midland market report 2012

8/6/2019 Midland Market Report 2012

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2012 Texas Metro Market Overview Midland

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Table of Contents

Introduction ............................................................................................. 1

MSA Map ................................................................................................ 2

Demographics ........................................................................................ 3

Education................................................................................................ 9

Employment.......................................................................................... 10

Economy............................................................................................... 18

Infrastructure ........................................................................................ 19Multifamily............................................................................................. 22

Housing ................................................................................................ 23

Hotel ..................................................................................................... 29

Ofce .................................................................................................... 30

Real Estate Center ............................................................................... 31

Market reports are updated annually. The Real Estate Center also publishes NewsTalk Texas, a compilation of market

news, which is updated continuously throughout the year. It allows market analysts to access the most current information

available. For more current information about this Metropolitan Statistical Area (MSA) or any of the other Texas MSAs,

please go to http://recenter.tamu.edu/newstalk/.

For the latest Midland news, visit NewsTalk Texas.

Click to Link
http://recenter.tamu.edu/newstalk/main.asp?a=16


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Quick Facts

MSA Land Area (2009 denition) 901.97 square miles

2010 Population Density 151.7 people per square mile

Counties Midland

Area Cities and Towns

Midland

Sources: U.S. Census Bureau and Real Estate Center at Texas A&M University

Midland

Microsoft product screen shot reprinted with permission from Microsoft Corp.

2012 Texas Metro Market Overview

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MSA Map

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

COKE

COLEMAN

COLLIN

COLLINGSWORTH

COLORADO

COMAL

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

ELPASO

ERATH

FALLS

FANNIN

FAYETTE

FISHER

FLOYD

FOARD

FORTBEND

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

JIM

WELLS

JOHNSON

JONES

KARNES

KAUFMAN

KENDALL

KENEDY

KENT

KERR

KIMBLE

KING

KINNEY

KLEBERG

KNOX

LAMAR

LAMB

LAMPASAS

LASALLE

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

SAN

AUGUSTINE

SAN

JACINTO

SAN PATRICIO

SAN SABA

SCHLEICHER

SCURRY

SHACKLEFORD

SHELBY

SHERMAN

SMITH

SOMERVELL

STARR

STEPHENS

STERLING

STONEWALL

SUTTON

SWISHER

TARRANT

TAYLOR

TERRELL

TERRY THROCKMORTONTITUS

TOM GREEN

TRAVIS

TRINITY

TYLER

UPSHUR

UPTON

UVALDE

VALVERDE

VAN ZANDT

VICTORIA

WALKER

WALLER

WARD

WASHINGTON

WEBB

WHARTON

WHEELER

WICHITA

WILBARGER

WILLACY

WILLIAMSON

WILSON

WINKLER

WISE

WOOD

YOAKUM YOUNG

ZAPATA

ZAVALA

24

25

23

22

2120

19

18

17 16

15

14

13

12

11

10

9

8

7

6

5

43

2

1

Metropolitan Statistical Areas (MSAs)

1. Abilene2. Amarillo

3. Austin-Round Rock-San Marcos

4. Beaumont-Port Arthur

5. Brownsville-Harlingen

6. College Station-Bryan7. Corpus Christi

8. Dallas-Fort Worth-Arlington

9. El Paso

10. Houston-Sugar Land-Baytown

11. Killeen-Temple-Fort Hood

12. Laredo13. Longview

14. Lubbock

15. McAllen-Edinburg-Mission

16. Midland17. Odessa

18. San Angelo

19. San Antonio-New Braunfels

20. Sherman-Denison

21. Texarkana

22. Tyler23. Victoria

24. Waco

25. Wichita Falls

Prepared by the Labor Market and Career Information Department, TWC

Edited by Real Estate Center at Texas A&M University


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Demographics

Population

Select Area Cities

City 2000 2010Growth 20002010

(in percent)

Midland 94,996 111,147 17.0

Source: U.S. Census Bureau

Distribution by Race and Hispanic or Latino Origin

(in percent)

Midland MSA Texas

White 76.9 70.4

Black or African American 6.6 11.8

Asian 1.3 3.8

American Indian and Alaska Native 0.7 0.7

Other 12.0 10.5

Two or more races 2.4 2.7

Hispanic or Latino (of any race) 37.7 37.6

Source: U.S. Census Bureau 2010

Midland MSA Population

Year Population*PercentChange

1999 117,621 -

2000 116,009 -1.4

2001 116,043 0.0

2002 117,401 1.2

2003 118,757 1.2

2004 120,014 1.1

2005 121,371 1.1

2006 124,380 2.5

2007 126,408 1.6

2008 129,494 2.4

2009 132,316 2.2

2010 136,872 3.4

*July 1 population estimates, except 2000 and2010


Households by Type

2010

Midland MSA Texas

Average household size 2.66 2.75

Households with individuals under 18 years 38.0% 38.9%

Households with individuals 65 years and over 21.2% 21.2%



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0% 10% 20% 30% 40% 50% 60% 70%

AbileneWichita Falls

Beaumont-Port ArthurLubbock

San AngeloTexarkanaLongview

MidlandWacoTyler

OdessaVictoria

AmarilloCorpus Christi

College Station-BryanKilleen-Temple-Fort Hood

TexasHouston-Sugar Land-Baytown

San Antonio-New BraunfelsEl Paso

Dallas-Fort Worth-Arlington

Brownsville-HarlingenSherman-Denison

Austin-Round Rock-San MarcosMcAllen-Edinburg-Mission

Laredo

Texas Metropolitan Statistical AreaPopulation Growth Forecast, 20102030

Source: Texas Water Development Board (April 2011 projection)

Midland MSA Projected Population

YearTexas State Data Center

(Scenario 0.5)Texas Water

Development Board

2000 116,009 116,009

2005 119,813 -

2010 124,575 124,710

2015 129,479 -

2020 133,633 134,022

2025 137,094 -

2030 140,138 140,659

2035 142,872 -

2040 145,132 145,595

Sources: Texas State Data Center (February 2009 projection) and TexasWater Development Board (April 2011 projection)


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Texas Metropolitan Area Population Change

Metropolitan Area 2000 2010PercentChange

Austin-Round Rock-San Marcos 1,249,763 1,716,289 37.3

McAllen-Edinburg-Mission 569,463 774,769 36.1Laredo 193,117 250,304 29.6

Houston-Sugar Land-Baytown 4,715,407 5,946,800 26.1

San Antonio-New Braunfels 1,711,703 2,142,508 25.2

College Station-Bryan 184,885 228,660 23.7

Dallas-Fort Worth-Arlington 5,161,544 6,371,773 23.4

Killeen-Temple-Fort Hood 330,714 405,300 22.6

Brownsville-Harlingen 335,227 406,220 21.2

Tyler 174,706 209,714 20.0

Midland 116,009 136,872 18.0

El Paso 679,622 800,647 17.8

Texas 20,851,820 24,304,290 16.6

Lubbock 249,700 284,890 14.1

Odessa 121,123 137,130 13.2

Longview 194,042 214,369 10.5

Amarillo 226,522 249,881 10.3

Waco 213,517 234,906 10.0

Sherman-Denison 110,595 120,877 9.3

Corpus Christi 403,280 428,185 6.2

San Angelo 105,781 111,823 5.7

Texarkana 129,749 136,087 4.9

Victoria 111,663 115,384 3.3

Abilene 160,245 165,252 3.1

Beaumont-Port Arthur 385,090 388,745 0.9

Wichita Falls 151,524 151,306 -0.1



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2010 Geographic Mobility

Midland MSA

Percentage Moved From:

TotalPopulation SameCounty

Different

County inTexas DifferentState Abroad

1 year and over 134,722 12.7 5.0 0.9 0.3

1 to 4 years 8,439 16.6 10.8 0.0 2.3

5 to 17 years 26,629 16.9 5.9 0.0 0.0

18 to 24 years 14,830 16.5 11.4 5.0 0.0

25 to 34 years 19,014 22.2 6.6 0.8 0.7

35 to 44 years 16,706 11.5 3.2 0.4 0.0

45 to 54 years 19,155 9.4 2.1 0.2 0.0

55 to 64 years 15,066 4.6 1.9 0.4 0.0

65 to 74 years 7,424 1.4 1.0 0.9 0.4

75 years and over 7,459 0.8 1.1 0.8 0.0

Source: American Community Survey 2010


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2010 Texas Metropolitan Area Geographic Mobility

Metropolitan AreaTotal

Population*PercentageMigrated**

College Station-Bryan 226,662 14.7

San Angelo 110,919 14.2Killeen-Temple-Fort Hood 400,377 13.3

Amarillo 248,476 10.0

Wichita Falls 151,024 9.8

Austin-Round Rock-San Marcos 1,703,922 9.7

Lubbock 284,989 9.4

Longview 211,925 9.0

Abilene 163,057 8.9

Corpus Christi 421,953 7.3

Texas 24,899,075 6.9

Tyler 207,381 6.9

Beaumont-Port Arthur 384,923 6.8

Dallas-Fort Worth-Arlington 6,314,454 6.5

San Antonio-New Braunfels 2,129,546 6.4

Midland 134,722 6.2

Texarkana, Tex.-Texarkana, Ark. 134,686 6.1

El Paso 794,075 6.0

Victoria 113,088 5.8

Odessa 134,841 5.8

Houston-Sugar Land-Baytown 5,887,484 5.6

Waco 233,411 5.5

Sherman-Denison 119,877 5.1

Laredo 247,153 3.6

McAllen-Edinburg-Mission 765,385 3.3

Brownsville-Harlingen 401,527 2.5

*Population includes one year and over

**Percentage migrated includes those moving from a different countywithin the same state, from a different state and from abroad



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Inbound More than 55% of total shipments moving into the state (subtotal on bottom).Outbound More than 55% of total shipments moving outof the state (subtotal on top).

Balanced Inbound andoutbound individually represent 55% or less of total shipments.

STATE

Outbound

Inbound

MD18632552

DC265591

CT1216946

NJ19871435

NS7339

VT146140

RI277419

MA17941365

DE334252

NH267267

ALASKA

105

169

YUKONTERRITORY

0

0

WA

2604

2752

BC

285

182

ME

333

355

VT

RI

NH

MACT

NY

3702

2679

NJ

2653

2190PA

MD

DE

DC

2575

3975NC

VA

3416

4295

WV

281

229

MI

1720

1644

OH

2876

1890

IN

1809

1221

1036

1030KY

SC

1893

1758GA

3702

3386

1485

2016TN

FL

5269

5636

MO

1511

1149

IL

3367

2442

AR

572

494

LA

1165

920

MS

552

510TX

5663

7861

OK

966

1008

KS

1207

975

CO

2082

2403

NM

632

851

AZ

2206

2056

UT

580

466

NV

755

703

CA

6758

7803

MT

217

204

ID

454

399WY

254

213

OR

663786

AB

304

231

MB

67

37

SK

31

19

ON

878

602

NL

15

17

QC

248

182

NB

14

14

ND

164

210

SD

215

183

MN

1230

880

IA

684

629

NE

522

401

WI

971

710

AL

1109

1247

HAWAII

151

112

NS

Interstate and Cross-Border

2011 Migration Patterns traffic flow by state/provinceBased on 80,289 Interstate Household Goods Moves from January 1, 2011 through December 31, 2011

CALIFORNIA

Year Inbound Outbound

2011 7,803 6,758

2010 7,160 6,529

2009 6,526 6,188

2008 7,705 6,834

2007 8,530 8,064

2006 8,485 9,407

2005 8,599 10,287

2004 8,542 9,762

2003 7,922 8,959

2002 8,288 8,606

FLORIDA


2011 5,636 5,269

2010 5,083 5,360

2009 4,847 5,419

2008 5,277 6,367

2007 5,842 7,033

2006 6,716 7,994

2005 8,579 8,256

2004 9,069 7,180

2003 8,081 6,036

2002 7,176 5,859

TEXAS


2011 7,861 5,663

2010 7,248 5,322

2009 6,833 4,773

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


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Education

Educational Attainment, Persons Age 25 and Older

(in percent)

Level of Education Midland MSA Texas

High school graduate or higher 80.4 80.7

Bachelors degree or higher 20.3 25.9


Local College and University Enrollment, Fall Semester

School 2007 2008 2009 2010 2011Midland College 5,720 5,784 6,220 6,344 6,061

Source: Texas Higher Education Coordinating Board


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Employment

Top Employers

Midland

Employer Category Employees

Midland ISD Education 3,000

Midland Memorial Hospital Health Care 1,500

City of Midland Government 980

Midland College Education 800

Midland County Government 624

Pioneer Natural Gas Resources USA Oil and Gas 600

Texas Health & Human Services Call Center 500

Key Energy Services Inc. Oil and Gas 480

Basic Energy Services Oil and Gas 476

Warren Equipment Companies Holding CompanyManufacturing 464

Source: Midland Economic Development Corporation, October 2010

Top Ten Private Employers

Midland

Employer Category Employees

Midland Memorial Hospital Health Care 1,500

Pioneer Natural Gas Resources USA Oil and Gas 600

Key Energy Services Inc. Oil and Gas 480

Basic Energy Services Oil and Gas 476

Warren Equipment Companies Holding CompanyManufacturing 464

Chevron Oil and Gas 400

Concho Resources Oil and Gas 380

Plains Marketing LP Oil and Gas 329

Ameritox Lab LLC Pharmaceutical Monitoring 285

Conoco Phillips Mid-Continent Business Unit Oil and Gas 212Source: Midland Economic Development Corporation, October 2010


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Midland MSA(Midland)

Employment by Industry Industry Size ClassSize Employees Number Employment % Total

Dec-11 Nov-11 Dec-10 Actual % Actual % Class per firm of Firms in Size Class Employment

Total Nonfarm 71,800 70,800 69,700 1,000 1.4% 2,100 3.0% 9 1000+ 3 6,157 8.3%

Mining, Logging, and Construction 16,700 16,800 16,100 -100 -0.6% 600 3.7% 8 500-999 10 7,799 10.6%

Manufacturing 2,700 2,700 2,600 0 0.0% 100 3.9% 7 250-499 17 5,506 7.5%

Trade, Transportation, and Utilities 14,500 13,900 13,800 600 4.3% 700 5.1% 6 100-249 93 13,575 18.4%

Information 1,100 1,100 1,100 0 0.0% 0 0.0% 5 50-99 162 11,220 15.2%

Financial Activities 3,400 3,400 3,300 0 0.0% 100 3.0% 4 20-49 443 13,380 18.1%

Professional and Business Services 7,700 7,600 7,400 100 1.3% 300 4.1% 3 10-19 500 6,720 9.1%

Education and Health Services 7,500 7,400 7,200 100 1.4% 300 4.2% 2 5-9 799 5,292 7.2%

Leisure and Hospitality 7,200 7,100 6,900 100 1.4% 300 4.4% 1 1-4 2,017 4,214 5.7%

Other Services 3,000 2,800 2,800 200 7.1% 200 7.1% 0 0 285 0 0.0%

Government 8,000 8,000 8,500 0 0.0% -500 -5.9% Total 4,329 73,863 100.0%

Unemployment Information (all estimates in thousands)

C.L.F. Emp. Unemp. Rate C.L.F. Emp. Unemp. Rate C.L.F. Emp. Unemp. Rate

Dec-11 79.5 76.4 3.1 3.9 12,347.3 11,454.7 892.6 7.2 153,373.0 140,681.0 12,692.0 8.3

Nov-11 78.6 75.4 3.2 4.1 12,344.3 11,423.6 920.7 7.5 153,683.0 141,070.0 12,613.0 8.2

Dec-10 77.5 73.9 3.6 4.7 12,191.5 11,215.6 975.9 8.0 153,156.0 139,159.0 13,997.0 9.1

Annual Growth Rate for Total Nonagricultural Employment

Midland MSA Texas (Actual) United States (Actual)

Historical Unemployment Rates

Available at http://www.tracer2.com

December 2011

June 2011

Monthly Change Annual Change

23%

4%

20%

2%5%11%

10%

10%

4%

11%

Industry Composition

$363.0

$42.4$160.9

$11.1

$46.5

$115.8

$63.0

$31.8

$18.0

$92.7

Wages by Industry (in millions)2nd Quarter 2011

Mining, Logging, and Construction

Manufacturing

Trade, Transportation, and Utilities

Information

Financial Activities

Professional and Business Services

Education and Health Services

Leisure and Hospitality

Other Services

Government

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Dec-01

Mar-02

Jun-02

Sep-02

Dec-02

Mar-03

Jun-03

Sep-03

Dec-03

Mar-04

Jun-04

Sep-04

Dec-04

Mar-05

Jun-05

Sep-05

Dec-05

Mar-06

Jun-06

Sep-06

Dec-06

Mar-07

Jun-07

Sep-07

Dec-07

Mar-08

Jun-08

Sep-08

Dec-08

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Dec-01

Mar-02

Jun-02

Sep-02

Dec-02

Mar-03

Jun-03

Sep-03

Dec-03

Mar-04

Jun-04

Sep-04

Dec-04

Mar-05

Jun-05

Sep-05

Dec-05

Mar-06

Jun-06

Sep-06

Dec-06

Mar-07

Jun-07

Sep-07

Dec-07

Mar-08

Jun-08

Sep-08

Dec-08

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

Midland MSA

Texas

U.S.

Source: Texas Workforce Commission


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T E X A S L A B O R M A R K E T R E V I E W JA N U A R Y 2 0 1 2

T E X A S W O R K F O R C E C O M M I S S I O N

Note: The number of nonagricultural jobs in Texas is without reference to place of residence of workers. Total Nonagricultural employment is additive by summing the individual sectors.

*Estimates for the current month are preliminary. All estimates are subject to revision. Estimates produced by the Bureau of Labor Statistics, U.S. Department of Labor are disseminated in

cooperation with the TWC.

INDUSTRY .ceDELTIT 2011* Nov. 2011 Dec. 2010 Absolute Percent Absolute Percent

Change Change Change Change

Total 002,946,01larutlucirganoN 10,629,000 10,444,700 20,200 0.2 204,500 2.0

Total Nongovernment** 8,843,900 8,833,800 8,583,900 10,100 0.1 260,000 3.0

Goods Producing

Mining and Logging 257,900 255,900 217,200 2,000 0.8 40,700 18.7

008,095noitcurtsnoC 590,500 597,100 300 0.1 6,300 1.1

004,738gnirutcafunaM 835,200 812,200 2,200 0.3 25,200 3.1

Service Providing

Trade, Transportaon, and Ulies 2,108,000 2,107,800 2,062,200 200 0.0 45,800 2.2

009,481noitamrofnI 186,400 192,800 1,500 0.8 7,900 4.1

Financial 008,836seitivitcA 636,700 620,800 2,100 0.3 18,000 2.9

Professional and Business Services 1,343,700 1,342,100 1,290,600 1,600 0.1 53,100 4.1

Educaon and Health Services 1,443,500 1,444,300 1,406,600 800 0.1 36,900 2.6Leisure and Hospitality 1,060,200 1,056,100 1,019,000 4,100 0.4 41,200 4.0

Other 007,873secivreS 378,800 365,400 100 0.0 13,300 3.6

003,508,1tnemnrevoG 1,795,200 1,860,800 10,100 0.6 55,500 3.0

TEXAS NONAGRICULTURAL WAGE AND SALARY EMPLOYMENT

SEASONALLY ADJUSTED

Nov. '11 to Dec. '11 Dec. '10 to Dec. '11

T E X A S L A B O R M A R K E T R E V I E W M A R K E T R E V I E W

Texas Nonagricultural Wage and Salary Employment (Not Seasonally Adjusted)

6.0%

4.0%

2.0%

0.0%

2.0%

4.0%

6.0%

Jan

91

Jan

92

Jan

93

Jan

94

Jan

95

Jan

96

Jan

97

Jan

98

Jan

99

Jan

00

Jan

01

Jan

02

Jan

03

Jan

04

Jan

05

Jan

06

Jan

07

Jan

08

Jan

09

Jan

10

Jan

11

Annual Growth Rates

**Total Nongovernment number is derived by subtracting the Government estimate from the Total Nonagricultural estimate.


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- 17 -

15.25

15.61

16.14

16.66

16.72

16.88

17.0517.35

17.38

17.48

17.50

17.64

17.72

17.74

17.80

17.83

18.14

18.89

18.91

18.95

19.1020.30

20.76

21.89

22.18

22.26

10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00

Brownsville-HarlingenMcAllen-Edinburg-Mission

LaredoWichita Falls

AbileneEl Paso

San AngeloCorpus Christi

LubbockSherman-Denison

VictoriaWacoTyler

Killeen-Temple-Fort HoodTexarkana, Tex.-Texarkana, Ark.

LongviewAmarillo

College Station-BryanOdessa

San Antonio-New BraunfelsBeaumont-Port ArthurTexas

MidlandDallas-Fort Worth-Arlington

Austin-Round Rock-San MarcosHouston-Sugar Land-Baytown

Note: Data reflect most recent year surveyedSource: Bureau of Labor Statistics

2010 Average Hourly Wage ($)by MSA


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- 18 -

Economy

5,000 7,000 9,000 11,000 13,000 15,000 17,000 19,000 21,000

Brownsville-HarlingenMcAllen-Edinburg-Mission

TexarkanaEl Paso

College Station-BryanWichita Falls

Corpus ChristiKilleen-Temple-Fort Hood

Sherman-DenisonSan Antonio-New Braunfels

LaredoBeaumont-Port Arthur

San AngeloAbilene

WacoAustin-Round Rock-San Marcos

Fort Worth-Arlington MDVictoria

TylerTexas

Houston-Sugar Land-BaytownLongview

AmarilloLubbock

Dallas-Plano-Irving MD

MidlandOdessa

Note: Data reflect most recent year surveyed; MD=subset of an MSASource: Texas Comptroller's Office

2010 Gross Retail Sales Per Capita ($)

Gross Retail Sales

Midland MSA

Year Total Sales* Sales per Capita

2000 $1,573,441,439 $13,563

2001 $1,721,809,010 $14,838

2002 $1,415,189,767 $12,054

2003 $1,627,446,850 $13,704

2004 $1,962,060,511 $16,349

2005 $2,229,918,479 $18,373

2006 $2,421,121,203 $19,466

2007 $2,276,246,756 $18,007

2008 $2,577,750,460 $19,906

2009 $2,042,351,267 $15,435

2010 $2,325,914,501 $16,993

State Average 2010: $15,110

*Update current year only. See Texas Comptroller site forupdated data in previous years: https://ourcpa.cpa.state.tx.us/allocation/HistSales.jsp

Source: Texas Comptrollers Ofce


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Infrastructure

Midland Airport Passengers

Airport 2007 2008 2009 2010 2011

Midland International Airport

Enplaned 491,321 487,403 420,845 442,543 466,353

Deplaned 486,010 481,961 417,695 438,286 459,224

Total 977,331 969,364 838,540 880,829 925,577

Source: Midland International Airport

Midland Airport Cargo Statistics

(in pounds)

Airport 2007 2008 2009 2010 2011

Midland International Airport

Enplaned 3,181,692 3,194,802 2,303,193 2,658,204 2,264,388

Deplaned 4,596,756 4,616,503 3,607,316 4,271,470 3,312,750

Total 7,778,448 7,811,305 5,910,509 6,929,674 5,577,138



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- 20 -

977,331969,364

838,540

880,829

925,577

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

750,000

800,000

850,000

900,000

950,000

1,000,000

2007 2008 2009 2010 2011

Cargo(inpounds)

Passengers

Midland Airline Boardings and Cargo Statistics Totals

Passengers Cargo



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- 21 -


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Multifamily

Midland Apartment Statistics 2011

MidlandTexas Metro

Average

Average rent per square foot $0.87 $0.88

Average rent for units built since 2000 $0.97 $0.98

Average occupancy 97.1% 93.7%

Average occupancy for units built since 2000 98.1% 95.8%

Total units* 9,794 1,631,425

Total units built since 2000* 1,445 388,352

*As of December 2011

Source: Apartment MarketData Research


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- 23 -

Housing

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

4Q-01

4Q-02

4Q-03

4Q-04

4Q-05

4Q-06

4Q-07

4Q-08

4Q-09

4Q-10

4Q-11

ChangefromPreviousYear

National Home Price Index (HPI)

California Florida Texas USA

The HPI for each geographic area is estimated using repeated observations of housing values for individual single-family residentialproperties on which at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae.

Source: Federal Housing Finance Agency

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

4Q-00

4Q-01

4Q-02

4Q-03

4Q-04

4Q-05

4Q-06

4Q-07

4Q-08

4Q-09

4Q-10

4Q-11

ChangefromPreviousYear

Home Price Index (HPI)Midland MSA

Midland Texas USA

The HPI for each geographic area is estimated using repeated observations of housing values for individual single-family residentialproperties on which at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae.

Source: Federal Housing Finance Agency


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- 24 -

Price Distribution of MLS Homes Sold, Midland*

(in percent)

Price Range 2005 2006 2007 2008 2009 2010 2011

$29,999 or less - 5.4 2.4 0.3 1.0 0.7 0.9$30,00039,999 - 1.5 0.8 1.1 0.8 0.7 0.7

$40,00049,999 - 2.3 1.4 1.0 0.7 0.9 1.2

$50,00059,999 - 3.2 1.6 0.8 1.2 1.2 1.4

$60,00069,999 - 3.7 2.4 2.0 1.5 1.4 2.0

$70,00079,999 - 4.6 2.8 2.2 1.6 1.3 1.8

$80,00089,999 - 6.3 4.5 2.3 2.1 2.8 2.6

$90,00099,999 - 6.1 3.9 3.5 2.0 2.6 2.7

$100,000119,999 - 9.6 8.5 6.6 8.4 7.5 7.0

$120,000139,999 - 12.4 10.3 11.0 11.8 10.8 8.2

$140,000159,999 - 10.3 12.5 11.9 12.3 12.4 8.5

$160,000179,999 - 6.8 9.6 11.3 12.7 10.6 11.7

$180,000199,999 - 6.2 7.1 10.9 8.3 8.5 7.5

$200,000249,999 - 8.8 11.3 12.3 13.5 14.4 16.3

$250,000299,999 - 6.1 8.6 9.1 10.9 11.1 11.8

$300,000399,999 - 5.2 8.8 9.2 7.8 9.2 10.3

$400,000499,999 - 0.6 2.0 3.3 2.2 2.0 2.6

$500,000 and more - 0.9 1.5 1.1 1.2 2.0 2.9

- represents unreported data or nonparticipation in Real Estate Centers survey.

*2011 data current as of February 1, 2012.

Source: Real Estate Center at Texas A&M University


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- 25 -

Property Tax Rates 2011

Taxing Entity Tax Rate per $100Valuation

City of Midland $0.471

Midland ISD 1.141

Midland County 0.198

Total* $1.810

*Only the typical taxing entities are included in the total. However,

there are numerous taxing entities that need to be taken into accountfor an actual tax rate calculation. http://www.midcad.org/

Source: Midland County Appraisal District

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Percent

Price Distribution of MLS Homes SoldMidland

2009 2010 2011

Source: Real Estate Center at Texas A&M University 2011 data current as of February 1, 2012.


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- 26 -

$149,200

$182,600

$195,000

$193,500$201,400

$210,500

$0

$50,000

$100,000

$150,000

$200,000

$250,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Average Sales PriceMidland MLS


Data not available through 2005

2011 data current as of February 1, 2012.

0

1

2

3

4

5

6

0

500

1,000

1,500

2,000

2,500

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

MonthsInventory

Sales

Yearly Home Sales and Months InventoryMidland MLS

Sales Supply


Months Inventory measures the currentabsorption rate and how long it would take forcurrent supply to be depleted if no other listingscame on the market. Data not available through2005.

2011 data current as of February 1, 2012.


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- 27 -

0

50

100

150

200

250

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

Units

Single-Family Home Sales VolumeMidland MLS

2009 2010 2011

Source: Real Estate Center at Texas A&M University 2011 data current as of February 1, 2012.

514

483

330

394

539

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

$200,000

0

100

200

300

400

500

600

2007 2008 2009 2010 2011

AverageValue

Units

Single-Family Building Permits and Average ValueMidland MSA

Units Average Value

Source: U.S. Census Bureau2011 numbers current as of February 1, 2012.Significant revisions are likely.


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- 28 -

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

Rate

Points

Source: Federal Home Loan Mortgage Corporation

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

Rate

Points

Source: Federal Home Loan Mortgage Corporation


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- 29 -

Hotel

Hotel* Occupancy and Rental Rates

2010 2011

Midland MSA Texas Midland MSA Texas

Number of Rooms (in thousands) 2.7 387.4 2.8 396.6

Average Daily Rate** $71.66 $83.44 $79.68 $86.14

Occupancy Rate (in percent)*** 56.4 55.4 78.3 59.1

*Only properties exceeding $25,000 in the current quarter are included; those units below $25,000 only result in 1.5percent of the total state revenues and have been excluded from the Source Strategies database.

**Estimated with the aid of nancial reports, appraisers, private SSI surveys, chain and AAA directories and another

reliable industry database.

***Occupancy: nights sold divided by nights available (x 100). Room-nights sold are calculated from estimated rateand actual rooms revenues.

Sources: Ofce of the GovernorEconomic Development and Tourism, and Source Strategies Inc. of San Antonio


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- 30 -

Ofce

Midland Ofce Space

2010

Rentable Area(SF)

AvailableSF

CBD

Class-A 1,747,825 14,931

Class-B+ 273,708 0

Class-B 1,098,895 160,406

Class-B- 280,772 51,961

Class-C 131,200 9,000

Unclassied Vacant or Owner-Occupied 551,320 0

Class-B Vacant or Owner-Occupied 59,747 2,390

Class-C/D Vacant or Owner-Occupied 68,000 0

Suburban

Class-A+ 440,000 2,788

Class-A 125,790 8,000

Class-B+ 691,596 146,785

Class-B 570,633 104,269

Overall

Occupancy 90.96%

Sources: Midland Development Corporation, http://www.midlandtxedc.com
http://midlandtxedc.com/http://midlandtxedc.com/http://midlandtxedc.com/


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REPORT COMPILED BY:

Edith Craig Administrative CoordinatorKory Merten Market Research Assistant/Design AssistantKatie Barker Market Research Assistant/Design AssistantTaylor Fitzner Market Research Assistant/Design AssistantCody Price Market Research Assistant/Design Assistant

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