Texoma Regional Economic Dashboard

Texoma Regional Economic Dashboard

News Release
FOR IMMEDIATE RELEASE

TCOG - Workforce Solutions Texoma - Denison Development Alliance

TEXOMA REGIONAL ECONOMIC DASHBOARD

Inaugural Quarterly Report on the Economic Condition of Texoma

SHERMAN, March 22, 2012 – Workforce Solutions Texoma, Texoma Council of Governments, and Denison Development Alliance announced the release of the inaugural Texoma Regional Economic Dashboard that provides a quick, informed, and consistent economic picture of the area. This inaugural release includes an analysis of the 2011 year and the latest quarter October – December 2011.

“We have looked at over forty data points and gathered all of the historical data available in search of information that is timely and reliable for understanding the current nature of our local economies,” said Katy Cummins of Texoma Council of Governments.

“We have pared down to only the most relevant information. After analyzing the historical data, it appears that our most recent quarter, October 2011- December 2011, was better than the same time in 2010,” said Bob Rhoden of Workforce Solutions Texoma.

After analyzing the historical data, it appears that our most recent quarter, October 2011- December 2011, was better than the same time in 2010 – Bob Rhoden, Workforce Solutions Texoma

The Texoma Regional Economic Dashboard is designed to inform public officials, businesses, and job seekers about the economic condition of the Texoma Region defined as Cooke, Fannin, and Grayson Counties. Because no single indicator should be considered a barometer for a regional economy, the dashboard project aligns multiple economic indicators to create a more accurate picture of the overall health of the Regional economy. The indicators come from four board categories: Employment Related Indicators, Public Assistance Indicators, Spending Related Indicators, and Miscellaneous Indicators.

For a more in-depth look at the data and analysis, a copy of the report and the interactive dashboard can be found at www.texomaedd.org

Analysis of 2011

Based on the data collected, and the analysis of the team, it appears the overall economic health of the Region is better than it was this time last year. This is based on several factors.

  1. Civilian Labor Force is up from 93,387 in the 4th Qtr. 2010, to 94,456 in the 4th Qtr. 2011.
  2. Unemployment Rate is down – from 8.0% in the 4th Qtr. 2010, to 7.2% in the 4th Qtr. 2011.
  3. TANF Enrollment is down – from 793 in the 4th Qtr. 2010, to 742 in the 4th Qtr. 2011.
  4. SNAP Enrollment does not show a significant change – 31,148 in the 4th Qtr. 2010, 31,066 in the 4th Qtr. 2011.
  5. Sales Tax Allocations are up from $6,429,640.53 in the 4th Qtr. 2010, to $7,217,337.53 in the 4th Qtr. 2011.
  6. Hotel/Motel Taxable Sales are up from $4,783,783.24 in the 4th Qtr. 2010, to $5,835,735.41 in the 4th Qtr. 2011.

Overall, the region is showing improvement in 2011, over 2010.

Analysis of the Most Recent Quarter (4th Quarter 2011)

Based on the data collected, and the analysis of the team, it appears the overall economic health of the Region is better than it was this time last quarter. This is based on several factors.

  1. Civilian Labor Force does not show a significant change – 94,447 in the 3rd Qtr. 2011, to 94,456 in the 4th Qtr. 2011.
  2. Unemployment Rate is down – from 8.4% in the 3rd Qtr. 2011, to 7.2% in the 4th Qtr. 2011.
  3. TANF Enrollment is up – from 680 in the 3rd Qtr. 2011, to 742 in the 4th Qtr. 2011.
  4. SNAP Enrollment does not show a significant change – 30,787 in the 3rd Qtr. 2011, 31,066 in the 4th Qtr. 2011.
  5. Sales Tax Allocations are up from $7,130,461.08 in the 3rd Qtr. 2011, to $7,217,337.53 in the 4th Qtr. 2011.
  6. Hotel/Motel Taxable Sales are down from $7,176,872.12 in the 3rd Qtr. 2011, to $5,835,735.41 in the 4th Qtr. 2011. This downturn is due to normal seasonality, and is slightly less than for the same Qtr. In the last 2 years.

Overall, the region is showing improvement in 4th Qtr. 2011, over 3rd Qtr. 2011.

The Texoma Regional Economic Dashboard will be released in two formats, a quarterly report that will contain analysis of indicators available on a quarterly basis at minimum, and an annual report that will contain analysis of the quarterly indicators and additional indicators available on an annual basis at minimum.

“As new data about the national and state economies is released, we hope that this report will provide a better understanding of what is happening in the Texoma economy,” said Scott Smathers of the Denison Development Alliance.

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FOR ADDITIONAL INFORMATION, CONTACT:

BOB RHODEN, WORKFORCE SOLUTIONS TEXOMA
903-957-7408
KATY CUMMINS, TEXOMA COUNCIL OF GOVERNMENTS
903-813-3530
SCOTT SMATHERS, DENISON DEVELOPMENT ALLIANCE
903-821-8028