2011 Texas Metro Market Overview
Odessa
Table of Contents Introduction.............................................................................................. 1 MSA Map................................................................................................. 2 Demographics......................................................................................... 3 Education................................................................................................ 7 Employment............................................................................................ 8 Economy............................................................................................... 16 Infrastructure......................................................................................... 17 Multifamily.............................................................................................. 20 Housing................................................................................................. 21 Hotel...................................................................................................... 27 Real Estate Center................................................................................ 28
Market reports are updated annually. The Real Estate Center also publishes NewsTalk Texas, a compilation of market news, which is updated continuously throughout the year. It allows market analysts to access the most current information available. For more current information about this Metropolitan Statistical Area (MSA) or any of the other Texas MSAs, please go to http://recenter.tamu.edu/newstalk/. Note: In 2009, two MSA names were changed—Austin-Round Rock is now Austin-Round Rock-San Marcos, and San Antonio is now San Antonio-New Braunfels. In 2003, the U.S. Census Bureau revised its definition of counties included in some Texas MSAs. As a result, most information presented in this report reflects Texas’ 2003 MSA definition. However, some of the data reported to the Center are based on the Bureau’s 1999 definition. Data using the 1999 MSA definition are stated where applicable.
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2011 Texas Metro Market Overview Introduction
Odessa
Odessa is at the industrial and commercial crossroads of West Texas. Neighbor to Midland, this city was named the fourth top city in America by Inc. com and newgeography.com in their 2008 survey of the “Best Cities for Doing Business.” The city is about halfway between Dallas–Fort Worth and El Paso and is the Ector County seat. The metropolitan area is within the 100-mile– radius Permian Basin. The region is in the heart of the largest single source of oil and gas deposits in the United States. The local economy is heavily dependent on the oil and gas industry.
The University of Texas of the Permian Basin (UTPB) is home to Odessa’s Presidential Museum and Leadership Library. It is the only facility of its kind in the United States dedicated to the office of the Presidency, not just a single president. Odessa College boasts notable alumni including Ty Murray, seven-time all-around world professional rodeo champion.
Quick Facts MSA Land Area (2009 definition) 901.68 square miles 2010 Population Density
152.1 people per square mile
Counties
Ector Area Cities and Towns
Gardendale, Goldsmith, Greenwood, Odessa, Notrees, Penwell, Pleasant Farms This report’s MSA data reflects either 1999 or 2009 MSA definitions based on data availability. Use of 1999 definition is noted where applicable. Sources: U.S. Census Bureau and Real Estate Center at Texas A&M University
The La Entrada al Pacífico trade corridor is a route from the Pacific Ocean port of Topolobampo in the Mexican state of Sinaloa to Texas and beyond by way of the Midland-Odessa area. Designated as “Trade Corridor 56” by the Intermodal Surface Transportation Efficiency Act, the corridor is a joint project between Mexico and the United States. Sources: Odessa Convention & Visitors Bureau, Odessa Development Corporation and Midland Economic Development Corporation
Microsoft product screen shot reprinted with permission from Microsoft Corp.
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2011 Texas Metro Market Overview
MSA Map
Odessa
Metropolitan Statistical Areas (MSAs) DALLAM
SHERMAN
HANSFORD
OCHILTREE
LIPSCOMB
HARTLEY
MOORE
HUTCHINSON
ROBERTS
HEMPHILL
GRAY
WHEELER
DONLEY
COLLINGSWORTH
2
POTTER
CARSON
RANDALL
ARMSTRONG
OLDHAM
DEAF SMITH
PARMER
CASTRO
SWISHER
BAILEY
LAMB
HALE
BRISCOE
HALL
CHILDRESS HARDEMAN
COCHRAN
TERRY
GAINES
ANDREWS
9
EL PASO
LOVING
WINKLER
LUBBOCK
LYNN
DAWSON
CROSBY
GARZA
KENT
SCURRY
HOWARD
17 16 ECTOR
DICKENS
CULBERSON
WARD
CRANE
REAGAN IRION
REEVES
JONES
SHACKLEFORD STEPHENS
1
NOLAN
COKE
18
RUNNELS
COOKE
WISE
JACK
DENTON
PARKER
EASTLAND
ERATH
8
TARRANT
PALO PINTO
JOHNSON
COLLIN
HAMILTON
MCCULLOCH
SAN SABA
MASON
LLANO
MENARD
VAL VERDE
KERR
EDWARDS
HAYS
REAL
KENDALL BANDERA
KINNEY
UVALDE
MEDINA
ZAVALA
DIMMIT
GUADALUPE
Prepared by the Labor Market and Career Information Department, TWC Edited by Real Estate Center at Texas A&M University
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HOUSTON
LEON ROBERTSON
6
MADISON
GRIMES WASHINGTON AUSTIN
WALLER
DE WITT
GOLIAD
7
JIM WELLS
NUECES
STARR
BROOKS
15
HIDALGO
KENEDY
WILLACY
5
CAMERON
CALHOUN
MATAGORDA
4
BRAZORIA
ORANGE
JEFFERSON
CHAMBERS
FORT BEND
JACKSON
VICTORIA
REFUGIO ARANSAS
KLEBERG
JIM HOGG
10
LIBERTY
HARRIS
23
JASPER NEWTON
HARDIN MONTGOMERY
GALVESTON
KARNES
TYLER
SAN JACINTO
BURLESON
SAN PATRICIO
DUVAL
POLK
WALKER
FAYETTE
BEE
SABINE
TRINITY
BRAZOS
BASTROP
SAN AUGUSTINE
ANGELINA
GONZALES
WILSON
WEBB
ZAPATA
NACOGDOCHES
WHARTON
MCMULLEN
12
SHELBY
FREESTONE
LEE
LIVE OAK
1. Abilene 14. Lubbock 2. Amarillo 15. McAllen-Edinburg-Mission 3. Austin-Round Rock-San Marcos 16. Midland 4. Beaumont-Port Arthur 17. Odessa 5. Brownsville-Harlingen 18. San Angelo 6. College Station-Bryan 19. San Antonio-New Braunfels 7. Corpus Christi 20. Sherman-Denison 8. Dallas-Fort Worth-Arlington 21. Texarkana 9. El Paso 22. Tyler 10. Houston-Sugar Land-Baytown 23. Victoria 11. Killeen-Temple-Fort Hood 24. Waco 12. Laredo 25. Wichita Falls 13. Longview
ANDERSON
PANOLA
CHEROKEE
LAVACA
ATASCOSA
HARRISON
RUSK
COLORADO
19
GREGG
LIMESTONE
BELL
CALDWELL
FRIO
LA SALLE
3
CASS MARION
22 13
NAVARRO
COMAL
BEXAR
MAVERICK
TRAVIS
MORRIS
UPSHUR
SMITH
VAN ZANDT
MILAM
KIMBLE
WOOD
KAUFMAN ELLIS
WILLIAMSON
BLANCO
CAMP RAINS
FALLS
BURNET
GILLESPIE
BREWSTER
11
LAMPASAS
HOPKINS
ROCKWALL
MCLENNAN
CORYELL
CONCHO
BOWIE
FRANKLIN TITUS
HUNT
DALLAS
24
BROWN
21
RED RIVER
DELTA
HENDERSON
BOSQUE
MILLS
CROCKETT SUTTON
COLEMAN
LAMAR
FANNIN
SOMERVELL
COMANCHE
TERRELL
PRESIDIO
MONTAGUE
HOOD
CALLAHAN
TAYLOR
TOM GREEN
SCHLEICHER PECOS
JEFF DAVIS
THROCKMORTON YOUNG
20
GRAYSON
CLAY
HILL STERLING
MIDLAND
UPTON
HASKELL
FISHER
MITCHELL
GLASSCOCK HUDSPETH
STONEWALL
25
ARCHER
BAYLOR
KNOX
KING
WICHITA
WILBARGER
FOARD
BORDEN
MARTIN
COTTLE
MOTLEY
14
HOCKLEY
YOAKUM
FLOYD
2011 Texas Metro Market Overview
Odessa
Demographics Odessa MSA Population
Population
Percent Change
Year
Population*
1999
122,450
-
2000
121,123
2001
Select Area Cities City
2000
2010
Growth 2000–2010 (in percent)
-1.1
Odessa
90,943
99,940
9.9
120,866
-0.2
Source: U.S. Census Bureau
2002
122,361
1.2
2003
122,948
0.5
2004
124,293
1.1
2005
125,339
0.8
2006
127,462
1.7
2007
129,570
1.7
2008
131,941
1.8
2009
134,625
2.0
2010
137,130
1.9
*July 1 population estimates, excepts 2000 and 2010
Household Composition Ector Midland County County Average household size
2.72
2.68
2.74
Population younger than 18 (in percent)
30.4
30.2
28.2
Population 65 and older (in percent)
10.9
11.6
9.9
Source: U.S. Census Bureau 2000 (1999 definition)
Source: U.S. Census Bureau
Texas
Distribution by Race and Hispanic or Latino Origin (in percent) Ector County
Midland County
Texas
White
73.7
77.3
71.0
Black
4.6
7.0
11.5
Asian
0.6
0.9
2.7
American Indian
0.8
0.6
0.6
Other
17.4
12.2
11.7
Two or more races*
2.8
1.9
2.5
Hispanic (of any race)
42.4
29.0
32.0
Source: U.S. Census Bureau 2000 (1999 definition)
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2011 Texas Metro Market Overview
Odessa
Texas Metropolitan Area Population Growth Forecast, 2000–2020 Laredo McAllen-Edinburg-Mission Austin-Round Rock-San Marcos Brownsville-Harlingen Dallas-Fort Worth-Arlington Houston-Sugar Land-Baytown El Paso Killeen-Temple-Fort Hood Texas Corpus Christi San Antonio-New Braunfels College Station-Bryan Amarillo Victoria Odessa Waco Tyler Midland Longview Lubbock San Angelo Sherman-Denison Abilene Beaumont-Port Arthur Wichita Falls Texarkana 0%
10%
20%
30%
40%
50%
60%
70%
Source: Texas State Data Center – Scenario 0.5 (February 2009 projection)
Odessa MSA Projected Population Year
Texas State Data Center (Scenario 0.5)
Texas Water Development Board
2000
121,123
121,123
2005
126,645
-
2010
132,775
132,759
2015
138,750
-
2020
143,926
144,073
2025
148,857
-
2030
153,884
154,160
2035
158,776
-
2040
163,093
163,141
Sources: Texas State Data Center (February 2009 projection) and Texas Water Development Board (July 2010 projection)
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80%
90%
2011 Texas Metro Market Overview
Odessa
Texas Metropolitan Area Population Change 2000
2010
Percent Change
1,249,763
1,716,289
37.3
McAllen-Edinburg-Mission
569,463
774,769
36.1
Laredo
193,117
250,304
29.6
Houston-Sugar Land-Baytown
4,715,407
5,946,800
26.1
San Antonio-New Braunfels
1,711,703
2,142,508
25.2
184,885
228,660
23.7
Dallas-Fort Worth-Arlington
5,161,544
6,371,773
23.4
Killeen-Temple-Fort Hood
330,714
405,300
22.6
Brownsville-Harlingen
335,227
406,220
21.2
Metropolitan Area Austin-Round Rock-San Marcos
College Station-Bryan
Tyler
174,706
209,714
20.0
Midland
116,009
136,872
18.0
El Paso
679,622
800,647
17.8
Texas
20,851,820
24,304,290
16.6
Lubbock
249,700
284,890
14.1
Odessa
121,123
137,130
13.2
Longview
194,042
214,369
10.5
Amarillo
226,522
249,881
10.3
Waco
213,517
234,906
10.0
Sherman-Denison
110,595
120,877
9.3
Corpus Christi
403,280
428,185
6.2
San Angelo
105,781
111,823
5.7
Texarkana
129,749
136,087
4.9
Victoria
111,663
115,384
3.3
Abilene
160,245
165,252
3.1
Beaumont-Port Arthur
385,090
388,745
0.9
Wichita Falls
151,524
151,306
-0.1
Source: U.S. Census Bureau
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2011 Texas Metro Market Overview
Odessa
Interstate and Cross-Border
2010 Migration Patterns – traffic flow by state/province Based on 74,541 Interstate Household Goods Moves from January 1, 2010 through December 31, 2010
OREGON
SOUTH CAROLINA
TEXAS
Year
Inbound
Outbound
Year
Inbound
Outbound
Year
Inbound
Outbound
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
658 721 987 1,026 1,239 1,421 1,298 1,118 1,198 1,504
592 598 682 818 721 799 994 967 937 1,227
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
1,592 1,368 1,825 2,023 2,087 2,092 1,909 1,637 1,414 1,438
1,642 1,337 1,538 1,757 1,710 1,856 1,780 1,526 1,385 1,630
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
7,248 6,833 8,629 8,831 9,714 9,525 8,644 8,075 7,723 9,030
5,322 4,773 6,442 6,665 6,812 7,210 7,442 6,920 6,778 7,584
Inbound
Outbound
SOUTH DAKOTA
PENNSYLVANIA Year
Inbound
Outbound
Year
- 6 - Outbound Inbound
UTAH Year
2011 Texas Metro Market Overview
Odessa
Education Educational Attainment, Persons Age 25 and Older (in percent) Odessa MSA County
High school Some college, Associate’s Bachelor’s graduate no degree degree degree
Master’s degree
Doctorate degree
Ector
26.8
23.8
5.4
8.6
2.3
0.2
Texas
24.8
22.4
5.2
15.6
5.2
0.8
Source: U.S. Census Bureau 2000
Educational Level, Persons Age 25 and Older (in percent) Odessa-Midland MSA
Texas
High School Graduate or Higher
73.5
75.7
Bachelor’s Degree or Higher
18.4
23.2
Level of Education
Source: U.S. Census Bureau, 2000 (1999 definition)
Local College and University Enrollment, Fall Semester School
2006
2007
2008
2009
2010
Midland College
5,798
5,720
5,784
6,220
6,344
Source: Texas Higher Education Coordinating Board
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2011 Texas Metro Market Overview
Odessa
Employment 70,000
Average Annual Distribution of Employment in Major Categories Odessa MSA
Total Annual Jobs
60,000 50,000 40,000 30,000
20,000 10,000 0
2006
2007
2008
Mining, Logging and Construction Trade, Transportation and Utilities Financial Activities Educational and Health Services Government
2009
2010
Manufacturing Information Professional and Business Services Leisure and Hospitality
Data as of March 2011. For the latest data, please see the Real Estate Center's Monthly Review of the Texas Economy. Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University
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2011 Texas Metro Market Overview
Odessa
Metropolitan Area Nonfarm Employment Change 2000–2010 Sherman-Denison Wichita Falls Beaumont-Port Arthur Victoria San Angelo Dallas-Fort Worth-Arlington Waco Abilene Lubbock Texarkana Amarillo Corpus Christi El Paso Texas Tyler Houston-Sugar Land-Baytown San Antonio-New Braunfels Austin-Round Rock-San Marcos Longview Brownsville-Harlingen College Station-Bryan Killeen-Temple-Fort Hood Odessa Midland Laredo McAllen-Edinburg-Mission -10%
0%
10%
20%
30%
40%
50%
Data as of March 2011. For the latest data, please see the Real Estate Center's Monthly Review of the Texas Economy. Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University
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2011 Texas Metro Market Overview
Odessa
Texas Metropolitan Area Nonfarm Employment Change Metropolitan Area
2000
2010
Percent Change
McAllen-Edinburg-Mission
157,100
219,400
39.7
Laredo
68,800
87,800
27.6
Midland
53,400
68,100
27.5
Odessa
49,900
60,300
20.8
Longview
83,200
95,500
14.8
Killeen-Temple-Fort Hood
108,500
127,800
17.8
College Station-Bryan
82,900
96,900
16.9
Austin-Round Rock-San Marcos
672,700
766,500
13.9
Brownsville-Harlingen
109,700
126,400
15.2
Houston-Sugar Land-Baytown
2,254,600
2,529,200
12.2
San Antonio-New Braunfels
745,200
841,400
12.9
Tyler
83,900
92,300
10.0
Texas
9,426,700
10,342,000
9.7
Texarkana
53,000
56,400
6.4
El Paso
256,400
277,900
8.4
Corpus Christi
164,900
178,100
8.0
Lubbock
121,700
128,600
5.7
Amarillo
102,900
109,700
6.6
2,763,200
2,862,400
3.6
Waco
101,100
105,500
4.4
Abilene
61,900
64,900
4.8
Victoria
49,800
49,000
-1.6
San Angelo
44,300
44,600
0.7
Dallas-Fort Worth-Arlington
Beaumont-Port Arthur
161,800
158,500
-2.0
Wichita Falls
61,200
58,100
-5.1
Sherman-Denison
45,900
42,500
-7.4
Data as of March 2011. For the latest data, please see the Real Estate Center’s Monthly Review of the Texas Economy. Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University
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2011 Texas Metro Market Overview
Odessa
Average Annual Nonfarm Employment Growth Odessa MSA
8.0
6.7
6.3
Percent Change from Previous Year
6.0 4.0 2.0 0.0
4.2
3.1 1.4
2.4 0.0
1.0
0.4
0.0
-2.0 -4.0 -5.8
-6.0 -8.0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Data as of March 2011. For the latest data, please see the Real Estate Center's Monthly Review of the Texas Economy. Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University
Average Annual Nonfarm Employment Odessa MSA Year
Employment
Percent Change
2000
49,900
-
2001
51,100
2.4
2002
51,100
0.0
2003
51,300
0.4
2004
52,000
1.4
2005
53,600
3.1
2006
57,000
6.3
2007
59,400
4.2
2008
63,400
6.7
2009
59,700
-5.8
2010
60,300
1.0
Data as of March 2011. For the latest data, please see the Real Estate Center’s Monthly Review of the Texas Economy. Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University
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2010
2011 Texas Metro Market Overview
Odessa
Average Annual Unemployment Rate Odessa MSA
9.0
8.1
8.0 7.8
7.0
6.6
6.6 5.8
Percent
6.0 5.0
4.5
4.9
3.9
4.0 3.0
3.4
3.5
2007
2008
2.0 1.0 0.0 2001
2002
2003
2004
2005
2006
2009
Data as of March 2011. For the latest data, please see the Real Estate Center's Monthly Review of the Texas Economy. Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University
Average Annual Employment Growth by Industry Odessa MSA
Texas
Employment Growth 2010 (Percent Change)
1.0
0.3
Unemployment Rate 2010 (Percent Change)
7.8
8.2
Net Job Change in 2010
600
34,800
2010 Employment Growth by Sector (Percent Change) Mining, Logging and Construction
5.5
-3.0
Manufacturing
-2.4
-3.2
Trade, Transportation and Utilities
-1.5
3.1
Information
0.0
-4.4
Financial Activities
0.0
-0.9
Professional and Business Services
2.6
1.7
Educational and Health Services
1.8
3.8
Leisure and Hospitality
-1.7
0.1
Government
1.0
2.1
Data as of March 2011. For the latest data, please see the Real Estate Center’s Monthly Review of the Texas Economy. Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University
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2010
2011 Texas Metro Market Overview
Odessa
2009 Average Hourly Wage ($) by MSA
Austin-Round Rock-San Marcos Houston-Sugar Land-Baytown Dallas-Fort Worth-Arlington Texas Midland Beaumont-Port Arthur College Station-Bryan Odessa San Antonio-New Braunfels Amarillo Longview Lubbock Killeen-Temple-Fort Hood Tyler Victoria Waco Texarkana Corpus Christi Sherman-Denison San Angelo Wichita Falls El Paso Abilene Laredo Brownsville-Harlingen McAllen-Edinburg-Mission
15.41 14.94 14.93
10.00
12.00
14.00
18.65 18.57 18.40 18.25 17.55 17.34 17.18 17.15 17.08 17.06 17.03 16.94 16.93 16.69 16.52 16.50 16.37 16.23
16.00
Note: Data reflect most recent year surveyed Source: Bureau of Labor Statistics
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18.00
19.76 19.60
20.00
21.72 21.58 21.46
22.00
24.00
2011 Texas Metro Market Overview
Odessa
Top Ten Employers Odessa Employer
Category
Employees
Ector County ISD
Education
3,526
Medical Center Hospital
Health Care
1,700
Odessa Regional Medical Center
Health Care
840
City of Odessa
Government
839
Walmart
Retail
832
Saulsbury Companies
Electric & Construction
810
Halliburton Services
Oil & Gas
750
Ector County
Government
658
Nurses Unlimited Inc.
Medical
597
Investment Corp. of America
Financial
507
Source: Odessa Development Corporation, September 2010
Top Ten Private Employers Odessa Employer
Category
Employees
Odessa Regional Medical Center
Medical
840
Walmart
Retail
832
Saulsbury Companies
Electric & Construction
810
Halliburton Services
Oil & Gas
750
Nurses Unlimited Inc.
Medical
597
Investment Corp. of America
Financial
507
Weatherford CPS
Oil & Gas
430
Bobby Cox Companies Inc.
Retail/Restaurants
405
Family Dollar
Distribution
380
Albertson’s
Retail Grocery
325
Source: Odessa Development Corporation, September 2010
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2011 Texas Metro Market Overview
Odessa MSA
Odessa
Decem ber-2010
(Ector)
Annual Growth Rate for Total NonAgricultural Employment
Industry Composition
Mining, Logging, & Const 18%
Govt. 17%
10.0%
59,600 Jobs
5.0% 0.0% -5.0% -10.0%
Mfg 7%
50,400 Jobs
Monthly Change by Industry
200
Dec-10
Apr-10
Aug-10
Dec-09
Apr-09
Aug-09
Dec-08
Apr-08
Aug-08
Dec-07
Apr-07
Aug-07
Dec-06
Apr-06
Aug-06
Dec-05
0 (500)
Trade, Tranp & Util 23%
(1,000)
Mo n t h ly
Ch an g e
Dec-2010
No v-2010
Dec-2009
Act u al
An n u al Ch an g e Size
%
Act u al
%
Class
Dec-10
Oct-10
Nov-10
as o f Ju n e 2010
Size Class of Indust ries
Em ploym ent by Indust ry
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Informat. 1%
Feb-10
Jan-10
(1,500) Dec-09
Financial Activ 4%
Apr-05
500
0
Educ & Health Svcs Prof, & 10% Bus Svcs 6%
Monthly Change in Total Nonag Employment
1,000
100
Leisure & Hosp 10%
Aug-05
Dec-04
Apr-04
Aug-04
Dec-03
Apr-03
Aug-03
Dec-02
Apr-02
Aug-02
Dec-01
Apr-01
Dec-00
-15.0% Aug-01
Other Services 5%
Em p lo yees
Nu m b er o f
Em p lo ym en t
% o f To t al
Per Fir m
Fir m s
in Size Class
Em p lo ym en t
To t al No n ag r icu lt u r al
59,600
59,500
58,100
100
0.2%
1,500
2.6%
9
1000+
3
7332
12.5%
Min in g , Lo g g in g , & Co n st
10,800
10,800
10,300
0
0.0%
500
4.9%
8
500-999
8
5443
9.3%
Man u f act u r in g
3,900
3,900
3,800
0
0.0%
100
2.6%
7
250-499
9
2878
4.9%
Tr ad e, Tr an sp ., & Ut ilit ies
13,100
13,000
13,000
100
0.8%
100
0.8%
6
100-249
69
10265
17.5%
600
600
600
0
0.0%
0
0.0%
5
50-99
127
8938
15.2%
Fin an cial Act ivit ies
2,600
2,600
2,600
0
0.0%
0
0.0%
4
20-49
358
10682
18.2%
Pr o f es., & Bu sin ess Svcs
3,400
3,400
3,300
0
0.0%
100
3.0%
3
10-19
482
6613
11.3%
Ed u cat io n & Healt h Svcs
5,900
5,900
5,700
0
0.0%
200
3.5%
2
5-9
612
4150
7.1%
Leisu r e & Ho sp it alit y
6,100
6,100
5,800
0
0.0%
300
5.2%
1
1-4
1100
2436
4.1%
Ot h er Ser vices
3,200
3,200
3,100
0
0.0%
100
3.2%
0
0
208
0
0.0%
Go ver n m en t
10,000
10,000
9,900
0
0.0%
100
1.0% TOTAL
2976
58737
100.0%
In f o r m at io n
Com m ent s f or Decem ber 2010
2nd Quarter Wages by Industry (in millions)
Total Nonagricultural Employment in the Odessa MSA gained 100 jobs in December. This is the fifth consecutive monthly gain for the MSA. Over the past twelve months, the MSA gained 1,500 jobs for an annual growth rate of 2.6 percent. Retail Trade gained 100 positions in connection with the holiday shopping season. All other industries had no over-the-month change for December.
Mining & Logging $106.2
Govt $100.7
Other Svcs $19.9 Const $62.6
Leisure & Hosp $22.6 Educ & Health Svcs $43.8
Manuf $51.9
Prof & Bus Svcs $41.5 Financial Activities Information $28.1 $5.8
Trade, Trans, & Util $130.9
Unem ploym ent Inf orm at ion (all est im at es ar e in t h o u san d s) Odessa MSA C.L.F.
Em p .
Un em p . % Rat e
Dec-10
71.1
66.1
5.0
No v-10
71.4
66.0
5.4
Dec-09
70.3
64.2
6.1
Texas (Act u al) C.L.F.
Em p . Un em p .% Rat e
7.0
12,201.4
11,223.8
977.6
7.5
12,226.5
11,214.4
1,012.1
8.7
12,027.7
11,069.9
957.8
Source: Texas Workforce Commission
- 15 -
Unit ed St at es (Act u al) C.L.F.
Em p .
Un em p .
% Rat e
8.0
153,156.0
139,159.0
13,997.0
9.1
8.3
153,698.0
139,415.0
14,282.0
9.3
8.0
152,693.0
137,953.0
14,740.0
9.7
2011 Texas Metro Market Overview
Odessa
Economy 2009 Gross Retail Sales Per Capita ($) Dallas-Plano-Irving MD Midland Houston-Sugar Land-Baytown Odessa Lubbock Amarillo Tyler Longview Texas Killeen-Temple-Fort Hood Austin-Round Rock-San Marcos Fort Worth-Arlington MD Beaumont-Port Arthur Victoria Abilene Waco San Angelo San Antonio-New Braunfels College Station-Bryan Laredo Wichita Falls Sherman-Denison Corpus Christi McAllen-Edinburg-Mission El Paso Texarkana Brownsville-Harlingen 5,000
7,000
9,000
11,000
13,000
15,000
17,000
19,000
21,000
Note: Data reflect most recent year surveyed; MD=subset of an MSA Source: Texas Comptroller's Office
Gross Retail Sales Odessa MSA Year
Total Sales*
Sales per Capita
1999
$1,305,096,621
$10,658
2000
$1,425,344,239
$11,768
2001
$1,576,728,511
$13,045
2002
$1,410,034,999
$11,524
2003
$1,507,156,839
$12,258
2004
$1,560,547,775
$12,555
2005
$1,867,146,500
$14,897
2006
$2,218,178,344
$17,403
2007
$2,464,029,695
$19,017
2008
$2,705,404,820
$20,505
$2,048,468,763
$15,216
State Average 2009:
$14,462
2009
*Update current year only. See Texas Comptroller site for updated data in previous years: https://ourcpa.cpa.state.tx.us/allocation/HistSales.jsp Source: Texas Comptroller’s Office
- 16 -
2011 Texas Metro Market Overview
Odessa
Infrastructure Midland Airport Passengers Airport
2006
2007
2008
2009
2010
Midland International Airport Enplaned
473,851
491,321
487,403
420,845
442,543
Deplaned
469,207
486,010
481,961
417,695
438,286
Total
943,058
977,331
969,364
838,540
880,829
Source: Midland International Airport
Midland Airport Cargo Statistics (in pounds) Airport
2006
2007
2008
2009
2010
Enplaned
3,122,293
3,181,692
3,194,802
2,303,193
2,658,204
Deplaned
4,484,639
4,596,756
4,616,503
3,607,316
4,271,470
Total
7,606,932
7,778,448
7,811,305
5,910,509
6,929,674
Midland International Airport
Source: Midland International Airport
- 17 -
2011 Texas Metro Market Overview
Odessa
Midland Airline Boardings and Cargo Statistics Totals
1,000,000
977,331
950,000
9,000,000
969,364
8,000,000
943,058
7,000,000
900,000 880,829
5,000,000 4,000,000
850,000
838,540
3,000,000 2,000,000
800,000
1,000,000 750,000
2006
2007
2008 Passengers
Source: Midland International Airport
- 18 -
2009 Cargo
2010
0
Cargo (in pounds)
Passengers
6,000,000
2011 Texas Metro Market Overview
- 19 -
Odessa
2011 Texas Metro Market Overview
Odessa
Multifamily Odessa–Permian Basin Apartment Statistics 2010 Odessa/ Texas Metro Permian Basin Average Average rent per square foot
$0.73
$0.85
Average rent for units built since 2000
$0.53
$0.94
Average occupancy
95.5%
92.3%
Average occupancy for units built since 2000
96.9%
94.5%
Total units*
8,426
1,538,182
588
306,374
Total units built since 2000* *As of December 2010 Source: Apartment MarketData Research
5+ Multifamily Building Permits Odessa MSA
500
460
440
450 400 350
Units
300 250
224
200 150 100 50 0
0
2006
0
2007
2008
Source: U.S. Census Bureau
- 20 -
2009
2010
2011 Texas Metro Market Overview
Odessa
Housing Home Price Appreciation Odessa MSA The HPI for each geographic area is estimated using repeated observations of housing values for individual single-family residential properties on which at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae. 25.0%
Change from Previous Year
20.0% 15.0% 10.0% 5.0% 0.0%
Odessa
Texas
4Q-10
4Q-09
4Q-08
4Q-07
4Q-06
4Q-05
4Q-04
4Q-03
4Q-02
4Q-01
-10.0%
4Q-00
-5.0%
USA
Source: Federal Housing Finance Agency
National Home Price Appreciation
The HPI for each geographic area is estimated using repeated observations of housing values for individual single-family residential properties on which at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae. 40.0%
20.0% 10.0% 0.0% -10.0%
4Q-07
Texas
USA
Source: Federal Housing Finance Agency
- 21 -
4Q-10
4Q-06
Florida
4Q-09
4Q-05
California
4Q-08
4Q-04
4Q-03
4Q-02
-30.0%
4Q-01
-20.0%
4Q-00
Change from Previous Year
30.0%
2011 Texas Metro Market Overview
Odessa
Housing Affordability Index (HAI) 3Q 2010 MLS
MedianPriced Home
Required Income to Qualify
FY 2010 Median Family Income
HAI*
HAI for First-Time Homebuyers**
Odessa
$139,100
$27,831
$53,200
1.91
1.25
Texas
$151,600
$30,332
$58,600
1.93
1.42
United States
$177,900
$35,952
$64,000
1.78
0.99
*The HAI is the ratio of the median family income to the income required to buy the median-priced house using standard mortgage financing at the current interest rate. Standard financing is a fixed-rate, 30-year loan covering 80 percent of the cost of the home. A HAI of 1.00 indicates that the median family income is exactly equal to the required income to qualify for the standard loan to purchase the median-priced house. **First-time homebuyer is assumed to purchase a home equal to the first quartile home price using a 90 percent home loan at an interest rate 0.5 percent greater than the standard current rate. Source: Real Estate Center at Texas A&M University
14.0
Price Distribution of MLS Homes Sold Odessa
12.0
Percent
10.0 8.0 6.0 4.0 2.0 0.0
2008
2009
Source: Real Estate Center at Texas A&M University
- 22 -
2010
2011 Texas Metro Market Overview
Odessa
Price Distribution of MLS Homes Sold, Odessa (in percent) Price Range
2004
2005
2006
2007
2008
2009
2010
$29,999 or less
-
-
5.8
3.3
2.4
0.8
2.3
$30,000–39,999
-
-
5.4
3.2
2.3
2.5
1.8
$40,000–49,999
-
-
6.0
3.6
3.0
1.8
2.1
$50,000–59,999
-
-
7.5
5.1
2.9
3.2
3.1
$60,000–69,999
-
-
10.8
5.3
4.4
4.4
3.7
$70,000–79,999
-
-
8.6
7.7
6.6
3.1
4.8
$80,000–89,999
-
-
8.6
8.4
6.7
6.5
7.9
$90,000–99,999
-
-
6.3
6.4
8.7
7.7
6.5
$100,000–119,999
-
-
9.3
10.0
11.7
12.9
12.9
$120,000–139,999
-
-
10.1
12.7
11.5
13.0
13.2
$140,000–159,999
-
-
4.3
8.4
9.5
12.0
10.0
$160,000–179,999
-
-
4.3
4.9
6.4
6.5
8.1
$180,000–199,999
-
-
2.8
4.7
5.8
5.5
5.4
$200,000–249,999
-
-
5.1
7.4
6.8
10.2
7.8
$250,000–299,999
-
-
2.3
4.6
5.2
5.4
5.5
$300,000–399,999
-
-
1.7
2.7
3.9
3.1
3.4
$400,000–499,999
-
-
0.3
0.7
1.3
0.6
1.0
$500,000 and more
-
-
0.7
1.0
0.9
0.9
0.6
“-” represents unreported data or nonparticipation in Real Estate Center’s survey. Source: Real Estate Center at Texas A&M University
Property Tax Rates 2010 Taxing Entity*
Tax Rate per $100 Valuation
City of Odessa
$0.523
Ector County ISD
1.135
Ector County
0.356
Total
$2.014
*Only the typical taxing entities are included in the total. However, there are numerous taxing entities that need to be taken into account for an actual tax rate calculation. See following link for a more complete list: http://www.ectorcad.org/ Source: Ector County Appraisal District
- 23 -
2011 Texas Metro Market Overview
Odessa
Average Sales Price Odessa MLS
$160,000
$144,200
$140,000
$146,200
$133,300
$120,000
$142,100
$108,600
$100,000 $80,000 $60,000 $40,000 $20,000 $0 2001
Data not available through 2005
2002
2003
2004
2005
2006
2007
2008
2009
2010
Source: Real Estate Center at Texas A&M University
Yearly Home Sales and Months Inventory Odessa MLS
1,800
6
1,600 5
1,400
Sales
4
1,000 3 800 600 400 200 0
2 Months Inventory measures the current absorption rate and how long it would take for current supply to be depleted if no other listings came on the market. Data not available through 2005.
2001
2002
2003
2004
1
2005 Sales
Source: Real Estate Center at Texas A&M University
- 24 -
2006 Supply
2007
2008
2009
2010
0
Months Inventory
1,200
2011 Texas Metro Market Overview
Odessa
Single-Family Home Sales Volume Odessa MLS
160 140 120
Units
100 80 60 40 20 0
Jan.
Feb.
Mar.
Apr.
May
June 2008
July 2009
Aug.
Sept.
Oct.
Nov.
Dec.
2010
Source: Real Estate Center at Texas A&M University
Single-Family Building Permits and Average Value Odessa MSA
300
$250,000 268
261
254
250
$200,000
220
215
200 Units
150 $100,000 100 $50,000
50
0
2006
2007
2008 Units
2009 Average Value
Source: U.S. Census Bureau
- 25 -
2010
$0
Average Value
$150,000
2011 Texas Metro Market Overview
18.00
Mortgage Rates 30-Year Fixed
Odessa
3.0
16.00 2.5 14.00 2.0
10.00 1.5
8.00 6.00
Points
Rate
12.00
1.0
4.00 0.5 2.00 0.00
0.0
Annual Average Rate
Annual Average Points
Source: Federal Home Loan Mortgage Corporation
9.00
Mortgage Rates 15-Year Fixed
1.8
8.00
1.6
7.00
1.4
6.00
1.2
5.00
1.0 4.00
0.8
3.00
0.6
2.00
0.4
1.00
0.2
0.00
0.0
Annual Average Rate Source: Federal Home Loan Mortgage Corporation
- 26 -
Annual Average Points
Points
Rate
2.0
2011 Texas Metro Market Overview
Odessa
Hotel Hotel* Occupancy and Rental Rates 2009 Odessa MSA Number of Rooms (in thousands) Average Daily Rate** Occupancy Rate (in percent)***
2010 Texas
Odessa MSA
Texas
2.2
377.4
2.4
396.3
$61.88
$79.95
$79.74
$82.27
50.8
49.2
57.6
51.3
*Only properties exceeding $20,000 in the current quarter are included; those units below $20,000 only result in 1.5 percent of the total state revenues and have been excluded from the Source Strategies database. **Estimated with the aid of financial reports, appraisers, private SSI surveys, chain and AAA directories and another reliable industry database. ***Occupancy: nights sold divided by nights available (x 100). Room-nights sold are calculated from estimated rate and actual rooms revenues. Sources: Office of the Governor—Economic Development and Tourism, and Source Strategies Inc. of San Antonio
- 27 -
Real Estate Center Market Reports
The Center strives to provide the most accurate and up-to-date data to paint a detailed picture of Texas’ Metropolitan Statistical Areas. However, links contained in this report may change or become obsolete. The Center advises contacting the original source regarding broken links. The Center also offers numerous other publications, resources and data.
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REPORT COMPILED BY:
Edith Craig Kory Merten Kristen Wiehe
Real Estate Center 2115 TAMU College Station, TX 77843-2115
Administrative Coordinator Market Research Assistant/Design Assistant Market Research Assistant/Design Assistant
979.845.2031 979.845.0460 FAX