South Texas Economic Update June 2015
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This document contains several charts and graphs about the economy of Corpus Christi, Texas. It shows that Corpus Christi has experienced steady economic growth with unexpected surges in recent months. The city's job growth was particularly strong in 2012 and since mid-2014, and its unemployment rate has returned to below 4.5%. While industrial construction has replaced oil and gas as the main growth driver, bringing over $32 billion in investments and 1,700 permanent jobs to 115 projects. The tight local job market has put upward pressure on housing prices and cost of living.
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South Texas Economic Update June 2015
- 2. 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.
- 3. 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.
- 4. 0 5 10 15 2008 2009 2010 2011 2012 2013 2014 2015 Unemployment Rate Corpus Christi Brownsville McAllen Laredo San Antonio Texas Source: Federal Reserve Bank of Dallas. UNEMPLOYMENT: Corpus Christi’s jobless rate has returned to the historic low below 4.5%.
- 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.
- 6. OXYCHEM DUPONT KIEWIT SHERWIN ALUMINA NUSTAR OXY INGLESIDE TOPAZ POWER GROUP TRAFIGURA ELEMENTIS CITGO EAST ADM GRAIN ELEVATOR AIR LIQUIDE MARKWEST JAVELINA CELANESE BISHOP, TX INTERSTATE GRAIN AEP TEXAS BTB REFINING LYONDELLBASELL CITGO WEST FLINT HILLS WEST MAGELLAN GULF MARINE FABRICATORS FLINT HILLS INGLESIDE MARTIN MIDSTREAM GULF COMPRESS TPCO CHENIERE VOESTALPINE M&G EMAS FLINT HILLS EAST VALERO Source: Corpus Christi Port Authority CHENIERE Where is all the construction? IMPACT: 115 projects, $32 billion investments, 1,700 permanent jobs
- 7. 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.
- 8. 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.
- 9. Stay current with the local economy at SouthTexasEconomy.com
- 10. Presented by: Jim Lee Inquiry: info@SouthTexasEconomy.com SOUTH TEXAS ECONOMIC UPDATE
Editor's Notes
- ABOUT US The South Texas Economic Development Center is a unit of the College of Business at Texas A&M University-Corpus Christi. Established in 2014, the Center aims at promoting sustainable economic and business development in South Texas, particularly the Coastal Bend region. Keep up with the latest trends in South Texas by visiting us at SouthTexasEconomy.com. For questions, please email Jim Lee at jlee@tamucc.edu.