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Texoma Regional Economic Dashboard Quarterly Report 1st Qtr.

2012 Release Date: July 18, 2012

Purpose: The Texoma Regional Economic Dashboard project is designed to inform Workforce Development, Economic Development, and Regional Planning professionals about the economic condition of the Texoma Workforce Development Area. This dashboard will allow the partners, and other interested parties a better understanding of the regions economy in order to plan for the future, identify strengths and weaknesses, and apply for grants to execute projects that improve the regions infrastructure, services, and workforce and economic development systems. The dashboard provides historical perspective on a number of traditional and non-traditional data points, gathered from multiple sources. These data points come from several strategically identified types in order to give a more complete picture of the Texoma Region. The data and analysis will help with the development of Workforce Solutions Texomas Strategic Plan; the Comprehensive Economic Development Strategy (CEDS); work plans for Economic Development Entities; strategic plans for counties, cities, and school districts in the Region, as well as important labor market information for employers and job seekers. Definition of the Region: For the purpose of this report, the Texoma Region is defined as Cooke, Fannin, and Grayson Counties in Texas. Plans are underway to gather data from a portion of Southeast Oklahoma in the near future to get a better picture of the Texoma Labor Shed. Most Recent Quarter Analysis, 1st Qtr., 2012 Based on the data collected, and the analysis of the team, it appears the overall economic health of the Region is better than it was last quarter, and this this time last year. This is based on several factors. Civilian Labor Force is at 95,686 up from 94,456 in the 4th Qtr. 2011, 93,051 in the 1st Qtr. 2011. Unemployment Rate is at 7% down from 7.2% in the 4th Qtr. 2011, and 8.2% in the 1st Qtr. 2011. TANF Enrollment is at 662 down from 742 in the 4th Qtr. 2011, and 704 in the 1st Qtr. 2011. SNAP Enrollment is at 30,319 down from 31,066 in the 4th Qtr. 2011, and 31,872 in the 1st Qtr. 2011. Sales Tax Allocations are at $11,046,312.12 up from $10,488,373.40 in the 4th Qtr. 2011, and $9,215,008.04 in the 1st Qtr. 2011. Hotel/Motel Taxable Sales are at $6,159,832.67 up from $5,835,735.41 in the 4th Qtr. 2011, and $4,877,945.90 in the 1st Qtr. 2011.

Additional Analysis: Overall, the region is showing improvement in 1st Qtr. 2012, over 4th Qtr. 2011, and 1st Qtr. 2011. The Federal Reserve Bank of Dallas Regional Economic Update for March 19, 2012, indicates the economy is improving, and noted Manufacturing is on the rise. Note on Civilian Labor Force and Unemployment Rate Since the 1st Qtr. 2011, the Civilian Labor Force has seen steady increases, and starting in the 2nd Qtr., it has increased from 93,888 to 95,686 in 1st Qtr. 2012. Starting in the 2nd Qtr. 2011, the Unemployment Rate has decreased from 8.8% to 7% in 1st Qtr. 2012. To put this in perspective, 8.8% of 93,888 would be approximately 8,262 unemployed persons in 2nd Qtr. 2011, and 7% of 95,686 would be approximately 6,698 unemployed persons in 1st Qtr. 2012. Note on Sales Tax Allocations The baseline report dated March 22, 2012 did not include 0.5 cent Sales Tax Allocations from Cooke and Fannin County. Those have now been included in the report, and the Sales Tax Allocations reflect that change. Note on Hotel/Motel Taxable Sales The 3rd and 4th Qtrs. Of 2011, and the 1st Qtr. 2012 represent the highest numbers since at least 2006. If this trend continues, and Hotel / Motel Taxable Sales follow their normal pattern, tourism for this summer will be the best it has been in the last several years. Note on Foreclosures 1st Qtr. 2012 foreclosures were down from last year. However, 2nd quarter 2012 data is already available, and the region experienced a spike in May, 2012. This tapered back off in June, but its still up slightly. According to a Dallas Business Journal Article titled, Tide of bankruptcy filings could rise again, Texas attorneys say, by Tricia Lynn Silva, dated July 2: Over the past few years, for example, many banks have taken an amend and extend approach with loans in hopes that the economy would bounce back fairly quickly, says Sylvia Mayer, a partner in Wei Gotshals business finance and restructuring division in Houston. But, that trend is coming to an end and that could prompt an uptick in Chapter 11 filings, Mayer and other attorneys say. This rise in foreclosures could be related to that change in approach. Future Releases: The Texoma Regional Economic Dashboard will be released in two formats, a quarterly report that will contain analysis of indicators available on a quarterly basis at minimum, and an annual report that will contain analysis of the quarterly indicators and additional indicators available on an annual basis at minimum.