The 2011 Faulkner County Annual Economic Report

61st Annual PresentationThe Conway Rotary Club

Dean of the College of BusinessDr. Pat Cantrell

Supported by: The Conway Rotary club

Roger LewisReport Author

Stephen S. GrossIntern

Amber HallAsst. Director of Institutional Research

• 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

A Glance at the National Economy

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

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

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)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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%

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

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

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

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)

Centenial Bank32%

First Security Bank27%

Regions Bank11%

All Others30%

The Top Three Banks Hold Roughly 70% of The Total

Market Share

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)

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

$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

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

2011 $474,879,704 2010 $459,916,256

2009 $124,142,265

Arkansas Scholarship Lottery Sales

$1,058,938,225Total…

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

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

% 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

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

Any Questions

????

The End

Thank You Very Much