AQUA BOOK 2014 - Page 9

Coastal Bend BY THE NUMBERS 2013 Population 589,231 Employment 283,377 Unemployment Rate 5.9% Wages Per Employee $52,637 Average Personal Income $42,421 Sales Volume ($ mil) 53,749 New Home Value $159,988 — % National Average 71% The Coastal Bend 10 Texas 6 4 2 2010 2011 2012 2013 fully recovered from the depths of the last economic slump. While only three counties—Bee, Live Oak and McMullen—lie in the Eagle Ford Shale production zone, much of the region has been facing rapid development in infrastructure, business expansion and workforce demand. Shale oil and gas production has transformed Agriculture 0.8% Mining 6.9% Utilities 0.4% Construction 8.3% Educational Services (Private) 0.4% 2010 2011 2012 2013 many small communities. Despite much progress since 2011, the average level of personal income per local resident remains 7 percent below the U.S. average, and a typical home in the region is about 30 percent more affordable. The regional labor market grew 3 percent in 2013, after a year of record growth in excess of 4 percent. By the end of the year, the regional unemployment rate had dipped to 5.3 percent. With oil and gas drilling underway, Live Oak and McMullen counties are facing unemployment rates below 4 percent. Retail Trade 10.8% Health Care & Social Assistance 15.8% Administrative & Support 3.9% 2009 Manufacturing 4.6% Wholesale Trade 3.2% Accommodation & Food Services 11.1% Arts & Recreation 0.8% 0 2008 Unclassified Industry 0.0% Other Services (except Public Admin) 3.1% U.S. 8 Industry Composition by Employment, 2013 Government 18.8% Change From 2008 4.0% 5.9% 1.2% 15.1% 21.5% 40.5% 16.9% Unemployment Rate Employment Growth region in South 5% Texas comprises 12 counties: Aransas, Bee, Brooks, Duval, Jim Wells, Kenedy, 3% Kleberg, Live Oak, McMullen, Nueces, Refugio, and San 0% Patricio. The region 2008 2009 has exhibited much resilience to the financial -3% crisis and the ensuing economic downturn that wreaked havoc on the rest of the world between 2007 and 2009. Now most local communities are facing unprecedented economic growth in the midst of an oil boom across South Texas. While many U.S. communities remain in the shadow of the Great Recession, the Coastal Bend economy appears to have Change From 2012 1.2% 3.0% -0.3% 6.2% 5.7% -0.9% -2.3% Transportation & Warehousing Information 3.0% 0.9% Real Management of Businesses 0.3% Professional Estate Finance & & Insurance & Scientific Rental 2.3% Services 1.6% 3.0% Annual Review of the South Texas Economy – 2014 Edition |