7/30/2019 Texoma Regional Economic Dashboard Report 3rd Qtr 2012

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Texoma Regional Economic DashboardQuarterly Report 3

rdQtr. 2012

Release Date: December 18, 2012

Purpose:The Texoma Regional Economic Dashboard project is designed to inform Workforce Development,

Economic Development, and Regional Planning professionals about the economic condition of the

Texoma Workforce Development Area. This dashboard will allow the partners, and other interested

parties a better understanding of the regions economy in order to plan for the future, identify strengths

and weaknesses, and apply for grants to execute projects that improve the regions infrastructure,

services, and workforce and economic development systems.

The dashboard provides historical perspective on a number of traditional and non-traditional data

points, gathered from multiple sources. These data points come from several strategically identified

types in order to give a more complete picture of the Texoma Region.

The data and analysis will help with the development of Workforce Solutions Texomas Strategi c Plan;

the Comprehensive Economic Development Strategy (CEDS); work plans for Economic Development

Entities; strategic plans for counties, cities, and school districts in the Region, as well as important labor

market information for employers and job seekers.

Definition of the Region:

For the purpose of this report, the Texoma Region is defined as Cooke, Fannin, and Grayson Counties in

Texas. Plans are underway to gather data from a portion of Southeast Oklahoma in the near future to

get a better picture of the Texoma Labor Shed.

Most Recent Quarter Analysis, 3rd Qtr., 2012

Based on the data collected, and the analysis of the team, it appears the overall economic health of the

Region is better than it was last quarter, and this this time last year. This is based on several factors.

Civilian Labor Force is at 96,406 down from 97,366 in the 2nd Qtr. 2012, but up from 94,447 in the 3rd

Qtr. 2011.

Unemployment Rate is at 6.2% down from 7.4% in the 2nd Qtr. 2012, and down from 8.4% in the 3rd

Qtr. 2011.

TANF Enrollment is at 712 up from 675 in the 2

nd

Qtr. 2012, and up from 680 in the 3

rd

Qtr. 2011.

SNAP Enrollment is at 29,827 down from 30,285 in the 2nd Qtr. 2012, and down from 30,787 in the 3rd

Qtr. 2011.

Sales Tax Allocations are at $13,042,258 up from $10,194,159 in the 2nd Qtr. 2012, and up from

$10,136,332 in the 3rd Qtr. 2011.

7/30/2019 Texoma Regional Economic Dashboard Report 3rd Qtr 2012

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Hotel/Motel Taxable Sales are at $7,641,470 up from $7,518,754 in the 2nd Qtr. 2012, and up from

$7,176,872 in the 3rd Qtr. 2011.

Additional Analysis:

Texomas Civilian Labor Force dropped 1.76 percent points over the last Qtr., but is still up 2.07 percent

points over this time last year, which is pretty consistent with the State of Texas for the same

comparison. By contrast, the US Labor force has grown only 0.69 percent points over this time last year.

Texoma and the State continue to add people into the Civilian Labor Force at a faster pace than the

national average.

Texomas Unemployment Rate dropped 1.20 percent points over the last Qtr., and 2.20 percent points

over this time last year practically mirroring the State over the same period; while the US dropped only

1.50 percent points.

Combining the increase in the Civilian Labor Force with a decrease in Unemployment means a greater

number of people are working now (90,449) than at this time last year (86,520).

Texoma has not fared quite as well as the State on TANF Enrollments which are up 4.71 percent points

for Texoma, as compared to down 10.96 percent points for the State since this time last year, but the

region has done better on SNAP Enrollments with Texoma down 3.12 percent points, and the State

down only 0.95 percent points since this time last year. In real numbers, Texoma currently has 712

TANF Cases as compared to 29,827 SNAP Cases.

With approximately 500 fewer people receiving SNAP benefits; more than 3,900 additional people

working; and collected Sales Tax almost $3 Million more than this time last year, the region appears to

be continuing to improve.

Similar to last quarter, both Sales Taxes (up 28.67 percent points) and Hotel Taxable Sales (up 6.47percent points) were up compared to the previous year, though both had anomalies associated with

their results. Direct sales from manufacturers to the oil industry greatly inflated Sales Tax numbers for

the area. Hotel/Motel Taxable sales understated the demand due to guests staying beyond 30 days.

Guests who stay at a hotel for more than 30 days do not pay the hotel/tax premium. These factors may

continue to impact the results for the 4th quarter as well.

Foreclosures continue to be up as the market recovers but these numbers are showing signs of

dropping, which hopefully signals this phase of the recovery is over.

All signs still show the Nation, State, and Region continuing to recover but the impending fiscal cliff

may negatively impact the market toward the end of the 4 th quarter or early next year depending on

what is done in Washington.

Future Releases:

The Texoma Regional Economic Dashboard will be released in two formats, a quarterly report that will

contain analysis of indicators available on a quarterly basis at minimum, and an annual report that will

contain analysis of the quarterly indicators and additional indicators available on an annual basis at

minimum.