odessa market report 2009
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2009 Texas Metro Market Overview Odessa
~i~
Table of ContentsIntroduction ............................................................................................. 1
MSA Map ................................................................................................ 2
Demographics ........................................................................................ 3
Education................................................................................................ 8
Employment............................................................................................ 9
Economy............................................................................................... 16
Infrastructure ........................................................................................ 17
Multifamily ............................................................................................. 19
Housing ................................................................................................ 20
Hotel ..................................................................................................... 26
Real Estate Center ............................................................................... 27
Market reports are updated annually. The Real Estate Center also publishes market news, which is updated continuously throughout the year. It allows market analysts to access the most current information available. For more current informa-tion about this Metropolitan Statistical Area (MSA) or any of the other Texas MSAs, please go to http://recenter.tamu.edu/mnews/.
Note: In 2003, the U.S. Census Bureau revised its definition of counties included in some Texas Metropolitan Statistical Areas (MSAs). As a result, most information presented in this report reflects Texas’ 2003 MSA definition. However, some of the data reported to the Center continue to use the Bureau’s 1999 definition. Data using the1999 MSA definition are stated where applicable.
2009 Texas Metro Market Overview
Quick FactsMSA Land Area (2003 definition) 901.68 square miles2008 Population Density 146.3 people per square mileCounties Ector
Area Cities and TownsGardendale, Goldsmith, Greenwood, Odessa, Notrees, Penwell, Pleasant Farms*This report's MSA data reflects either 1999 or 2003 MSA definitions based on data availability. Use of 1999 definition is noted where applicable.
Sources: U.S. Census Bureau and Real Estate Center at Texas A&M University
Odessa
Microsoft product screen shot reprinted with permission from Microsoft Corp.
Odessa is at the industrial and commer-cial crossroads of West Texas. Neighbor to Midland, this city was named the fourth top city in America for doing business by Inc.com and newgeography.com in their 2008 survey of the “Best Cities for Doing Business.” The city is about halfway between Dallas–Fort Worth and El Paso and is the Ector County seat.
The metropolitan area is within the 100-mile–radius Permian Basin. The region is in the heart of the largest single source of oil and gas deposits in the United States. The local economy is heavily dependent on the oil and gas industry.
The University of Texas of the Permian Basin (UTPB) is home to Odessa’s Presidential Museum and Lead-ership Library. It is the only facility of its kind in the United States dedicated to the office of the Presidency, not just a single president.
Odessa College boasts notable alumni including Ty Murray, seven-time all around world pro rodeo champion.
The La Entrada al Pacífico trade corridor is a route from the Pacific Ocean port of Topolobampo in the Mexican state of Sinaloa to Texas and beyond by way of the Midland-Odes-sa area. Designated as “Trade Corridor 56” by the Inter-modal Surface Transportation Efficiency Act, the corridor is a joint project between Mexico and the United States. Sources: Odessa Convention & Visitors Bureau, Odessa Development Corporation and Midland Economic Development Corporation
~1~
Introduction
2009 Texas Metro Market Overview Odessa
~2~
ANDERSON
ANDREWS
ANGELINA
ARANSAS
ARCHER
ARMSTRONG
ATASCOSA
AUSTIN
BAILEY
BANDERA
BASTROP
BAYLOR
BEE
BELL
BEXAR
BLANCO
BORDEN
BOSQUE
BOWIE
BRAZORIA
BRAZOS
BREWSTER
BRISCOE
BROOKS
BROWN
BURLESON
BURNET
CALDWELL
CALHOUN
CALLAHAN
CAMERON
CAMP
CARSON
CASS
CASTRO
CHAMBERS
CHEROKEE
CHILDRESS
CLAY
COCHRAN
COKECOLEMAN
COLLIN
COLLINGSWORTH
COLORADOCOMAL
COMANCHE
CONCHO
COOKE
CORYELL
COTTLE
CRANE
CROCKETT
CROSBY
CULBERSON
DALLAM
DALLASDAWSON
DEAF SMITH
DELTA
DENTON
DE WITT
DICKENS
DIMMIT
DONLEY
DUVAL
EASTLAND
ECTOR
EDWARDS
ELLIS
EL PASO
ERATH
FALLS
FANNIN
FAYETTE
FISHER
FLOYDFOARD
FORT BEND
FRANKLIN
FREESTONE
FRIO
GAINES
GALVESTON
GARZA
GILLESPIE
GLASSCOCK
GOLIAD
GONZALES
GRAY
GRAYSON
GREGG
GRIMES
GUADALUPE
HALE
HALL
HAMILTON
HANSFORD
HARDEMAN
HARDIN
HARRIS
HARRISON
HARTLEY
HASKELL
HAYS
HEMPHILL
HENDERSON
HIDALGO
HILL
HOCKLEY
HOOD
HOPKINS
HOUSTON
HOWARD
HUDSPETH
HUNT
HUTCHINSON
IRION
JACK
JACKSON
JASPER
JEFF DAVIS
JEFFERSON
JIM HOGG
JIMWELLS
JOHNSON
JONES
KARNES
KAUFMAN
KENDALL
KENEDY
KENT
KERR
KIMBLE
KING
KINNEY
KLEBERG
KNOXLAMAR
LAMB
LAMPASAS
LA SALLE
LAVACA
LEE
LEON
LIBERTY
LIMESTONE
LIPSCOMB
LIVE OAK
LLANO
LOVING
LUBBOCK
LYNN
MCCULLOCH
MCLENNAN
MCMULLEN
MADISON
MARION
MARTIN
MASON
MATAGORDAMAVERICK
MEDINA
MENARD
MIDLAND
MILAM
MILLS
MITCHELL
MONTAGUE
MONTGOMERY
MOORE
MORRIS
MOTLEY
NACOGDOCHES
NAVARRO
NEWTON
NOLAN
NUECES
OCHILTREE
OLDHAM
ORANGE
PALO PINTO
PANOLA
PARKER
PARMER
PECOSPOLK
POTTER
PRESIDIO
RAINS
RANDALL
REAGAN
REAL
RED RIVER
REEVES
REFUGIO
ROBERTS
ROBERTSON
ROCKWALL
RUNNELS
RUSK
SABINE
SANAUGUSTINE
SANJACINTO
SAN PATRICIO
SAN SABA
SCHLEICHER
SCURRYSHACKLEFORD
SHELBY
SHERMAN
SMITH
SOMERVELL
STARR
STEPHENS
STERLING
STONEWALL
SUTTON
SWISHER
TARRANT
TAYLOR
TERRELL
TERRY THROCKMORTON TITUS
TOM GREEN
TRAVIS
TRINITY
TYLER
UPSHUR
UPTON
UVALDE
VAL VERDE
VAN ZANDT
VICTORIA
WALKER
WALLER
WARD
WASHINGTON
WEBB
WHARTON
WHEELER
WICHITAWILBARGER
WILLACY
WILLIAMSON
WILSON
WINKLER
WISE
WOOD
YOAKUM YOUNG
ZAPATA
ZAVALA
24
25
23
22
2120
19
1817 16
15
14
13
12
11
10
9
8
7
6
5
43
2
1
Metropolitan Statistical Areas (MSAs)
1. Abilene 2. Amarillo 3. Austin–Round Rock 4. Beaumont–Port Arthur 5. Brownsville-Harlingen 6. College Station–Bryan 7. Corpus Christi 8. Dallas–Fort Worth–Arlington 9. El Paso10. Houston–Sugar Land–Baytown11. Killeen–Temple–Fort Hood12. Laredo13. Longview
14. Lubbock15. McAllen-Edinburg-Mission16. Midland17. Odessa18. San Angelo19. San Antonio20. Sherman-Denison21. Texarkana22. Tyler23. Victoria24. Waco25. Wichita Falls
Prepared by the Labor Market and Career Information Department, TWCEdited by Real Estate Center at Texas A&M University
MSA Map
2009 Texas Metro Market Overview Odessa
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DemographicsArea Cities With 10,000 or More Residents
City1990
Population2000
PopulationGrowth 1990–2000
(in percent)
Odessa 89,699 90,943 1.4Source: U.S. Census Bureau
Distribution by Race and Hispanic or Latino Origin, 2000(in percent)
Ector County Texas
White 73.7 71.0
Black 4.6 11.5
Asian 0.6 2.7
American Indian 0.8 0.6
Other 17.4 11.7
Two or more races* 2.8 2.5
Hispanic (of any race) 42.4 32.0Source: U.S. Census Bureau (1999 definition)
Odessa MSA Population*
Year PopulationPercent Change
1997 121,749 -
1998 123,544 1.5
1999 122,450 -0.9
2000 121,123 -1.1
2001 120,866 -0.2
2002 122,361 1.2
2003 122,948 0.5
2004 124,293 1.1
2005 125,339 0.8
2006 127,462 1.7
2007 129,570 1.7
2008 131,941 1.8*July 1 population estimates
Source: U.S. Census Bureau
Household CompositionEctor
County Texas
Average household size (2000) 2.72 2.74
Population younger than 18 (2000, in percent) 30.4 28.2
Population 65 and older (2000, in percent) 10.9 9.9Source: U.S. Census Bureau (1999 definition)
2009 Texas Metro Market Overview Odessa
~4~
WacoTyler
MidlandLubbock
LongviewSherman-Denison
San AngeloAbilene
Beaumont–Port ArthurWichita Falls
Texarkana
Texas Metropolitan AreaPopulation Growth Forecast, 2000–2020
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
LaredoMcAllen-Edinburg-Mission
Austin–Round RockBrownsville-Harlingen
Dallas–Fort Worth–ArlingtonEl Paso
Houston–Sugar Land–BaytownKilleen–Temple–Fort Hood
TexasCorpus Christi
San AntonioAmarillo
College Station–BryanVictoriaOdessa
Source: Texas State Data Center – Scenario 0.5 (2006 projection)
Odessa MSA Projected Population
YearTexas State Data Center
(Scenario 0.5)Texas Water Development
Board
2000 121,123 121,123
2005 126,619 -
2010 132,773 132,759
2015 138,705 -
2020 143,904 144,073
2025 148,864 -
2030 153,887 154,160
2035 158,779 -
2040 163,099 163,141Sources: Texas State Data Center (2006 projection) and Texas Water Development Board (2006 projection)
2009 Texas Metro Market Overview Odessa
~5~
Interstate and Cross-Border
2008 Migration Patterns – traffic flow by state/province Based on 84,447 Interstate Household Goods Moves from January 1, 2008 through December 31, 2008
2008 Migration Patterns
Inbound – More than 55% of total shipments moving into the state (subtotal on bottom).
Outbound – More than 55% of total shipments moving out of the state (subtotal on top).
Balanced – Inbound and outbound individually represent 55% or less of total shipments.
Inbound – More than 55% of total shipments moving into the state (subtotal on bottom).
Outbound – More than 55% of total shipments moving out of the state (subtotal on top).
Balanced – Inbound and outbound individually represent 55% or less of total shipments.
Inbound – More than 55% of total shipments moving into the state (subtotal on bottom).
Outbound – More than 55% of total shipments moving out of the state (subtotal on top).
Balanced – Inbound and outbound individually represent 55% or less of total shipments.
NEW MEXICO Year Inbound Outbound
2008 923 750 2007 986 757 2006 1,164 833 2005 1,210 760 2004 1,172 636 2003 1,022 736 2002 876 777 2001 908 1,026 2000 831 1,104 1999 736 974
NEW YORK Year Inbound Outbound
2008 3,043 4,220 2007 3,313 4,953 2006 3,297 5,026 2005 3,636 5,574 2004 3,659 5,634 2003 3,396 4,859 2002 3,583 4,981 2001 4,101 5,645 2000 4,214 6,409 1999 3,820 5,617
NORTH CAROLINA Year Inbound Outbound
2008 3,923 3,045 2007 4,374 3,056 2006 4,851 3,220 2005 4,656 3,505 2004 4,309 3,369 2003 3,858 3,098 2002 3,648 2,935 2001 3,908 3,149 2000 4,260 3,471 1999 4,031 3,078
NORTH DAKOTA Year Inbound Outbound
2008 207 253 2007 193 143 2006 169 120 2005 166 133 2004 188 142 2003 201 106 2002 148 166 2001 176 214 2000 177 219 1999 131 169
OHIO Year Inbound Outbound
2008 2,131 3,339 2007 2,345 3,841 2006 2,677 3,755 2005 3,116 4,052 2004 3,337 4,203 2003 2,933 3,686 2002 3,113 3,362 2001 2,874 3,201 2000 3,017 3,461 1999 3,144 3,043
OKLAHOMA Year Inbound Outbound
2008 961 869 2007 937 957 2006 1,020 1,061 2005 943 1,030 2004 951 983 2003 821 1,088 2002 820 1,053 2001 949 1,371 2000 899 1,438 1999 932 1,273
OREGON Year Inbound Outbound
2008 987 682 2007 1,026 818 2006 1,239 721 2005 1,421 799 2004 1,298 994 2003 1,118 967 2002 1,198 937 2001 1,504 1,227 2000 1,768 1,440 1999 1,418 1,279
PENNSYLVANIA Year Inbound Outbound
2008 2,328 2,800 2007 2,652 2,866 2006 2,890 3,103 2005 3,146 3,152 2004 2,943 3,412 2003 2,939 3,095 2002 2,909 2,933 2001 2,959 3,377 2000 2,922 3,957 1999 2,838 3,744
RHODE ISLAND Year Inbound Outbound
2008 252 291 2007 315 300 2006 334 340 2005 294 305 2004 342 318 2003 398 290 2002 339 178 2001 312 199 2000 313 250 1999 334 274
SOUTH CAROLINA Year Inbound Outbound
2008 1,825 1,538 2007 2,023 1,757 2006 2,087 1,710 2005 2,092 1,856 2004 1,909 1,780 2003 1,637 1,526 2002 1,414 1,385 2001 1,438 1,630 2000 1,423 1,605 1999 1,469 1,419
SOUTH DAKOTA Year Inbound Outbound
2008 220 238 2007 185 214 2006 205 244 2005 215 226 2004 215 210 2003 204 308 2002 217 309 2001 223 321 2000 221 332 1999 207 299
TENNESSEE Year Inbound Outbound
2008 1,963 1,519 2007 2,289 2,047 2006 2,670 1,970 2005 2,481 1,999 2004 2,099 2,155 2003 1,908 1,988 2002 2,006 2,092 2001 1,647 1,881 2000 1,815 2,045 1999 1,802 1,966
TEXAS Year Inbound Outbound
2008 8,629 6,442 2007 8,831 6,665 2006 9,714 6,812 2005 9,525 7,210 2004 8,644 7,442 2003 8,075 6,920 2002 7,723 6,778 2001 9,030 7,584 2000 10,063 8,659 1999 8,718 7,945
UTAH Year Inbound Outbound
2008 512 552 2007 596 630 2006 733 658 2005 836 756 2004 670 759 2003 548 663 2002 544 745 2001 601 855 2000 666 953 1999 649 874
VERMONT Year Inbound Outbound
2008 154 165 2007 174 150 2006 198 186 2005 218 161 2004 228 174 2003 276 183 2002 243 183 2001 225 81 2000 196 98 1999 229 95
Inbound – More than 55% of total shipments moving into the state (subtotal on bottom).
Outbound – More than 55% of total shipments moving out of the state (subtotal on top).
Balanced – Inbound and outbound individually represent 55% or less of total shipments.
Inbound – More than 55% of total shipments moving into the state (subtotal on bottom).
Outbound – More than 55% of total shipments moving out of the state (subtotal on top).
Balanced – Inbound and outbound individually represent 55% or less of total shipments.
Inbound – More than 55% of total shipments moving into the state (subtotal on bottom).
Outbound – More than 55% of total shipments moving out of the state (subtotal on top).
Balanced – Inbound and outbound individually represent 55% or less of total shipments.
Texas Migration Patterns 2008
Data are based on Atlas Van Lines Interstate and Cross-Border Household Goods Moves per calendar year. Atlas analyzes data in January on the origins and destinations of the company’s interstate moves during the prior 12 months.
Source: Atlas Van Lines Jan. 2009 http://www.atlasworldgroup.com/migration
2009 Texas Metro Market Overview Odessa
~6~
Texas Metropolitan Area Population* Change
Metropolitan Area 1998 2008Percent Change
Austin–Round Rock 1,155,579 1,652,602 43.0
McAllen-Edinburg-Mission 537,929 726,604 35.1
Laredo 182,994 236,941 29.5
Dallas–Fort Worth–Arlington 4,917,993 6,300,006 28.1
Houston–Sugar Land–Baytown 4,534,979 5,728,143 26.3
San Antonio 1,659,847 2,031,445 22.4
Brownsville-Harlingen 324,556 392,736 21.0
Texas 20,157,531 23,843,432 18.3
Tyler 171,033 201,277 17.7
Killeen–Temple–Fort Hood 325,335 378,935 16.5
College Station–Bryan 179,498 207,425 15.6
Sherman-Denison 107,020 118,804 11.0
El Paso 671,250 742,062 10.5
Amarillo 221,447 243,838 10.1
Waco 209,800 230,213 9.7
Lubbock 246,865 270,610 9.6
Midland 118,321 129,494 9.4
Odessa 123,544 131,941 6.8
Longview 193,114 204,746 6.0
Texarkana 128,718 135,509 5.3
San Angelo 105,787 109,563 3.6
Victoria 110,758 114,313 3.2
Corpus Christi 403,818 415,376 2.9
Abilene 158,264 159,521 0.8
Beaumont–Port Arthur 382,827 378,255 -1.2
Wichita Falls 151,206 147,328 -2.6*July 1 population estimates
Source: U.S. Census Bureau
2009 Texas Metro Market Overview Odessa
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2009 Texas Metro Market Overview Odessa
~8~
Education
Educational Attainment, Persons Age 25 and Older, 2000 (in percent)
CountyHigh school
graduateSome college,
no degreeAssociate’s
degreeBachelor’s
degreeMaster’s degree
Doctorate degree
Ector 26.8 23.8 5.4 8.6 2.3 0.2
Texas 24.8 22.4 5.2 15.6 5.2 0.8Source: U.S. Census Bureau
Educational Level, Persons Age 25 and Older (in percent)
Level of EducationOdessa-Midland
MSA Texas
High School Graduate or Higher 73.5 79.2
Bachelor’s Degree or Higher 18.4 23.9Source: U.S. Census Bureau, 2000 (1999 definition)
Local College and University Enrollment, Fall SemesterSchool 2004 2005 2006 2007 2008
Odessa College 4,569 4,788 4,571 4,580 4,687
University of Texas of the Permian Basin 3,291 3,406 3,462 3,559 3,496Source: Texas Higher Education Coordinating Board
2009 Texas Metro Market Overview Odessa
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Employment
20,000
30,000
40,000
50,000
60,000
70,000
Tota
l Ann
ual J
obs
Distribution of Employment in Major Categories Odessa MSA
0
10,000
2004 2005 2006 2007 2008
Natural Resources and Mining and Construction ManufacturingTrade, Transportation and Utilities InformationFinancial Activities Professional and Business ServicesEducational and Health Services Leisure and HospitalityGovernment
Source: Texas Workforce Commission and Real Estate Center at Texas A&M University
2009 Texas Metro Market Overview Odessa
~10~
TexasDallas–Fort Worth–Arlington
TexarkanaAmarillo
Corpus ChristiEl Paso
LubbockWaco
AbileneBeaumont–Port Arthur
Wichita Falls
Metropolitan Area Nonfarm Employment Change 1998–2008
0% 10% 20% 30% 40% 50% 60%
McAllen-Edinburg-MissionMidlandLaredo
Austin–Round RockBrownsville-Harlingen
Killeen–Temple–Fort HoodLongview
College Station–BryanSan Antonio
TylerHouston–Sugar Land–Baytown
OdessaTexas
Note: San Angelo, Sherman, Victoria MSAs no longer collect employment dataSources: Texas Workforce Commission and Real Estate Center at Texas A&M University
2009 Texas Metro Market Overview Odessa
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Texas Metropolitan Area Nonfarm Employment Change
Metropolitan Area 1998 2008Percent Change
McAllen-Edinburg-Mission 140,000 218,600 56.1
Laredo 63,500 90,300 42.2
Austin–Round Rock 600,700 777,400 29.4
Brownsville-Harlingen 99,700 126,300 26.7
Midland 56,000 70,200 25.4
Killeen–Temple–Fort Hood 103,600 126,900 22.5
Longview 81,000 98,400 21.5
College Station–Bryan 78,200 94,700 21.1
San Antonio 705,500 853,200 20.9
Tyler 79,500 95,800 20.5
Houston–Sugar Land–Baytown 2,167,400 2,602,700 20.1
Odessa 53,300 63,400 18.9
Texas 8,938,300 10,616,800 18.8
Dallas–Fort Worth–Arlington 2,569,000 2,986,300 16.2
Texarkana 51,100 58,100 13.7
Amarillo 100,000 113,400 13.4
Corpus Christi 161,700 183,100 13.2
El Paso 247,900 278,200 12.2
Lubbock 117,100 130,700 11.6
Waco 97,000 107,400 10.7
Abilene 62,900 67,900 7.9
Beaumont–Port Arthur 160,700 164,600 2.4
Wichita Falls 61,500 61,700 0.3
San Angelo n/a n/a n/a
Sherman-Denison n/a n/a n/a
Victoria n/a n/a n/aSources: Texas Workforce Commission and Real Estate Center at Texas A&M University
*Note: San Angelo, Sherman and Victoria MSAs no longer collect employment data
2009 Texas Metro Market Overview Odessa
~12~
0.0
1.82.4
0.0
0.4 1.4
3.1
6.3
4.2
6.7
-2.0
0.0
2.0
4.0
6.0
8.0
cent
Cha
nge
from
Pre
viou
s Ye
ar
Nonfarm Employment Growth Odessa MSA
-8.1
-10.0
-8.0
-6.0
-4.0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Perc
Source: Texas Workforce Commission and Real Estate Center at Texas A&M University
Odessa MSA Nonfarm Employment
Year EmploymentPercent Change
1998 53,300 -1999 49,000 -8.12000 49,900 1.82001 51,100 2.42002 51,100 0.02003 51,300 0.42004 52,000 1.42005 53,600 3.12006 57,000 6.32007 59,400 4.22008 63,400 6.7Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University
2009 Texas Metro Market Overview Odessa
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16.02
16.25
16.53
16.64
16.75
16.91
18.21
18.94
19.54
19.72
19.87
19.98
TylerAmarilloOdessa
San AntonioLubbock
Beaumont–Port ArthurTexas
College Station–BryanMidland
Houston–Sugar Land–BaytownAustin–Round Rock
Dallas–Fort Worth–Arlington
2007 Average Hourly Wage
13.35
14.27
14.67
15.25
15.25
15.31
15.41
15.43
15.5
15.54
15.66
15.88
15.92
10 12 14 16 18 20 22
Brownsville-HarlingenLaredo
AbileneTexarkana
Wichita FallsEl Paso
LongviewKilleen–Temple–Fort Hood
Sherman-DenisonSan Angelo
WacoCorpus Christi
Victoria
Note: Data reflect most recent year surveyedSource: Texas Workforce Commission
2009 Texas Metro Market Overview Odessa
~14~
10.6
5.45
6.66.8
5.96
8
10
12
Perc
ent
Unemployment RateOdessa MSA
4.7
3.93.4 3.4
0
2
4
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Source: Texas Workforce Commission and Real Estate Center at Texas A&M University
Employment Growth by IndustryOdessa MSA Texas
Employment Growth 2008 (Percent Change) 6.7 2.1
Unemployment Rate 2008 (Percent Change) 3.4 4.9
Net Job Change in 2008 4,000 221,7002008 Employment Growth by Sector (Percent Change)
Natural Resources and Mining and Construction 15.9 5.4
Manufacturing 4.7 -1.1
Trade, Transportation and Utilities 4.6 3.1
Information 0.0 -1.7
Financial Activities 7.7 0.8
Professional and Business Services 7.3 2.8
Educational and Health Services 1.8 3.1
Leisure and Hospitality 5.4 2.8
Government 1.1 2.4Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University
2009 Texas Metro Market Overview Odessa
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Odessa Top Ten EmployersEmployer Sector Employees
Ector County ISD Education 3,430
Medical Center Hospital Health care 1,786
Saulsbury Companies Electrical, computers & construction 1,165
Holloman Companies Oil field construction 1,000
Walmart Retail 923
City of Odessa Government 867
Odessa Regional Hospital Health care 740
Odessa College Education 710
Haliburton Services Oil and gas 685
University of Texas of the Permian Basin Education 659Source: Odessa Development Corporation, Sept. 2008
Odessa Top Ten Private EmployersEmployer Sector Employees
Saulsbury Companies Electrical, computers & construction 1,165
Holloman Companies Oil field construction 1000
Walmart Retail 923
Odessa Regional Hospital Health care 740
Haliburton Services Oil and gas 685
Nurses Unlimited Inc. Health care 582
Weatherford CPS Oil and gas 553
Telvisa Inc. Customer service 550
Bobby Cox Companies Inc. Retail-restaurants 457
Investment Corp. of America Financial 447Source: Odessa Development Corporation, Sept. 2008
2009 Texas Metro Market Overview Odessa
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Economy
5,000 7,000 9,000 11,000 13,000 15,000 17,000 19,000 21,000
Dallas-Plano-Irving MDOdessaMidlandAmarilloLubbock
TylerLongview
Houston–Sugar Land–BaytownTexas
Austin–Round RockKilleen–Temple–Fort Hood
Fort Worth–Arlington MDAbileneLaredo
VictoriaSan Angelo
San AntonioWaco
Beaumont–Port ArthurSherman-Denison
College Station–BryanWichita Falls
El PasoCorpus Christi
McAllen-Edinburg-MissionTexarkana
Brownsville-Harlingen
Note: Data reflect most recent year surveyed; MD = subset of an MSASource: Texas Comptroller's Office
2008 Gross Retail Sales Per Capita
Odessa MSA Gross Retail SalesYear Total Sales Sales per Capita
1998 $1,335,075,505 $10,806
1999 $1,305,096,621 $10,658
2000 $1,425,344,239 $11,768
2001 $1,576,728,511 $13,045
2002 $1,410,034,999 $11,524
2003 $1,507,156,839 $12,258
2004 $1,560,547,775 $12,555
2005 $1,867,146,500 $14,897
2006 $2,218,178,344 $17,403
2007 $2,464,029,695 $19,017
2008 $2,705,404,820 $20,505State Average 2008: $16,904
Source: Texas Comptroller’s Office
2009 Texas Metro Market Overview Odessa
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Infrastructure
Midland Airline BoardingsAirport 2004 2005 2006 2007 2008
Midland International Airport
Enplaned 414,522 446,937 473,851 491,321 487,403
Deplaned 415,965 445,893 469,207 486,010 481,961Total 830,487 892,830 943,058 977,331 969,364
Source: Midland International Airport
`
Midland Airport Cargo Statistics (in pounds)Airport 2004 2005 2006 2007 2008
Midland International Airport
Enplaned 2,453,540 2,757,216 3,122,293 3,181,692 3,194,802
Deplaned 3,221,278 3,834,982 4,484,639 4,596,756 4,616,503Total 5,674,818 6,592,198 7,606,932 7,778,448 7,811,305
Source: Midland International Airport
2009 Texas Metro Market Overview Odessa
~18~
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
850,000
900,000
950,000
1,000,000
Cargo (in lbs)
Pass
enge
rs
Midland Airline Boardings and Cargo Statistics Totals
0
1,000,000
2,000,000
750,000
800,000
2004 2005 2006 2007 2008
Passengers Cargo
Source: Midland International Airport
2009 Texas Metro Market Overview Odessa
~19~
Multifamily
200
250
300
350
400
450
500
Uni
ts
5+ Multifamily Building PermitsOdessa-Midland MSA
0
50
100
150
Source: U.S. Census Bureau and Real Estate Center at Texas A&M University 1999 MSA definition
Data reflects years in which data is available.
Odessa–Permian Basin Apartment Statistics 2008Odessa–
Permian BasinTexas Metro
Average
Average rent per square foot $0.68 $0.83
Average rent for units built since 2000 $0.52 $0.90
Average occupancy 98.3% 93.9%
Average occupancy for units built since 2000 97.2% 94.9%Source: Apartment MarketData Research
2009 Texas Metro Market Overview Odessa
~20~
Housing
2%
4%
6%
8%
10%
12%
Prev
ious
Yea
r
National Home Price AppreciationThe HPI for each geographic area is estimated using repeated observations of housing values for individual single-family residential properties on which
at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae.
-10%
-8%
-6%
-4%
-2%
0%
4Q-9
8
2Q-9
9
4Q-9
9
2Q-0
0
4Q-0
0
2Q-0
1
4Q-0
1
2Q-0
2
4Q-0
2
2Q-0
3
4Q-0
3
2Q-0
4
4Q-0
4
2Q-0
5
4Q-0
5
2Q-0
6
4Q-0
6
2Q-0
7
4Q-0
7
2Q-0
8
4Q-0
8
Cha
nge
from
California Florida Texas USA
Source: Office of Federal Housing Financing Agency
5.0%
10.0%
15.0%
20.0%
25.0%
Cha
nge
from
Pre
viou
s Ye
ar
Home Price Appreciation Odessa MSA
The HPI for each geographic area is estimated using repeated observations of housing values for individual single-family residential properties on which at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae.
-5.0%
0.0%
4Q-9
8
2Q-9
9
4Q-9
9
2Q-0
0
4Q-0
0
2Q-0
1
4Q-0
1
2Q-0
2
4Q-0
2
2Q-0
3
4Q-0
3
2Q-0
4
4Q-0
4
2Q-0
5
4Q-0
5
2Q-0
6
4Q-0
6
2Q-0
7
4Q-0
7
2Q-0
8
4Q-0
8
Odessa Texas USA
Source: Office of Federal Housing Enterprise Oversight
2009 Texas Metro Market Overview Odessa
~21~
4.0
6.0
8.0
10.0
12.0
14.0
Perc
ent
Price Distribution of MLS Homes Sold Odessa-Midland Area
0.0
2.0
2006 2007 2008
Source: Real Estate Center at Texas A&M University
2008 Housing Affordability Index
MLS2008 Median-Priced Home
Required Income to
Qualify
Median Family Income HAI*
HAI for First-Time Homebuyers**
Odessa $166,200 $39,140 $47,000 1.20 0.72
Texas $97,600 $22,985 $55,000 2.39 1.55
United States $196,600 $46,152 $61,500 1.33 0.66*The HAI is the ratio of the median family income to the income required to buy the median-priced house using standard mortgage financing at the current interest rate. Standard financing is a fixed-rate, 30-year loan covering 80 percent of the cost of the home. A HAI of 1.00 indicates that the median family income is exactly equal to the required income to qualify for the standard loan to purchase the median-priced house.
**First-time home buyer is assumed to purchase a home equal to the first quartile home price using a 90 percent home loan at an interest rate 0.5 percent greater than the standard current rate.
Source: Real Estate Center at Texas A&M University
2009 Texas Metro Market Overview Odessa
~22~
Price Distribution of MLS Homes Sold, Odessa-Midland Area (in percent)
Price Range 2002 2003 2004 2005 2006 2007 2008$29,999 or less - - - - 5.8 3.3 2.4
30,000–39,999 - - - - 5.4 3.2 2.3
40,000–49,999 - - - - 6.0 3.6 3.0
50,000–59,999 - - - - 7.5 5.1 2.9
60,000–69,999 - - - - 10.8 5.3 4.4
70,000–79,999 - - - - 8.6 7.7 6.6
80,000–89,999 - - - - 8.6 8.4 6.7
90,000–99,999 - - - - 6.3 6.4 8.7
100,000–119,999 - - - - 9.3 10.0 11.7
120,000–139,999 - - - - 10.1 12.7 11.5
140,000–159,999 - - - - 4.3 8.4 9.5
160,000–179,999 - - - - 4.3 4.9 6.4
180,000–199,999 - - - - 2.8 4.7 5.8
200,000–249,999 - - - - 5.1 7.4 6.8
250,000–299,999 - - - - 2.3 4.6 5.2
300,000–399,999 - - - - 1.7 2.7 3.9
400,000–499,999 - - - - 0.3 0.7 1.3
500,000 and more - - - - 0.7 1.0 0.9
“-” represents unreported data or nonparticipation in Real Estate Center’s survey.
Source: Real Estate Center at Texas A&M University
Property Tax Rate 2008
Taxing Entity*Tax Rate per $100
Valuation
City of Odessa 0.562
Ector County ISD 1.129
Ector County 0.358Total $2.05*Only the typical taxing entities are listed. However, there are numerous taxing entities that need to be taken into account for an actual tax rate calculation. See following link for a more complete list: http://www.ectorcad.org/dis.php?p=taxrates
Source: Ector County Appraisal District
2009 Texas Metro Market Overview Odessa
~23~
$108,600
$133,300
$144,200
$60 000
$80,000
$100,000
$120,000
$140,000
$160,000
Average Sales Price Odessa-Midland MLS
$0
$20,000
$40,000
$60,000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Source: Real Estate Center at Texas A&M University
Data not available through 2005
0.4
0.5
0.6
0.7
0.8
0.9
1
600
800
1,000
1,200
1,400
1,600
1,800
Months Inventory
Sale
s
Yearly Home Sales and Months Inventory Odessa-Midland MLS
0
0.1
0.2
0.3
0
200
400
600
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Sales SupplySource: Real Estate Center at Texas A&M University
Months Inventory measures the current absorption rate and how long it would take for current supply to be depleted if no other listings came on the market. Data not available through 2005.
2009 Texas Metro Market Overview Odessa
~24~
60
80
100
120
140
160
180
Uni
ts
Single-Family Home Sales VolumeOdessa-Midland
0
20
40
60
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2006 2007 2008
Source: Real Estate Center at Texas A&M University
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
300
400
500
600
700
800
Average Value
Uni
ts
Single-Family Building Permits and Average ValueOdessa-Midland
$0
$20,000
$40,000
0
100
200
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Units Average Value
Source: U.S. Census Bureau and Real Estate Center at Texas A&M University 1999 MSA definition
2009 Texas Metro Market Overview Odessa
~25~
1.5
2.0
2.5
3.0
8.00
10.00
12.00
14.00
16.00
18.00
Mortgage Rates30-Year Fixed
Rat
ePoints
0.0
0.5
1.0
1.5
2.0
2.5
3.0
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
Annual Average Rate Annual Average Points
Mortgage Rates30-Year Fixed
Rat
ePoints
Source: Federal Home Loan Mortgage Corporation
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
Mortgage Rates15-Year Fixed
Rat
ePoints
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
Annual Average Rate Annual Average Points
Mortgage Rates15-Year Fixed
Rat
ePoints
Source: Federal Home Loan Mortgage Corporation
2009 Texas Metro Market Overview Odessa
~26~
HotelHotel* Occupancy and Rental Rates
2007 2008Odessa Texas Odessa Texas
# Rooms (in thousands) 1.8 349.7 1.9 360.4
Average daily rate $73.52 $85.28 $88.10 $89.78
Occupancy rate (in percent) 71.6 61.4 76.4 61.4*Only properties exceeding $18,000 in the current quarter are included; those units below $18,000 only result in 1.5 percent of the total state revenues, and have been excluded from this database.
Sources: Office of the Governor Economic Development and Tourism and Source Strategies Inc. of San Antonio
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