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Regional Economic Indicators   •  April 23, 2012

  

ABOUT Regional Economic Indicators

An update to Regional Economic Indicators is sent out once a month. Research is conducted as part of the Regional Economic Research program at the Coastal Bend Business Innovation Center - an EDA University Center.

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This update complements the monthly releases of Economic Trends by Corpus Christi Regional Economic Corporation and employment data by Texas Workforce Commission through Workforce Solutions of the Coastal Bend.

This electronic newsletter is disseminated to community members in the Coastal Bend region and individuals with free subscription. Viewpoints and opinions expressed do not necessarily reflect the views of Texas A&M University-Corpus Christi or Coastal Bend Business Innovation Center.


ABOUT Corpus Christi Business Cycle Index

This Index is a summary measure of four key economic indicators for the metro area: the employment level, the unemployment rate, inflation-adjusted wages, and inflation-adjusted sales tax collection.

Newsletter Team

Dr. Moustafa Abdelsamad
Dean, College of Business

William Cone
Director, CBBIC

Patrick Crowley
College of Business

Jim Lee
EDA University Center
jim.lee@tamucc.edu

Melinda Rivera
Assistant, CBBIC



  


In this issue:

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Local economy expanded another 0.4%

The Corpus Christi Business Cycle Index stands at 94.8 in March 2012, as compared to 94.4 in the previous month. The latest Index reflects local economic growth at 4.3% in the past year.

Since January, economic activity in Corpus Christi has expanded at a rapid and steady pace of 4.3% on a year-on-year basis. All four key indicators of local economic conditions showed an improvement in March, indicating that economic growth has spread beyond the labor market.

Unemployment dipped to 6.5%

In March, the Corpus Christi metro area added 1,500 jobs. The leisure and hospitality sector alone added 800 jobs. The trade, transportation and utilities sector added another 200 jobs. Expansion in those sectors was associated with the boom in the Eagle Ford Shale oil and gas production. The growing oil and gas industry in South Texas helped generate a total gain of 7,800 local jobs in the past year.

The local unemployment rate has continued to slide, reaching 6.5% in March, as compared to 8% in the same month last year. While the statewide and nationwide unemployment rates have also dropped over time, the reduction locally has been much steeper due to strong economic expansion in South Texas. The average jobless rate for the Coastal Bend region dipped to 6.4%, which was 1.4 percentage points below the rate a year earlier. More hiring helped boost the inflation-adjusted hourly wage rate by 2% in March.

Local tax revenues continued to grow

Expanded business activity benefits the City of Corpus Christi and other local taxing entities with more tax revenues. In March, the City collected $1.3 million more tax dollars than in the same month last year. After adjusted for inflation, the total volume of tax revenues in the metro area rose 3.7% on a year-on-year basis.


Related Publications:

Related Websites:

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coastalbendinnovation.com/eda
EDA University Center • College of Business • Texas A&M University-Corpus Christi
10201 South Padre Island Drive, Corpus Christi, Texas 78418