Economic indicators

Victoria Advocate's overview of economic indicators in the Victoria area. Indicators include Oil, Real Estate, Retail, Travel, and Workforce.

By: Joshua Tesch, Jordan Rubio, Taylor Tompkins

Oil and Gas

The oil and gas industry is vital to Texas' economy, with seven of the ten largest public companies in the state in the business. The Crossroads is no exception, with parts of the region laying in or near the Eagle Ford Shale. 

Many sectors of the economy have seen the affects of the boom, which began in 2010, and the decline, which is currently affecting patches across the state.

Rig Counts
Card image cap

Rig counts track drilling and production activity in the oilfields in the area.

According to Baker Hughes, rig counts are an important statistic because it measures activity and demand in the oilfields. 

Source: Victoria Advocate Reports


Oil Inventories
Card image cap

The level of oil inventory is tracked because the supply number helps dictate the price of products made of petroleum, according to Bloomberg.

During economic growth, the demand for oil is high and if supply is low, it will create high prices.

Source: Bloomberg 


Natural Gas Storage
Card image cap

The level of natural gas inventory is tracked because the supply number helps dictate the price of products made of natural gas, according to Bloomberg.

During economic growth, the demand for natural gas is high and if supply is low, it will create high prices.

Source: Bloomberg 


Real Estate

The real estate market accounts for about 18 percent of the country's gross domestic product annually and is often looked at as a marker of the health of the American economy. 

Home prices, along with mortgage rates, help boost Americans' spending confidence, according to the National Association of Realtors. Home purchases also affect the amount of goods and services bought.



Average days on market
Card image cap

This looks at how many days a home has been listed as for sale before an offer is accepted.

Generally, the more days a home is on the market, the less it sells for, according to Financial Web.

Source: Victoria Area Association of Realtors


New listings
Card image cap

New listings are the number of homes that have been put on the market during a month. 

With more homes on the market vying for a buyer, the price is driven lower.

Source: Victoria Area Association of Realtors


Home sales
Card image cap

This is the number of existing homes sales closed in any given month. 

The number of homes sold indicates the demand in the housing market. 

Source Victoria Area Association of Realtors


Retail

Retail is important to the local economy by providing jobs and tax revenue in the county and the city. It garners almost double the gross domestic product of the housing market. 

Consumers get their goods and services directly from retail shops and businesses. Retail is also important to the manufacturing company by packing, marketing and selling finished products directly to the consumer. 

Number of DBAs Filed
Card image cap

The number of DBAs filed is a measure of how many companies are being started each month within the county.

DBAs, short for Doing Business As, is a form filled out to declare the name of a company and who runs it. 

Source: Victoria County Clerk


City Sales Tax
Card image cap

An 8.25 percent tax is added to retail prices, which is sent to the Texas Comptroller's office. The state keeps 6.25 percent of the tax then allocates 1.5 percent to the city.

Source: Texas Comptroller's office



County Sales Tax
Card image cap

An 8.25 percent tax is added to retail prices, which is sent to the Texas Comptroller's office. The state keeps 6.25 percent of the tax then allocates .5 percent to the county.

Source: Texas Comptroller's office



Travel

Travel can track the number of tourist staying in Victoria or the number of those going in and out of the city. 

Travel is important to the local economy by bringing in outside dollars in travel expenses and retail. 

Hotel occupancy tax
Card image cap

The state charges a six percent hotel tax rate to any building in which the public is charge more than $15 for sleeping accommodations, according to the comptroller's office. 

Source: Texas Comptroller's office


Airport traffic
Card image cap

This measures passengers that fly into or out of the Victoria Regional Airport each month, which is valuable to see those coming in and out of the city.

Source: Victoria Regional Airport


Workforce

A skilled and educated workforce is key in attracting new employers to the area and keeping unemployment low.

More people working boosts the local economy, according to Workforce Solutions.

Unemployment rate
Card image cap

The unemployment rate measures how likely it is for a person to be unemployed in the Crossroads. It is calculated by dividing those unemployed by the total number of people in the workforce.

Source: Texas Workforce Commission


Employment numbers
Card image cap

The number of employed show the amount of people in the Crossroads region with a job during the month. 

Source: Texas Workforce Commission


Unemployment numbers
Card image cap

The number of employed show the amount of people in the Crossroads region with a job during the month. 

Source: Texas Workforce Commission