south texas economic update june 2015
TRANSCRIPT
80
90
100
110
120
2008 2009 2010 2011 2012 2013 2014
Business Cycle Indexes
Corpus Christi
Brownsville
Laredo
McAllen
San Antonio
Texas
Sources: Federal Reserve Bank of Dallas; author's calculations.
2015
ECONOMY: Corpus Christi has been growing steadily with unexpected surges in recent months.
95
100
105
110
115
2011 2012 2013 2014 2015
Nonfarm Employment(seasonally adjusted)
Corpus Christi
Brownsville
McAllen
Laredo
San Antonio
Texas
Source: Federal Reserve Bank of Dallas.
JOBS: Corpus Christi’s job growth was particularly strong in 2012 and again since mid-2014.
0
5
10
15
2008 2009 2010 2011 2012 2013 2014 2015
Unemployment Rate
Corpus Christi Brownsville McAllenLaredo San Antonio Texas
Source: Federal Reserve Bank of Dallas.
UNEMPLOYMENT: Corpus Christi’s jobless rate has returned to the historic low below 4.5%.
-15%
-5%
5%
15%
25%
35%
2011 2012 2013 2014
Corpus Christi Y-o-Y Job Growth
Total Oil & Gas Construction
Source: Bureau of Labor Statistics.
GROWTH FACTOR: Industrial construction has replaced oil and gas as Corpus Christi’s new growth driver.
OXYCHEM
DUPONT
KIEWIT
SHERWIN ALUMINA
NUSTAR
OXY INGLESIDE
TOPAZ POWER GROUP
TRAFIGURA
ELEMENTIS
CITGO EAST
ADM GRAIN ELEVATOR
AIR LIQUIDE
MARKWEST JAVELINA
CELANESEBISHOP, TX
INTERSTATEGRAIN
AEP TEXAS
BTB REFINING
LYONDELLBASELL
CITGO WEST
FLINT HILLS WEST
MAGELLAN
GULF MARINEFABRICATORS
FLINT HILLS INGLESIDE
MARTIN MIDSTREAM
GULF COMPRESS
TPCOCHENIERE
VOESTALPINE
M&G
EMAS
FLINT HILLS EAST
VALERO
S o u r c e : C o r p u s C h r i s t i P o r t A u t h o r i t y
CHENIERE
Where is all the construction?
IMPACT: 115 projects, $32 billion investments, 1,700 permanent jobs
2
4
6
8
10
12-10%
0%
10%
20%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Corpus Christi Housing Conditions
Sources: Real Estate Center; author's calculations.
Median Home Price (Y-o-Y change,
12-month average, Months of Inventory(right scale reversed)
HOUSING: Corpus Christi’s housing market is now as tight as that back in the last housing boom.
88.9
89.6
91.6 90.7
89.5
91.9 92.1
92.7
95.1
80
85
90
95
100
2007 2008 2009 2010 2011 2012 2013 2014 2015
Corpus Christi Cost of Living Index
Sources: Corpus Christi Regional Economic Development Corporation; author's calculations.
COST OF LIVING: Rapid job and income growth locally is adding upward pressure on housing and service expenses.
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