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TEXOMA REGIONAL ECONOMIC DASHBOARD

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Texoma Regional Economic Dashboard

Inaugural Quarterly Report on the Economic Condition of Texoma

SHERMAN, March 22, 2013 – Workforce Solutions Texoma, Texoma Council of Governments, and Denison Development Alliance announce the release of the Texoma Regional Economic Dashboard report. This report covers the Fourth Quarter of 2012. The Economic Dashboard provides a quick, informed, and consistent economic picture of the area.

"I'm really pleased this dashboard is in place," Dr. Randy McBroom, TCOG's Government Services Department Director, stated. "I believe it can be a great tool for local businesses, economic development professionals, and citizens interested in the economic condition of our region."

The Texoma Regional Economic Dashboard aligns multiple economic indicators from four board categories: Employment, Public Assistance, Spending, and Miscellaneous Indicators. The result is a more accurate picture of the overall health of the Regional economy. The Texoma Region includes Cooke, Fannin, and Grayson Counties.

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

MOST RECENT QUARTER ANALYSIS: FOURTH QUARTER, 2012

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 last quarter, and this time last year. This is based on several factors.

1.     Civilian Labor Force is at 96,078 – down from 96,406 in the 3rd Qtr. 2012, but up from 94,456 in the 4th Qtr. 2011.

2.     Unemployment Rate is at 6.3% – up from 6.2% in the 3rd Qtr. 2012, but down from 7.2% in the 4th Qtr. 2011.
Bob Rhoden, Director of External Relations with Workforce Solutions Texoma said, "We continue to see improvement on the employment front. In addition to the continuing downward trend in the Unemployment Rate, we added people to the Labor Force again. There were 96,078 people in the Labor Force in the 4th Quarter of 2012, compared to 94,456 in the 4th Quarter of 2011. It's important not to lose ground when the Labor Force increases; and we didn't. The Labor Force grew by approximately 1,600 people, between the 4th Quarter of 2011 and the 4th Quarter of 2012, and at the same time, the number of people working grew by almost 2,400. That means, not only did the 1,600 new people find jobs, another 800 who were already in the Labor Force found jobs as well."

3.     TANF Enrollment is at 708 – down from 712 in the 3rd Qtr. 2012, and down from 742 in the 4th Qtr. 2011.

4.     SNAP Enrollment is at 30,239 – up from 29,827 in the 3rd Qtr. 2012, but down from 31,066 in the 4th Qtr. 2011.

5.     Sales Tax Allocations are at $10,240,529 – down from $13,042,258 in the 3rd Qtr. 2012, and down from $11,262,868 in the 4th Qtr. 2011.

6.     Hotel/Motel Taxable Sales are at $5,921,660 – down from $7,641,470 in the 3rd Qtr. 2012, but up from $5,835,735 in the 3rd Qtr. 2011.

The Texoma Regional Economic Dashboard will be released in two formats, a quarterly report that contains 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.

The next installment scheduled to be released in June 2013, which will include the 1st Qtr. 2013. An Annual Report for 2012 is being prepared, and will be released soon.