ECONOMIC INDICATORS
January 2014 ▪ Published since 2002
Grant Renewed for 5-years from the U.S. Department of Commerce
The...
Economic Indicators January 2014 Page 2
Source: Oklahoma Tax Commission
Source: Oklahoma Tax Commission
*Delaware County’s...
Economic Indicators January 2014 Page 3
Source: Oklahoma Tax Commission
Source: Oklahoma Tax Commission
Source: Oklahoma T...
Economic Indicators January 2014 Page 4
Source: Oklahoma Tax Commission Source: Oklahoma Tax Commission
NE Oklahoma Sales ...
Economic Indicators January 2014 Page 5
Lodging Tax Collections
Lodging tax collections reflect the level of
expenditures ...
Economic Indicators January 2014 Page 6
industrial buildings create not only an increase in
initial construction jobs, but...
Economic Indicators January 2014 Page 7
Labor Market Information
Labor market information consists of the local
number of ...
Economic Indicators January 2014 Page 8
Meet the Innovation Center Team
Marcus Arreguin – Business Intelligence
Research A...
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Economic Indicators - Jan. 2014

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Economic Indicators - Jan. 2014

  1. 1. ECONOMIC INDICATORS January 2014 ▪ Published since 2002 Grant Renewed for 5-years from the U.S. Department of Commerce The Innovation Center was recently awarded a five-year grant renewal from the U.S. Department of Commerce as part of the University Center Economic Development Program Competition. University Centers provide business solutions and technical assistance to public- and private-sector organizations, and conduct other activities with the goal of enhancing regional economic development. They offer a full range of services tailored to each region’s needs and the institution’s strengths. University Center business solutions include basic and applied research, market research, feasibility studies, product development, strategic and financial planning and seminars and training. These services enhance business productivity, streamline operations, increase quality, and cut costs. Innovation Center grant funds will be used to promote the advancement of innovation in the support of a more competitive, efficient, and entrepreneurial spirit in northeastern Oklahoma. Sales Tax Collection Retail sales, as approximated by retail sales tax collections, are a broad measure of consumer spending. Sales tax data are not seasonally- adjusted or adjusted for price changes. Care should be taken when interpreting sales tax collection data because the figure for a particular month represents the net revenue collected by the Oklahoma Tax Commission (OTC) for retail purchases in various prior periods. Larger retailers submit payments for sales taxes collected during the last half of the prior month and the first half of the current month. Smaller retailers submit payments for sales taxes collected over the previous calendar month only. All sales tax payments are due by the twentieth of the month. Thus sales taxes paid at the time of the purchase may be reported by the merchant and collected by the OTC for sales occurring some six weeks earlier or as recently as five days prior. In addition, some retailers make estimated payments which may understate or overstate the correct amount for a particular month which is corrected sometime in future months. In any event, reported sales tax revenue always lags behind purchases.
  2. 2. Economic Indicators January 2014 Page 2 Source: Oklahoma Tax Commission Source: Oklahoma Tax Commission *Delaware County’s sales tax rate increased from .9% to 1.4% in Jul 12 Source: Oklahoma Tax Commission Source: Oklahoma Tax Commission Source: Oklahoma Tax Commission Source: Oklahoma Tax Commission $160,000 $180,000 $200,000 $220,000 $240,000 $260,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Figure 1: Craig County Sales Tax Collections by Month, 2011-2013 Fiscal Years 2011 2012 2013 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Figure 3: Delaware County Sales Tax Collections by Month, 2011-2013 Fiscal Years 2011 2012 2013 $300,000 $340,000 $380,000 $420,000 $460,000 $500,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Figure 5: Mayes County Sales Tax Collections by Month, 2011 - 2013 Fiscal Years 2011 2012 2013 $170,000 $195,000 $220,000 $245,000 $270,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Figure 2: Vinita Sales Tax Collections by Month, 2011-2013 Fiscal Years 2011 2012 2013 $65,000 $70,000 $75,000 $80,000 $85,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Figure 4: Jay Sales Tax Collections by Month, 2011-2013 Fiscal Years 2011 2012 2013 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Figure 6: Pryor Sales Tax Collections by Month, 2011 - 2013 Fiscal Years 2011 2012 2013
  3. 3. Economic Indicators January 2014 Page 3 Source: Oklahoma Tax Commission Source: Oklahoma Tax Commission Source: Oklahoma Tax Commission *Rogers County’s sales tax rate increased from .1.5% to 1.833% in Oct 12 Source: Oklahoma Tax Commission Source: Oklahoma Tax Commission Source: Oklahoma Tax Commission $60,000 $70,000 $80,000 $90,000 $100,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Figure 7: Nowata County Sales Tax Collections by Month, 2011 - 2013 Fiscal Years 2011 2012 2013 $225,000 $245,000 $265,000 $285,000 $305,000 $325,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Figure 9: Ottawa County Sales Tax Collections by Month, 2011-2013 Fiscal Years 2011 2012 2013 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Figure 11: Rogers County Sales Tax Collections by Month, 2011-2013 Fiscal Years 2011 2012 2013 $50,000 $57,500 $65,000 $72,500 $80,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Figure 8: Nowata Sales Tax Collections by Month, 2011 - 2013 Fiscal Years 2011 2012 2013 $350,000 $395,000 $440,000 $485,000 $530,000 $575,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Figure 10: Miami Sales Tax Collections by Month, 2011-2013 Fiscal Years 2011 2012 2013 $700,000 $750,000 $800,000 $850,000 $900,000 $950,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Figure 12: Claremore Sales Tax Collections by Month, 2011-2013 Fiscal Years 2011 2012 2013
  4. 4. Economic Indicators January 2014 Page 4 Source: Oklahoma Tax Commission Source: Oklahoma Tax Commission NE Oklahoma Sales Tax Collections Table 1: Sales Tax Collections for Northeastern Oklahoma, Fiscal-Year-To-Date City/County State Tax Rate (percent) County Tax Rate (percent) City Tax Rate (percent) Total Tax Rate (percent) 2011/2012 Fiscal Year-to-Date 2012/2013 Fiscal Year-to-Date Percent Change Craig County 4.5 2.000 N/A N/A $2,601,583 $2,599,861 -0.1% Delaware County 4.5 1.400 N/A N/A $2,826,761 $4,101,943 45.1% Mayes County 4.5 1.375 N/A N/A $4,612,402 $5,052,441 9.5% Nowata County 4.5 2.000 N/A N/A $978,477 $954,644 -2.4% Ottawa County 4.5 1.350 N/A N/A $3,239,850 $3,100,469 -4.3% Rogers County 4.5 1.833 N/A N/A $10,243,677 $11,719,223 14.4% Washington County 4.5 1.000 N/A N/A $5,987,351 $5,986,862 0.0% Bartlesville 4.5 1.000 3.00 8.50 $16,120,599 $16,256,027 0.8% Bixby 4.5 1.017 3.50 9.02 $7,329,861 $8,383,457 14.4% Broken Arrow 4.5 1.017 3.00 8.52 $33,419,960 $34,895,875 4.4% Catoosa 4.5 1.833 3.25 9.58 $3,456,812 $3,358,280 -2.9% Claremore 4.5 1.833 3.00 9.33 $10,343,759 $10,489,669 1.4% Grove 4.5 1.400 3.40 9.30 $5,999,657 $5,847,989 -2.5% Jenks 4.5 1.017 3.00 8.52 $4,544,705 $4,754,037 4.6% Miami 4.5 1.350 3.65 9.50 $6,350,870 $6,106,273 -3.9% Muskogee (City of) 4.5 0.650 4.00 9.15 $23,369,572 $23,000,958 -1.6% Nowata (City of) 4.5 2.000 3.00 9.50 $822,789 $807,953 -1.8% Okmulgee 4.5 1.250 4.00 9.75 $5,893,870 $5,847,292 -0.8% Owasso 4.5 1.017 3.00 8.52 $18,452,292 $19,114,538 3.6% Pryor 4.5 1.375 3.75 9.63 $6,831,295 $7,322,628 7.2% Sand Springs 4.5 1.017 3.50 9.02 $10,087,466 $10,052,533 -0.3% Sapulpa 4.5 1.000 4.00 9.50 $11,837,538 $11,308,201 -4.5% Tahlequah 4.5 2.000 2.50 9.00 $6,841,302 $7,184,088 5.0% Tulsa (City of) 4.5 1.017 3.00 8.52 $221,801,478 $226,772,030 2.2% Vinita 4.5 2.000 3.00 9.50 $2,793,141 $2,740,403 -1.9% Source: Oklahoma Tax Commission Delaware County’s sales tax rate increased from .9% to 1.4% on July 1, 2012. Rogers County’s sales tax rate increased from 1.5% to 1.833% on October 1, 2012. City of Tulsa’s sales tax rate increased from 3% to 3.167% on October 1, 2012. $425,000 $455,000 $485,000 $515,000 $545,000 $575,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Figure 13: Washington County Sales Tax Collections by Month, 2011-2013 Fiscal Years 2011 2012 2013 $1,100,000 $1,200,000 $1,300,000 $1,400,000 $1,500,000 $1,600,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Figure 14: Bartlesville Sales Tax Collections by Month, 2011-2013 Fiscal Years 2011 2012 2013
  5. 5. Economic Indicators January 2014 Page 5 Lodging Tax Collections Lodging tax collections reflect the level of expenditures from tourism and travel. Visitors attracted to local activities spend money within the local area. Merchants use these monies to pay salaries of their employees and purchase goods and services used in their businesses. In turn, the employees spend their income for goods and services. This cycle repeats several times. The total economic impact of the initial tourist expenditure increases as each newly spent dollar circulates through the local economy. If a fraction of each dollar is saved or is spent outside the local economy, the total economic impact is reduced. The figure shown illustrates the amounts of lodging tax collections distributed to the Claremore Convention Visitors Bureau. Source: City of Claremore Electric and Water Meters A good indicator of Claremore’s rate of growth can be obtained by comparing the change in the number of residential and commercial electric and water meters. Changes in the number of electric and water meters within a given area are indicators of new or waning demand for services. Frequently, an increase in meters may be attributed to new construction although meters may also increase due to an expansion of services to existing buildings. Source: City of Claremore Source: City of Claremore Building Permits Residential building permits are a good indicator of housing demand and of construction industry health. They represent the number of new, single-family buildings or homes where construction will soon begin. Although residential buildings are classified as investments, it is new commercial and industrial building permits that represent additions to the economy’s productive capacity and capital stock. New commercial and $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Figure 15: Lodging Tax Collections, Claremore, 2011-2013 Fiscal Years 2011 2012 2013 935 940 945 950 955 960 965 970 975 980 985 990 6450 6500 6550 6600 6650 6700 6750 6800 6850 6900 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CommercialResidential Figure 16: Water Meters, Claremore, 2012-2013 Residential 2012 Residential 2013 Commercial 2012 Commercial 2013 1370 1380 1390 1400 1410 1420 1430 1440 1450 9600 9700 9800 9900 10000 10100 10200 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CommercialResidential Figure 17: Electric Meters, Claremore, 2012-2013 Residential 2012 Residential 2013 Commercial 2012 Commercial 2013
  6. 6. Economic Indicators January 2014 Page 6 industrial buildings create not only an increase in initial construction jobs, but also create employment demand within the expanding industries. Moreover, they increase the demand for related jobs, such as those in education, sales, real estate, medical, and other public services within the surrounding community. While residential building permits represent the current state of the housing and construction industry health, new commercial and industrial building permits predict the future of economic health of the community and entire economic region. Table 2: Total Number of Permits, Calendar Year-to-Date Type Date Rogers County Claremore 2Q YTD 2Q YTD Residential 2013 95 185 9 12 2012 73 131 12 22 Commercial 2013 8 17 4 7 2012 7 16 2 6 Industrial 2013 N/A N/A 1 1 2012 N/A N/A 1 30 Sources: Claremore and Rogers County Planning Commissions *Industrial figures for Rogers County are combined with commercial figures. Table 3: Total Monetary Value of Permits, Calendar Year-To-Date, in thousands Type Date Rogers County Claremore 2Q YTD 2Q YTD Residential 2013 16,872 34,397 1,142 1,427 2012 8,983 17,824 1,432 2,533 Commercial 2013 4,167 12,078 7,690 8,184 2012 1,282 3,506 1,359 2,163 Industrial 2013 N/A N/A 369 369 2012 N/A N/A 180 180 Sources: Claremore and Rogers County Planning Commissions *Industrial figures for Rogers County are combined with commercial figures. Real Estate The main determinants of the demand for housing are demographic. However other factors like income, price of housing, cost and availability of credit, consumer preferences, investor preferences, price of substitutes, and price of complements all play a role. The core demographic variables are population size and population growth: the more people in the economy, the greater the demand for housing. But this is an oversimplification. It is necessary to consider family size, the age composition of the family, the number of first and second children, net migration (immigration minus emigration), non-family household formation, the number of double family households, death rates, divorce rates, and marriages. In housing economics, the elemental unit of analysis is not the individual but the household. Source: Courtesy of Susan Olivarez, Keller Williams Realty, 918-639-4824. *Value of Sales shown in millions; data is for property in the Claremore ISD Source: Courtesy of Susan Olivarez, Keller Williams Realty, 918-639-4824. *Value of Sales shown in millions 0 5 10 15 20 25 30 35 $0 $1 $2 $3 $4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Figure 18: Real Estate Sales Claremore, 2011-2012 Value of Sales/12 Value of Sales/13 Number of Sales/12 Number of Sales/13 0 20 40 60 80 100 120 $0 $5 $10 $15 $20 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Millions Figure 19: Real Estate Sales Rogers County, 2011-2012 Value of Sales/12 Value of Sales/13 Number of Sales/12 Number of Sales/13
  7. 7. Economic Indicators January 2014 Page 7 Labor Market Information Labor market information consists of the local number of labor force participants, the total number employed, and the percentage of labor force participants unemployed. The change in number of jobs on the payrolls of business, government, and non-profit establishments each month is a more accurate indicator of labor market health than the unemployment rate. The labor force includes all employed persons plus those who are seeking work. The unemployment rate (the percentage of labor force participants without a job and actively seeking work) is based on a monthly survey. The unemployment rate is sensitive to changes in the size of the labor force. For example when unemployed workers become discouraged because they cannot find work and stop looking for work, they are no longer in the labor force. This causes a decline in the unemployment rate. If these discouraged workers later enter the workforce by seeking a job, the unemployment rates increases. Likewise, the influx of new people entering the labor market for the first time may cause an increase in unemployment rates. Consequently, unemployment rates can increase, even though total employment has increased. Changes in the unemployment can also result from seasonal changes such as the influx of new high school and college graduates who seek employment. A county’s unemployment rate is not necessarily a worrisome event if the number of employed increased at the same time. Low unemployment rates are good for job seekers, retail merchants, and taxing entities; however, the increase in purchasing power tends to cause the price of land and real estate to rise within a county. Consequently, like many other economic factors, there are both positive and negative aspects to low unemployment. A few positive results are that low unemployment rates are typically accompanied by a drop in the crime rate, a reduction in welfare recipients, and an increase in concern and care for the elderly, children, and the mentally challenged. Source: Bureau of Labor Statistics. Note: data is not seasonally adjusted 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Figure 20: Unemployment Rates Craig Delaware Mayes Nowata Ottawa Rogers Washington Oklahoma US
  8. 8. Economic Indicators January 2014 Page 8 Meet the Innovation Center Team Marcus Arreguin – Business Intelligence Research Analyst. Marcus joined the Innovation Center in 2011. Prior to that, he performed Geographic Information Systems (GIS) work at his business and for the U. S. Forest Service. He has experience in GIS analysis, research, graphic design, photography, marketing, and business operations. His main responsibilities include research, data analysis, GIS mapping & analysis, and design and production of publications. Marcus received his Master of Interdisciplinary Studies in Spatial Analysis in the fields of geography, mathematics, and statistics from Stephen F. Austin State University in Nacogdoches, Texas. He also holds a Bachelor of Science in Mathematics and Geography from Stephen F. Austin and has coursework in computer science and programming. Marcus is a certified GIS Specialist through the National Center for Economic Gardening. Brandon Irby – New Media Specialist. Brandon joined the Innovation Center in August 2013. He brings with him more than five years of progressive communications experience. Previously Brandon has worked with small businesses and nonprofits to develop new channels of communication focusing on implementing new media strategies into their existing marketing strategies. He received a Bachelor of Arts in Corporate Communications from Rogers State University where he also studied graphic design. Brandon is currently completing his New Media Specialist Certification through the National Center for Economic Gardening and has widespread experience in brand management, strategic communications, social media development and web development. Jeri Koehler – Director. Jeri joined the Center in 2005 as the Business Development Specialist and took over as director in 2012. Jeri received a bachelor’s degree in business administration from RSU and a Master of Business Administration from Cameron University. Jeri is a certified Team Leader through the National Center for Economic Gardening. For additional information on services, visit our website at RSUinnovation.com or contact: Rogers State University (918) 343-7533 innovation@rsu.edu About the Innovation Center – Established in 2002, the Innovation Center provides (1) small business counseling services, (2) entrepreneurial training, (3) a technology and business incubator, (4) business intelligence research, and (5) economic, demographic, and social research related to economic development.

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