End of the Year 2024
ABOUT TYLER ECONOMIC DASHBOARD
Tyler Economic Dashboard is released every quarter. It provides regional and local figures on the demographics and socioeconomic, economy, taxes, labor market, housing market, office market, and gasoline prices.
This report was created through a joint effort by the Tyler Economic Development Council and the Hibbs Institute for Business and Economic Research. Our main objective is to provide timely and valuable information to the general public and decision-makers, thereby facilitating well-informed decisions.
Demographics and Socioeconomic Drivers
Population in the Tyler MSA (2010 -2023)
(2023)
Socioeconomic
11,260,645
81,987 Households Households Households
131,332,360
Per Capita Personal Income (2023)
$66,252 $66,887
$69,810
Economic Drivers
Real Gross Domestic Product (2022Q2 - 2024Q2)
Percentage change from preceding quarter
Source: U.S. Bureau of Economic Analysis
$12,494,743
Gross Domestic Product (GDP)
TheGrossDomesticProduct(GDP) is a measure of the total value of goods and services produced in a country, state, or local economy. This measure excludes the intermediate goods and services used in the production process to avoiddouble-counting.GDPchanges are widely used to indicate the economichealthofanation Tyler MSA
Economic Drivers
Real Gross Domestic Product Over Time in the Tyler MSA
Percentage change from preceding year (2012 - 2023)
Real Gross Domestic Product Across Industries in the Tyler
MSA
Percentage Change (2017 and 2023)
Economic Drivers
Cost of Living Index in the Tyler MSA
Economic Drivers
ThisindicatorcomparesthecostoflivingincertainmetroareasinTexasto Tyler'sMetropolitanStatisticalArea(MSA) Apositivepercentageindicateshow muchadditionalafter-taxincomeisrequiredtomaintainyourcurrentlifestyle, asinTyler.Conversely,anegativepercentageindicateshowmuchmoneyyou could potentially save on your overall expenses compared to your lifestyle expensesinTyler.
Taxes Drivers
Hotel Occupancy Tax Revenue
Tyler MSA (in dollars)
Monthly Sales Tax in Tyler City and Smith County
3-month moving average (March 2019 - December 2024)
Labor Market Drivers
Labor Market Drivers
Employment by Industry in the Tyler MSA
Total Employment in the Tyler MSA
2023 Estimates
97,500
8,642 Private employment Selfemployment
Source: Chmura Economics & Analytics data.
Labor Market Drivers
Job PostingSituation
Housing Market Drivers
U.S. Mortgage Rates
Weekly averages as of 12/12/2024
Source: FreddieMac (12/12/2024) (01/07/2021) (07/29/2021) (10/26/2023) (10/26/2023)
Housing Market Drivers
Home Sales and Median Housing Price
2024 monthly data in Smith County
Active Units (Listing)
Homes listed (Sep 2024)
1,318
Closed Units
YTD Homes closed (Sep 2024)
1,845
Average Sales Price
YTD Homes Prices (Sep 2024)
$367,777
Median Sales Price
YTD Homes Prices (Sep 2024)
$319,000
18 Housing Market Drivers
Number of Buildings: 63 Total Square Feet: 2,033,102
TYLER ECONOMIC DASHBOARD
Data Sources
Demographic variables
U.S. Census Bureau. 2022 ACS 5-year estimates. https://data.census.gov/
Gross Domestic Product variables
Bureau of Economic Activity. Gross Domestic Product. https://www.bea.gov/data/gdp/gross-domestic-product
Cost of Living variables
Council for Community and Economic Research. https://www.coli.org/
Taxes variables
Texas Comptroller. https://comptroller.texas.gov/taxes/sales/
Labor Market variables
Bureau of Labor Statistics. https://www.bls.gov/
Chmura Economics and Analytics. https://www.chmura.com/software
Housing Market variables
Freddie Mac. https://www.freddiemac.com/
Greater Tyler Association of REALTORS® | GTAR . https://www.gtar.com/
Burns Commercial Properties. https://burns-commercial.com/tyler-tx-commercial-realestate-market-trends/
Texas Real Estate Research Center https://trerc.tamu.edu/
Gasoline and Diesel variables
AAA Gas Prices. https://gasprices.aaa.com/
TYLER ECONOMIC DASHBOARD
A collaborative effort by the team:
President / CEO
Scott Martinez, CEcD
Senior Vice President, Economic Development
Mary Alice Guidry
https://tedc.org/
Acting Director and Senior Research Analyst
Manuel Reyes, D.E.D.
Junior Research Analyst
Cecilia Cuellar, Ph.D.
https://www.uttyler.edu/hibbs-institute/ Research Assistant
Pedro Gallardo-Toledo