economic strengths
DESCRIPTION
Economic strengths for Corpus Christi 2012TRANSCRIPT
Corpus Christi: Economic Strengths
2012
Economic Strengths
Major Contributors
Job Growth – USA, TX, Local
Unemployment Rate – USA, TX, Local
Accolades & Achievements
Potential Game Changers
2012 City Budget Impact
Questions?
Major Contributors:
JOB GROWTH
USA and TEXAS:
Based on July 2011 to July 2012
USA: (NonFarm) Increased 1.4%
Texas: (NonFarm) Increased 2.2%
USA: (Private) Increased 1.8%
Texas: (Private) Increased 3.2%
Texas outpaces the USA, and is the 10th largest economy in the world.
Texas & Corpus Christi:
Based on July 2011 to July 2012
Texas: (NonFarm) Increased 2.2%
Texas: (Private) Increased 3.2%
Corpus Christi: Increased 4.0%
Corpus Christi has been #2, or #3 in the state of Texas since October 2011
Major Contributors:
UNEMPLOYMENT
USA and TEXAS:
Based on July 2011 to July 2012
USA: (Actual) Decreased 0.8% (8.7 to 7.9)
Texas: (Actual) Decreased 0.9% (7.8 to 6.9)
USA: (Seasonally Adjusted) Decreased 0.8% (9.0 to 8.2)
Texas: (Seasonally Adjusted) Decreased 1.2% (8.1 to 6.9)
Texas again outpaces the USA, and is putting more people back to work.
Texas & Corpus Christi:
Texas: (Actual) Decreased 0.9% (7.8 to 6.9)
Texas: (Seasonally Adjusted) Decreased 1.2% (8.1 to 6.9)
Corpus Christi: Unemployment only 6.5%!
Corpus Christi has been consistently lowering the unemployment rate for nearly a full year!
Quick Notes:
Texas outpaces the USA in Jobs and unemployment rate
Corpus Christi has nearly tripled the USA job growth rate since October
Corpus Christi has nearly doubled the Texas job growth rate since October
Corpus Christi is the only Texas city that has been consistent since Oct.
Accolades:
ACHIEVEMENTS
Forbes Magazine 2011:
July 1st 2011: CC Rated #7 in USA of 398 Cities for Jobs
July 1st 2011: CC Rated #2 in USA of All Mid Sized Cities for Jobs (250k-500k)
Forbes Magazine 2012:
July 1st: CC Rated #6 in USA of 398 Cities for Jobs
July 1st: CC Rated #2 in USA of All Mid Sized Cities for Jobs (250k-500k)
July 8th: CC Rated #4 in USA of 398 Cities for Future Growth, Economic & Demographic Opportunities.
June 6th: CC Rated #11 in USA of 398 Cities in “Best Places to Retire”
Our Future Potential:
GAME CHANGERS
American Migration:
Game Changers:
Tianjian Pipe Company, TPCO ”$1 billion pipe plant, and will generate up to
2,000 jobs during construction, 300 jobs in its
first year with at least 300 more in following
years. TPCO will generate a $2.7 billion boost to
the local economy in the first decade. The 1.6-
million-square-foot facility will meld scrap steel
and pig iron into 500,000 metric tons of seamless
pipe annually for the oil and gas industry.”
Game Changers:
Cheniere Energy ”…an investment upward of $10 billion…
The facility would host 160 permanent jobs.
During the four-year construction period, there
would be an average of 1,800 construction jobs
per year with a peak of 3,000 jobs and an
estimated impact of 30,000 to 50,000 indirect
permanent jobs.”
Game Changers:
M&G Group ”…expected to create at least 250 direct jobs at
the facility and generate several millions in capital
investment. The total economic impact of the
new plant in Corpus Christi is expected to be
$4.8 billion over 10 years. Direct and indirect
payroll will result from the new plants to reach
$780 million during that same time period.”
Game Changers:
EagleFord Shale generated over $25,000,000,000 in revenue for South Texas in 2011.
Paid $3.1 Billion in salaries & benefits
Provided $12.6B+ in gross product
Added $358MM+ in State revenues
Added Triple Digit Tax Revenue increases in many counties
Schlitterbahn:
Public Investment Funding:
Type A Grant $5,000,000
M & O portion only of Property Tax $20,559,959
Waived Development Fees $1,400,000
Sales Tax (1%) $11,484,359
HOT Fund (7%) $77,974,008
Local Construction Tax $698,552
Public Investment $117,166,878
Schlitterbahn:
5 to 1 leverage ratio on investment
Produces $258 million in revenue to all our taxing jurisdictions, such as the Flour Bluff ISD, of which:
The City receives over $80 million (as opposed to $27,000 annually if property stays a golf course)
The Island TRZ receives an additional $20 million
Creates 40 full time jobs and over 300 part time jobs
Schlitterbahn:
574 total acres and 4 distinct development tracts or districts:
Park District A & B
IslandWalk District
Resort District A & B
Marina District
Schlitterbahn:
2012 City Budget:
How it Affects Your Customers
2012 City Budget:
Proposed $730MM Budget for 2012
Proposed Tax Rate: 57 cents per $100 property valuation
Proposed 5% increase in Water Bills
Average Water Bill increases $1.72/month
Proposed Budget Increases:
Code Enforcement: +$150,000
Municipal Court System: +$886,000
Animal Control: +$250,000
Future Projects:
A Return on Investment
Future Projects:
A Return on Investment
Conclusion:
IN CLOSING…
Conclusion:
Corpus Christi Job Growth is:
Nearly 3x the avg of the USA
Nearly 2x the avg of the State of Texas
Corpus Christi Unemployment is:
Lowering every month for nearly a Year
Game Changers:
We have great momentum!
2012 City Budget:
Same Tax Rate, Higher Water Bills
THANK YOU! QUESTIONS?