6,637,691 $5,481,160 -17.4%
March $3,972,033 $4,286,051 7.9%
April $3,630,047 $4,050,977 11.6%
May $5,119,275 $4,931,320 -3.7%
June $3,777,140 $4,402,437 16.6%
July $3,854,419 $4,915,077 27.5%
August $4,674,968 $5,975,608 27.8%
September      
October      
November      
December      
Year-To-Date Total $35,896,601 $38,300,533 6.7%
         

Midland County
Motor Vehicle Sales Tax

(not adjusted for inflation)

January $2,538,772 $2,827,137 11.4%
February $2,272,509 $2,788,408 22.7%
March $2,886,807 $3,548,533 22.9%
April $2,780,734 $3,298,075 18.6%
May $2,696,472 $3,798,023 40.9%
June $2,853,118 $3,755,642 31.6%
July $2,445,866 $3,119,562 27.5%
August      
September      
October      
November      
December      
YTD Total $18,474,279 $23,135,380 25.2%
         

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 $1,284,553 $1,163,652 -9.4%
April $1,249,296 $1,113,081 -10.9%
July $1,136,980 $1,663,968 46.3%
October      
YTD Total $3,670,828 $3,940,701 7.4%
         
Midland International Airport
Passenger Enplanements
January 33,546 34,828 3.8%
February 33,409 36,323 8.7%
March 40,166 45,141 12.4%
April 38,313 40,193 4.9%
May 40,917 46,621 13.9%
June 43,416 48,080 10.7%
July 40,427 45,023 11.4%
August      
September      
October      
November      
December      
YTD Total 270,194 296,209 9.6%
         

City of Midland
Building Permit Valuation Total

(not adjusted for inflation)

January $22,361,591 $15,269,187 -31.7%
February $19,983,080 $23,730,318 18.8%
March $13,246,867 $43,767,225 230.4%
April $29,328,359 $21,143,868 -27.9%
May $20,332,298 $18,772,714 -7.7%
June $22,744,244 $28,399,386 24.9%
July $53,535,862 $52,246,965 -2.4%
August      
September      
October      
November      
December      
YTD Total $181,532,301 $203,329,663 12.0%
         
City of Midland
New Single-Family Residence Permits
January 38 55 44.7%
February 32 75 134.4%
March 36 102 183.3%
April 61 80 31.1%
May 43 57 32.6%
June 82 85 3.7%
July 40 95 137.5%
August      
September      
October      
November      
December      
YTD Total 332 549 65.4%
         
Midland
Existing Home Sales
January    100 182 82.0%
February 120 185 54.2%
March 180 265 47.2%
April 156 233 49.4%
May 189 234 23.8%
June 249 290 16.5%
July 204 239 17.2%
August      
September      
October      
November      
December      
YTD Total 1,198 1,627 35.8%
         

Midland
Average Home Sale Price

(not adjusted for inflation)

January $251,364 $268,422 6.8%
February $261,760 $259,020 -1.0%
March $263,047 $280,622 6.7%
April $255,930 $291,303 13.8%
May $284,856 $308,245 8.2%
June $278,440 $307,065 10.3%
July $283,905 $310,403 9.3%
August      
September      
October      
November      
December      
YTD Average $271,208 $291,103 7.3%
         

Midland
Home Sales Total Dollar Volume

(not adjusted for inflation)

January $25,136,405 $48,852,795 94.4%
February $31,411,193 $47,918,742 52.6%
March $47,348,499 $74,364,856 57.1%
April $39,925,058 $67,124,505 68.1%
May $53,837,807 $72,129,240 34.0%
June $69,331,615 $89,048,801 28.4%
July $57,916,679 $74,186,312 28.1%
August      
September      
October      
November      
December      
YTD Total $324,907,256 $473,625,251 45.8%
         
Midland Payroll Employment
per Current Employment Statistics 
January   89,300 87,000 -2.6%
February 88,500 87,700 -0.9%
March 87,700 87,600 -0.1%
April 87,400 87,900 0.6%
May 86,800 88,200 1.6%
June 86,300 88,600 2.7%
July 86,300 88,600 2.7%
August      
September      
October      
November      
December      
YTD Average 87,471 87,943 0.5%
         
Midland
Estimated Oil & Gas Employment
January 19,430 19,395 -0.2%
February 18,950 19,715 4.0%
March 18,580 19,555 5.2%
April 18,360 19,635 6.9%
May 18,085 19,715 9.0%
June 18,180 20,115 10.6%
July 18,440 20,195 9.5%
August      
September      
October      
November      
December      
YTD Average 18,575 19,761 6.4%
Midland
Unemployment Rate
January 4.0 4.1 2.5%
February 4.2 4.2 0.0%
March 4.4 4.0 -9.1%
April 4.5 3.5 -22.2%
May 4.5 3.4 -24.4%
June 5.0 3.5 -30.0%
July 4.9 3.2 -34.7%
August      
September      
October      
November      
December      
YTD Average 4.5 3.7 -17.8%