From Cotton to Computers

The 2009 Faulkner County Economic Report

59th Annual Report1

Dr Pat CantrellDean of the college of Business2Giezi NunezIntern UCA Economics Major

Amber HallProject SpecialistOffice of Institutional ResearchThemes2008 - Conway and Oasis In Arkansas2007 - We Have Gas2006 - Conway is Growing and You Can Bank on it2005 The Billion Dollar Economy2004- A B Cs of ConwayApartments, Banks and Churches

FromCottonToComputers5Cotton was Faulkner Countys Economy

Cotton was Faulkner Countys Economy

15,130 Bales of Cotton ProducedEstimated 33,000 Acres of Cotton Planted1910Sale Price Between $75 and $100 per BaleValue of Production Between $1.0 and $1.5 MillionBetween 14 and 20 Cotton Gins in the CountyNational EconomyGross Domestic ProductPercent Increase over Previous Year4.24.53.70.81.62.53.62.32.82.01.3-2.4199819992000200120022003200420052006200720082009Comparing 2008-09 GDP to 1981-82(Chained 2005 Dollars)4.9%4.5%4.2%4.0%5.8%6.0%5.5%5.1%4.6%4.6%5.8%9.3%4.7%1997199819992000200120022003200420052006200720082009Unemployment Rate2009 Monthly Unemployment Rate13Average Annual Unemployment RateConsumer Price Index (CPI)1.6%2.2%3.4%2.8%1.6%2.3%2.7%3.4%3.2%2.8%3.8%-0.4%199819992000200120022003200420052006200720082009CPI for All Urban Consumers(Seasonally Adjusted)-0.43.8 All Items -0.1 Apparel1.6 Recreation5.9 Transportation3.4 Education & Communications3.2 Housing3.6 Other Goods & Services5.4Food3.7Medical Care13.9Energy200920081.00.9-8.33.00.46.71.93.2-18.4Dow Jones Industrial AverageYearend ClosingFamily Units Constructed11337601532602448933735Value of Building Permits (In Million Dollars)87981041361411991591201411462000200120022003200420052006200720082009Faulkner County Real Estate Sales(In Million of Dollars)26222125727834743248950452934831219992000200120022003200420052006200720082009Population of Conway and Faulkner CountyFaulkner County Births and Deaths per YearYearBirthsDeathsNet GainBirth to Death RatioArkansas Birth to Death Ratio2009 1,540**756**7842.01.52008 1,392**746**6461.91.52007 1,481**737**7172.01.520061,5307268072.11.420051,3987177361.91.420041,3656846812.01.320031,3146856291.91.320021,3146686462.01.320011,2026165862.01.320001,2775687092.21.3Ten Year Summary11,7385,2317,3682.00Faulkner County Property Tax Assessment Values 2009Real EstateAll PropertyAmount% IncreaseAmount% Increase$1,209,386,2657.66$1,523,853,6651.812009 Tax Assessment Values in Conway City LimitsReal EstatePercent of Faulkner CountyAll PropertyPercent of Faulkner County$678,313,65056.10$891,681,86258.50Cost of Living ComparisonCompositeDifferenceAverage RentAverage HomeConway88.70.0$561$247,176Fort Smith85.0-3.7471222,333Jonesboro87.3-1.4564227,653Fayetteville91.30.0605233,399Hot Springs92.91.6587264,167Little Rock- N Little Rock94.73.4725244,592Houston, TX 89.5-1.8834216,848Dallas, TX92.33.6712207,797San Jose, CA155.466.71,385767,274National Avg.100.08.7794304,9802008 Violent and Property Crimesper Thousand PopulationConway CorporationRevenues, Capital Expenditures and Number of CustomersAll DepartmentsResidential Electric CustomersYearRevenue(Millions)Capital Expenditures Number% IncreasePopulation Estimate2009$92.6 10.624,4644.3 60,6712008 85.69.723,4531.7 58,1632007 84.49.623,0623.3 57,1942006 81.17.922,3165.8 55,3442005 70.99.021,1023.4 52,262Conway CorporationResidentialCapitalElectric CustomersPopulationRevenue*Expenditures*Number% IncreaseEstimate2009$92.6 $10.624,4644.360,671200888.39.424,1954.960,004200784.49.623,0623.357,194200681.17.922,3165.655,344200570.99.021,1023.452,262* In Million DollarsFaulkner County Sales Tax CollectionsYear1/2% Sales Tax Collections% Change OverPrevious Year2009$7,327,074-1.12008$7,407,916Year @1%% Change Over Previous Year 2009$11,556,334-0.52008$11,608,915Conway Sales Tax CollectionsEstimated Retail Sales for 2010Conway $1,190,000,577

Faulkner County $1,546,338,20077% of all Faulkner County Sales Occur in ConwayConway Advertising and Promotion Tax CollectionsEstimated Annual SalesMotel ReceiptsPrepared Food Sales2008200920082009$17,485,927$16,248,312$123,301,569$130,787,393Increase Over Previous YearPercent IncreaseMotel 2% Tax Revenue Prepared Food 2% Tax Revenue2008200920082009Total$349,719 $318,502Total$2,466,032 $2,573,883Increase Over Previous Year Conway Advertising and Promotion Tax2% of Hotel and Restaurant Sales

2008 2009% ChangeHotels $349,719 $318,502 -7.1%Restaurant$2,466,032 $2,573,883 +5.4%Hotel Sales

2008 2009 % Change$17,485,927$16,248,312 -7.1%Top Five Hotels by Annual Sales

$2,155,681$1,609,802$1,434,821$1,433,577$1,119,822

1.4.5.2.3.Restaurant Sales

2008 2009 % Change$124,115,600$130,787,393 +5.4%Top Ten Restaurant by Annual Sales

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3.10.$3,694,423$3,317,167$3,272,989$3,208,238$2,758,667$2,538,645$2,515,258$2,498,141$2,441,970$2,316,654SalemOak StreetHwy. 65 N.Number of Banking Institutions in Faulkner County and Total Deposits Number ofNumber ofTotalAmount ofPercentInstitutionsOfficesDeposits*Increase*Increase20091557$1,462,019$101,3047.4200815581,374,715 8,761 0.6200715571,351,954 28,3652.1200615521,323,589 77,6866.2200514481,245,903 139,22812.6200414481,106,675 33,7483.1200314461,072,927 89,3079.120021338983,620 52,6995.7 * In Million Dollars36Market Share of Faulkner County Bank Deposits37Bank Earnings of Institutions Represented in Faulkner County (Year to Date as of June 30)%Return on Assets20082009Bank of Ozarks1.231.421st Security Bank0.971.301st Service Bank1.211.30Centennial Bank1.671.13Heber Springs1.201.05US Bank1.820.85Simmons 1st National Bank1.360.73Bank1.010.62Home Bank AR0.570.53River Town Bank0.690.53National Bank of AR0.080.49Bank of America0.510.471st AR Bank 1.240.14Regions Bank0.88-0.22Metropolitan National Bank0.66-5.04Average1.010.3538Sort base on 2009 assets ROAFaulkner County Motor Vehicle Registration 86,88984,39280,74578,67775,86975,29170,70368,26966,18264,77551,11639,001199019952000200120022003200420052006200720082009Lifetime Production of Wells byCounty as of September 30, 2009CountyNumber of Wells MCFEstimated ValueCleburne14636,359,630$275,389,596Conway401189,877,319$1,401,936,275Faulkner12641,009,993$306,302,664Franklin16922,458$6,614,399Independence152,421,025$19,256,140Jackson12804,797$5,929,521Johnson239,585$277,095Pope304,406,120$32,261,127Van Buren640270,992,593$2,051,063,876White556193,038,877$1,444,421,607Total1944739,872,397$5,179,106,779Fayetteville Shale Production 2009 Monthly Production and Estimated Value Date# WellsMCFPriceEstimated ValueJanuary 137535,097,5095.15180,752,171February144532,338,8464.16134,529,599March152337,832,4053.72140,736,547April159739,304,0143.43134,812,768May 165942,425,3443.45146,367,437June172343,266,1103.45149,268,080July180143,650,6363.43149,721,681August188950,058,6723.14157,184,230September192134,772,7712.92101,536,491October200649,861,7543.60179,502,314November208253,935,9203.64$196,326,749Total462,543,981$3.61$1,670,738,068Number of Gas Wells By Severance Tax RatesClassificationRateNumber of WellsMarginal Production Wells1.25%2378New Discovery Wells for 24 months1.50%176High Cost Wells for 36 Months1.50%45Full Rate5.00%360Lottery SalesSeptember 28 to February 28County SalesRankFaulkner$8,241,8994Pulaski45,859,4521Jefferson11,391,7012Saline8,545,5083Washington8,212,2535State Total$214,451,60343Faulkner county saleds and rakStates sales# OF VENDORSAvg sales per vendor5 highest ranking per sales

Faulkner County Lottery VendorsNumber of VendorsTop VendorWeekly Sales*Rank**Conway 33Bears Den (Salem & Dave Ward)$13,9423Greenbrier9Satterfield11,20210Mayflower5Tobacco World of Mayflower23,4931Vilonia2Miraj Flash Market13,4304TOTAL49Average Weekly Total all Vendors$415,237* Weekly Sales for February 2010** Rank within Faulkner Countys 49 VendorsLottery Sales Per CapitaSeptember 28 to February 28CountySales Per CapitaRankFaulkner$10732Desha2021Jefferson1452Arkansas1413Sharp1384Benton2274Montgomery2275State Average$59Income from Agricultural Production SoldCrop2009% Change 2008-2009Beef$1,320,000-89.00Greenhouses5,000,0000.00Dairy2,618,000-21.43Rice1,175,850-37.79Soybeans3,043,372-8.47Corn552,720-42.43Forestry600,0000.00Wheat172,427-71.50Fruits & Vegetables500,0000.00Hay1,800,00012.50Hogs120,00019.05Silage0Grain Sorghum0Total$16,902,369 -43.49The Economic Importance of Tourism in Faulkner County

2008 Data% IncreaseTotal Travel Expenditures$81,845,951-1.19Visitors378,509-5.22Total Travel Expenditure Per Person$216.234.25State Tax Receipts$4,996,119-0.80Local Tax Receipts$1,373,789-1.04Number Employed989-2.56Payroll$15,313,227-1.17Average Annual Pay$15,4841.432009 Employment and Earnings for Faulkner CountyFirmsEmployeesAnnual EarningsAverage EarningsGovernment375,836$206,090,033$35,314Private263432,527$1,118,107,650$34,375Percent Government1.417.918.42.7

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