June 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 primary aim is to provide timely and valuable information to the general public and decision-makers to enable informed decision-making.
02
Demographics and Socioeconomic Drivers
Population in the Tyler, MSA
03
Source: U.S. Census Bureau, and 2022 ACS 1-year estimates Population
Age 2022 ACS 1-year estimates Tyler, MSA Texas United States MedianAge 35.6 37.3 39.0 United States Texas Tyler, MSA
Distribution by
Distribution of Annualized Household Income
11,087,708
80,899 Households Households Households
129,870,928
04
Demographics and Socioeconomic Drivers
Tyler, MSA Texas United States
Per Capita Personal Income 2022 ACS 1-year estimates 2022 Estimates Tyler, MSA Texas United States Source: 2022 ACS 1-year estimates, and U.S. Bureau of Economic Analysis
$65,470 $62,586 $66,784
Economic Drivers
Real Gross Domestic Product
Percentage change from preceding quarter (2021 Q1 - 2023 Q4)
Source: U.S. Bureau of Economic Analysis
$12,000,949
Tyler, TX MSA
3.3 % 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
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GDP Growth 2021-2022
2022 GDP Tyler, TX MSA in thousands of dollars
+
Economic Drivers
Real Gross Domestic Product Over Time in the Tyler,
Percentage change from preceding year (2012 - 2022)
MSA
Real Gross Domestic Product Across Industries in the Tyler,
MSA
Percentage Change (2017 and 2022)
Source: U.S. Bureau of Economic Analysis 06
07 Economic
The Contribution of the Top Ten Industries to GDP Source: U.S. Bureau of Economic Analysis Manufacturing Realestateand RentalandLeasing Mining,Quarrying, andOilandGas Extraction Professional,Scientific,and TechnicalServices WholeTrade OtherIndustries $2,393,014 OtherIndustries Finance,Insurance,Real Estate,Rental,andLeasing EducationalServices,Health Care,andSocialAssistance Manufacturing RetailTrade Professionaland BusinessServices $14,728,798 WholesaleTrade Mining,quarrying,andoiland gasextraction Arts,entertainment,recreation, accommodation,andfoodservices Construction Transportationand Warehousing 2023 Q4 figures in Texas (millions of current dollars) The Contribution of the Top Ten Industries to GDP 2022 Annual figures in the Tyler, MSA (thousands of current dollars) Texas RetailTrade HealthcareandSocial Assistance FinanceandInsurance Construction Information
Drivers
Economic Drivers
Cost of Living Index in the Tyler, MSA
Source:
08
Misc.GoodsandServices Housing Grocery Utilities Transportation HealthCare
2023 Annual Average Data. 2020 to 2023 Annual Average Data
Share of Costs by Items in the Tyler, MSA
Council for Community and Economic Research
Economic Drivers
ThisindicatorcomparesthecostoflivingincertainmetroareasinTexasto Tyler'sMetropolitanStatisticalArea(MSA) Apositivepercentageindicateshow muchadditionalafter-taxincomeisrequiredtomaintainyourcurrentlifestyle, asinTyler.Conversely,anegativepercentageindicateshowmuchmoneyyou could potentially save on your overall expenses compared to your lifestyle expensesinTyler.
09
Cost of Living
to the Tyler, MSA 2023 Annual Average Data
Index Relative
Cost of Living Index Relative to Tyler, MSA
Source: Hibbs Institute and TEDC's estimates using the Cost of Living Index from the Council for Community and Economic Research
10 Taxes Drivers Sales Tax Allocation Smith County YTD (January to Jun 2024) Tyler $29,903,740 Lindale $2,398,139 Winona $115,426 NewChapelHill $13,792 Whitehouse $790,491 Troup $317,419 Bullard $504,789 Noonday $144,544 Arp $137,413
Texas Comptrollers
Source:
Hotel Occupancy Tax Revenue
Tyler, MSA (in dollars)
Gross Sales Tax
Tyler, MSA (in thousands of dollars)
2023 Annualized Sales Tax Growth 4.1%
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Source: Texas Comptrollers
Taxes Drivers
Labor Market Drivers
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Unemployment Rate 1-Month Percent Change (%) Pre-pandemiclevels Feb2020 TheU.S.= 3.5% Texas= 3.6% Tyler,MSA= 3.3% MostRecent Mar2024 TheU.S.= 3.8% Texas= 3.9% Tyler,MSA= 3.8% Employment Growth 2023 and 2024 Annualized percentage change (%) YoYJobsAdded +323,288 +1,194 +2,929,000 Source: U.S. Bureau of Labor Statistics; The Federal Reserve Bank of Dallas United States Texas Tyler, MSA (May 2023 - Apr 2024)
Labor Market Drivers
Total Employment in the Tyler, MSA 2022 Estimates
162,907
3,246 Nonfarm
Source: U.S. Bureau of Economic Analysis
13
Employment by Industry in the Tyler,MSA
employment Farm employment 2022 Estimates
Labor Market Drivers
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Tyler, MSA YoYfigures MaytoApr2024 80% Full-TimeJobs 20% Part-TimeJobs 5% RemoteJobs Hard Skills Soft Skills MicrosoftExcel MicrosoftOffice AbilitytoLift51-100 lbs Communication (Verbalandwritten skills) CustomerService Cooperative/ TeamPlayer Source: Chmura Economics & Analytics. Job Posting Situation (May 01, 2023 - April 30, 2024) Required Education
Job PostingSituation
Housing Market Drivers
U.S. Mortgage Rates
Weekly averages as of 05/23/2024
Source: FreddieMac (05/23/2024) (01/07/2021) (07/29/2021) (10/26/2023) (10/26/2023)
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Most recent values 6.94% 6.24%
30 yr FMR 15 yr FMR Minimum values 2.65% 2.10% Maximum values 7.79% 7.03% 30 yr FMR 15 yr FMR 30 yr FMR 15 yr FMR
(05/23/2024)
Housing Market Drivers
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Building Permits 2023-2024 monthly data Single Family 12,925 units 11,015 units 10,221 units 53 units 20 units 47 units 2-4 Family 5+ Family Source: Texas Real State Research Center. Notes: The size of the height of the bar express the average value in dollars per dwelling unit. Additionally, each bar contains the number of dwelling units. Average value per dwelling unit Average value per dwelling unit Average value per dwelling unit 12,975 units 51 units 13,818 units 58 units 647 units 527 units 712 units 624 units 547 units 4 units 13 units 0 units 18 units 28 units 7,318 units 3,647 units 3,485 units 5,557 units 3,156 units 11 units 0 units 0 units 0 units 14,351 units 41 units 15,688 units 49 units 654 units 1,006 units 27 units 5 units 3,770 units 0 units 5,199 units 0 units 6 units
Home Sales and Median Housing Price
2023 and 2024 monthly data in Smith County
Active Units (Listing)
Homes listed (May 2024)
1,182
Closed Units
YTD Homes closed (May 2024)
971
Average Sales Price YTD Homes Prices (May 2024)
$356,647
Median Sales Price
YTD Homes Prices (May 2024)
$310,000
17 Housing
Market Drivers
Association of REALTORS® | GTAR
Source: Greater Tyler
Housing Market Smith
County
Market Drivers
Total Office Market Statistics
Number of Buildings: 64
2,315,640
Smith
Burns Commercial Properties.
18 Housing
Office Market
County Source:
2023
Office
Total Square Feet:
Total Vacant Square Feet: 242,748 Overall Occupancy Rate: 89.5% Average Annual Rental Rate Per SF: $17.33
Annually data
Market 2023 Annually data
19 Gasoline & Diesel Prices Year Ago Average $3.579 $3.117 $3.096 The U.S. Texas Tyler, MSA Regular Source: 2024 AAA Gas Prices. Prices as of 05/30/2024
20 Year Ago Average $3.997 $3.493 $3.421 The U.S. Texas Tyler, MSA Mid-Grade Source: 2024 AAA Gas Prices. Gasoline & Diesel Prices Prices as of 05/30/2024
21 Year Ago Average $4.332 $3.828 $3.762 The U.S. Texas Tyler, MSA Premium Source: 2024 AAA Gas Prices. Gasoline & Diesel Prices Prices as of 05/30/2024
22 Year Ago Average $3.946 $3.359 $3.281 The U.S. Texas Tyler, MSA Diesel Source: 2024 AAA Gas Prices. Gasoline & Diesel Prices Prices as of 05/30/2024
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
President / CEO
Scott Martinez, CEcD
Senior Vice President, Economic Development
Victor Valle, MBA, CEcD
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/
A collaborative effort by the team: