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Corpus Christi: Economic Strengths 2012

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Economic strengths for Corpus Christi 2012

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Page 1: Economic Strengths

Corpus Christi: Economic Strengths

2012

Page 2: Economic Strengths

Economic Strengths

Major Contributors

Job Growth – USA, TX, Local

Unemployment Rate – USA, TX, Local

Accolades & Achievements

Potential Game Changers

2012 City Budget Impact

Questions?

Page 3: Economic Strengths

Major Contributors:

JOB GROWTH

Page 4: Economic Strengths

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.

Page 5: Economic Strengths

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

Page 6: Economic Strengths

Major Contributors:

UNEMPLOYMENT

Page 7: Economic Strengths

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.

Page 8: Economic Strengths

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!

Page 9: Economic Strengths

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.

Page 10: Economic Strengths

Accolades:

ACHIEVEMENTS

Page 11: Economic Strengths

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)

Page 12: Economic Strengths

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”

Page 13: Economic Strengths

Our Future Potential:

GAME CHANGERS

Page 14: Economic Strengths

American Migration:

Page 15: Economic Strengths

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.”

Page 16: Economic Strengths

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.”

Page 17: Economic Strengths

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.”

Page 18: Economic Strengths

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

Page 19: Economic Strengths

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

Page 20: Economic Strengths

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

Page 21: Economic Strengths

Schlitterbahn:

574 total acres and 4 distinct development tracts or districts:

Park District A & B

IslandWalk District

Resort District A & B

Marina District

Page 22: Economic Strengths

Schlitterbahn:

Page 23: Economic Strengths

2012 City Budget:

How it Affects Your Customers

Page 24: Economic Strengths

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

Page 25: Economic Strengths

Future Projects:

A Return on Investment

Page 26: Economic Strengths

Future Projects:

A Return on Investment

Page 27: Economic Strengths
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Page 30: Economic Strengths

Conclusion:

IN CLOSING…

Page 31: Economic Strengths

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

Page 32: Economic Strengths

THANK YOU! QUESTIONS?

[email protected]