the 2011 faulkner county annual economic report 61 st annual presentation the conway rotary club
TRANSCRIPT
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The 2011 Faulkner County Annual Economic Report
61st Annual PresentationThe Conway Rotary Club
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Dean of the College of BusinessDr. Pat Cantrell
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Supported by: The Conway Rotary club
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Roger LewisReport Author
Stephen S. GrossIntern
Amber HallAsst. Director of Institutional Research
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• 2010 – 60 Years and 600% Growth…Not
Bad!
• 2009 – From Cotton to Computers
• 2008 – Conway an Oasis In Arkansas
• 2007 – We Have Gas
• 2006 – Conway is Growing and You Can
Bank on it
• 2005 – The Billion Dollar Economy
Previous
Themes• 2011 – Big City Amenities with a Small Town Feel
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A Glance at the National Economy
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1.8%2.5%
3.6%3.1%
2.7%
1.9%
0.0%
-2.6%
3.0%
1.7%
National GDPYear-Over-Year Change
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
5.8%6.0%5.5%5.1%4.6%4.6%5.8%
9.3%9.7%9.0%
National Unemployment Rate
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
1.6%
2.3%2.7%
3.4%3.2%2.8%
3.8%
-0.4%
1.6%
3.2%
Consumer Price Index (CPI)
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2007200
8200
9201
0 2011Energy 5.5 13.9 -18.4 9.5 15.4
Medical Care 4.4 3.7 3.2 3.4 3.0Food and Beverage 3.9 5.4 1.9 0.8 3.6Other Goods & Services 3.6 3.6 6.7 3.4 1.6
Housing 3.1 3.2 0.4 -0.4 1.3Education & Communications 2.4 3.4 3.0 2.0 1.2
Transportation 2.1 5.9 -8.3 7.9 9.8Recreation 0.5 1.6 0.9 -0.8 0.0
Apparel -0.4 -0.1 1.0 -0.5 2.2
All Items 2.8 3.8 -0.4 1.6 3.2
Consumer Price Index Percentage Change per Select Category
Seasonally Adjusted
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January
FebruaryMarch
April MayJune July
August
SeptemberOctober
November
December5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
2011 Monthly Unemployment
U.S. ArkansasFaulkner County Conway
Perc
en
t
8.57.7
7.16.1
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2002 2003 2004 2005 2006 2007 2008 2009 2010 20110
2
4
6
8
10
12
8.987.46.3
U.S. Arkansas Faulkner Conway
Perc
en
tAverage Annual
Unemployment Rate
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
10,021
8,341
10,45410,783
10,718
12,463
13,265
8,776
10,285
11,578
12,218
Dow Jones Industrial Average (DJIA) Year-end
Closing
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Family Units Constructed
2003 2004 2005 2006 2007 2008 2009 2010 2011
645 502 488407
314 192259 223
153
20
14 2427
90
5228 58
2
70244
1010
16844
689846 668
12
Single family Duplex Multi-unit
735
760
1522
602
448
933
1,133
949
167
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Value of Building PermitsMillions of Dollars
0
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
97,772,108
104,260,75
6
136,327,28
4
141,306,68
5
198,545,10
6 158,592,89
3 119,924,08
7
141,085,02
2
146,152,49
2
150,651,33
1
130,378,363
*UCA and other state agencies are not included.
Down 13.5% from 2010
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 $-
$100,000,000
$200,000,000
$300,000,000
$400,000,000
$500,000,000
$600,000,000
$257,225,333 $278,059,667
$346,937,333
$431,611,485
$488,112,667 $504,828,788 $529,141,484
$348,258,667 $311,856,667
$392,849,696 $366,677,826
Real Estate Sales
2011 Faulkner County Real Estate Sales
Millions of Dollars
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1950 1960 1970 1980 1990 2000 2005 2010 2011 -
20,000
40,000
60,000
80,000
100,000
120,000
140,000
8,610.00
60,846.00
25,289.00
119,196.00
Conway Faulkner County
Population Estimates for Conway (city) and Faulkner County
Population In Thousands
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Faulkner County Births and Deaths
Year Births Deaths Net Gain
Birth to Death Ratio
Arkansas Birth-Death
Ratio
2011 1,529** 800*** 644 1.8 N/A
2010 1,583** 811** 734 1.9 1.5
2009 1,538** 756** 782 2.0 1.5
2008 1,511** 760 765 2.0 1.5
2007 1,481** 740 744 2.0 1.5
2006 1,530 727 803 2.1 1.4
2005 1,398 718 680 1.9 1.4
2004 1,365 685 680 2.0 1.3
2003 1,314 686 628 1.9 1.3
2002 1,314 668 646 2.0 1.3Ten Year
Summary 14,563 7,351 7,212 2.0 1.4
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Faulkner County Property Tax Assessment 2011
Real Estate All PropertyAmount % Change Amoun
t % Change
$1,269,075,781 0.9 $1,744,795,878 9.2
Tax Assessment Values in Conway City Limits 2011
Real Estate
Percent of Faulkner County
$756,875,597 59.6
All PropertyPercent of
Faulkner County$990,935,13
4 56.8
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Cost of Living ComparisonCities Composite Difference Average Rent Average Home
Conway 87.8 0.0 $542 $236,343Dallas, TX 96.3 9.7 $738 $207,192
Fayetteville 86.5 -1.5 $580 $223,306Fort Smith 85.2 -3.0 $460 $232,940
Hot Springs 96.5 9.9 $626 $253,967Houston,
TX 89.9 2.4 $892 $224,736Little Rock-
N Little Rock 95.8 9.1 $719 $253,330
Memphis 86.0 -2.1 $721 $195,115
San Francisco, CA 162.9 85.5 $2,518 $796,762
San Jose, CA 150.5 71.4 $1,729 $713,145
St. Louis 91.2 3.9 $778 $202,396National Average 100.0 13.9 $810 $293,442
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Conway
Faye
tteville
Fort
Smith
Jone
sbor
o
Litte
Roc
k
N. Litt
le R
ock
Roger
s
Sprin
gdal
e
4 5
8
4
1314
345 4
8
5
15
13
2
44 4
8
4
15
9
45
2008 2009 2010
Violent Crimes per 1,000 in Cities with Populations over 50,000
MurderRape Robbery Assault
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Conway
Faye
tteville
Fort
Smith
Jone
sbor
o
Litte
Roc
k
N. Litt
le R
ock
Roger
s
Sprin
gdal
e
4737
5650
80
103
33 3443
39
5948
82
101
37 3642
35
56
43
7785
27 30
2008 2009 2010
Property Crimes per 1,000 in Cities with Populations over
50,000
BurglaryLarceny-TheftMotor Vehicle Theft
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Conway Corporation(in millions of Dollars)
All DepartmentsResidential Electric
Customers
Year RevenueCapital
Expenditures Number%
IncreasePopulation Estimate
2012* 98.2 13.6 26,769 2.5 62,372
2011 103.7 7.6 26,114 3.5 60,8462010 95.1 10.3 25,237 3.2 58,9082009 92.6 10.6 24,464 4.3 60,6702008 88.3 9.4 24,195 4.9 60,003
2007 84.4 9.6 23,062 3.3 57,1932006 81.1 7.9 22,316 5.8 55,344
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Faulkner County Sales Tax Receipts
Conway Sales Tax Receipts
1/2% Sales Tax Receipts
Change Over Previous Year
2011 $7,811,371 $338,3982010 $7,472,974 $145,8992009 $7,327,074 -$80,842
1% Sales TaxChange Over Previous Year
2011 $12,409,268 $306,3702010 $12,102,898 $546,5642009 $11,556,334 -$52,581
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Estimated Retail Sales 2011
City Amount % of Total
Conway $1,303,645,330 77.2%
Greenbrier 83,215,017 4.9%
Mayflower 40,062,489 2.4%
Vilonia 43,784,642 2.6%
Guy 3,319,386 0.2%Twin Groves 832,524 0.0%
Non-Tax Areas* 214,118,016 12.7%
Total $1,688,977,404 100.0%
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Conway Advertising and Promotion Tax
2% of Hotel and Restaurant Sales
2010 2011
Annual Percentage
Change
Hotel $347,602 $373,243 7.38%
Restaurant*
2,627,481
2,893,31
4 10.12%
Total$2,975,08
3$3,266,5
57*Does not include alcohol Sales
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Top Five Hotels by Sales*
* Based on Advertising and Promotion Tax
Hotel Total SalesHilton Garden Inn $2,367,039
Fairfield Inn 1,581,345
Hampton Inn 1,496,960
Holiday Inn Express (Opened April 2011) 1,274,522
Comfort Suites (Museum Road) 1,142,870
$7,862,736
Grand Total
$17,477,258
% of Total 44.98
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Top Ten Restaurants by Sales*
*Does not include alcoholic beverage sales♦Serves alcoholic beverages
Chick-Fil-A (Conway Commons)$4,205,19
6Chili's Bar & Grill #1067 ♦ 3,743,522TGI Fridays ♦ 3,483,989Cracker Barrel 3,309,456McDonalds #29917 Salem Rd 3,306,111McDonalds #32901 Dave Ward Dr 3,140,876McDonald's #10667 Hwy 65 N 2,739,787McDonald's #2872 Oak St 2,714,709Marketplace Grill 2,713,363Logan's Roadhouse ♦ 2,335,170$31,692,17
9Grand Total
$151,590,703
% of Total 20.91
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Since 2006 there have been 15 Banking Institutions in
Faulkner County
2006 2007 2008 2009 2010 2011
$1,324,000,000.00
$1,352,000,000.00
$1,374,715,000.00
$1,462,019,000.00
$1,582,979,000.00
$1,641,056,000.00
Total Deposits (Billions of Dollars)
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Centenial Bank32%
First Security Bank27%
Regions Bank11%
All Others30%
The Top Three Banks Hold Roughly 70% of The Total
Market Share
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1990 1995 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
39.0
51.1
64.8 66.2 68.3 70.775.3 75.9
78.7 80.784.4 86.9 89.1 90.9
Faulkner County Motor Vehicle Registration (In Thousands of Vehicles)
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Severance Tax Revenue 2011
Millions of Dollars
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
$27,468,970
$54,484,821 $58,905,883
* New severance tax rates went into effect January 2009
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$204,054 …. That’s what Faulkner County received in 2011
19% greater than 2010
$254,833 …. That’s what The City of Conway received in 2011
15% Greater than 2010
COUNTY AND MUNICIPAL HIGHWAY SEVERANCE TAX
DISTRIBUTION 2011
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Well Production and Value
Through Nov. 2011
Van Buren
# wells: 1160
Value: $1,041,522,506
Conway
# wells: 828
Value: $713,545,883
Faulkner
# wells: 309
Value: $258,451,776
White
# wells:1072
Value: $832,215,995
Cleburne
# wells: 539
Value: $498,537,707
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2011 $474,879,704 2010 $459,916,256
2009 $124,142,265
Arkansas Scholarship Lottery Sales
$1,058,938,225Total…
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Lottery SalesFaulkner County Municipalities
2011
Conway Greenbrier Mayflower
Vilonia Wooster
$9,588,948
$1,833,357
$1,865,787
$529,520
$26,470
Total…
$15,174,597
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Firms
Employees
Annual Earnings
Average Earnings
Government 58 6,434 $237,132,914
$36,868
Private 2,657
32,783 1,144,197,462
34,892
Total 2,715
39,217 $1,381,330,376
$36,856
Percent Government
2.1 16.4 17.2 100
2010 Employment and Earnings for Faulkner County
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% ChangeCrop 2011 2010-2011Beef $17,500,000 100.00Greenhouses 5,000,000 0.00Dairy 3,234,000 23.53Rice 2,532,600 66.96Soybeans 1,722,210 19.37Corn 862,720 98.66Forestry 600,000 0.00Wheat 696,000 529.07Fruits & Vegetables 500,000 0.00Hay 900,000 -25.00Hogs 120,000 0.00Silage 0 0.00Grain Sorghum 0 0.00Total $33,667,530 51.03%
Income from Agricultural Production
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2010 StatisticsPercent Change
Visitors 348,509 0.78
Total Travel Expenditures $77,069,674 2.34
Expenditure per Visitor $221 1.55
State Tax receipts $4,710,144 2.62
Local Tax Receipts $1,293,033 2.42
Number employed 949 0.42
Payroll $14,405,002 2.32
Average Annual Pay $15,179 1.89
The Effects of Tourism on Faulkner County
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Any Questions
????
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The End
Thank You Very Much