This Aqua Book edition is devoted to rebuilding the South Texas Gulf Coast region in the wake of Hurricane Harvey.
Harvey was not only the largest storm that made landfall near Corpus Christi since Celia in 1970, but it was also recognized as the second costliest natural disaster in U.S. history. We understand that life in our coastal communities will never be the same, but to support a speedy recovery, this publication contains background data for those economies immediately before and after the storm. This is just part of our ongoing effort to assist and monitor recovery in this region for years to come.
We continue to look for ways to interact with you and to improve your experience. We have enhanced data visualization with more interactive graphics and more attractive layouts. We hope these new features will help you better understand ways to meet the challenges of South Texas, particularly to revitalize our business community and restore key economic drivers in this region.
As always, we appreciate your readership and continued support of our work.
South Texas Economic Development Center
College of Business
Texas A&M University-Corpus Christi
Aqua Book Editorial Team
Dr. John Gamble, Dean, College of Business
Dr. Jim Lee, Co-Editor
Dr. Elwin Myers, Co-Editor
Anh Pham, Research Assistant
Sonny Martinez, Graphic Designer
We rely on a Cloud database in the form of Google Fusion Tables. This application not only allows us to slice and dice our data for analysis and presentation, but we now can also more efficiently share the data with the readers, or make periodic updates in the future.
Although our current focus is the region of South Texas, this database contains data for all counties in Texas. We present economic data in the form of charts that help us visualize the underlying trends and patterns behind the data. We welcome other researchers to extract any part of the data tables or collaborate with us on future research work. The first edition of Aqua Book is located at http://stedc.tamucc.edu/AquaBook.
We look at the economic health of our region from three perspectives. The first perspective focuses on the short-term horizon, particularly in the post-Harvey period. Economic indicators in this category represent snapshots of an economy's overall direction in recent years. Such data also provide insights into the near-term economic outlook. This is captured by a feature box Economy At A Glance.
The second perspective captures economic trends in the context of major changes in the economic landscape. By looking at the expansion or contraction of different industries in an area, we can understand the strengths and weaknesses of the regional economy.
The third perspective is related to regional competitiveness in the long run, which determines a region's living standards. Collectively, these data of regional economic trends will hopefully provide us with guidance as to the future direction of the South Texas economy. Brief descriptions of the data are as follows.
Timely measures of an area's economic conditions include employment growth and unemployment rates, the total volume of local sales tax collections, residential building permits, and the average home appreciation rate. The two labor market indicators reflect the pace of economic activity. Better economic performance tends to result in higher job growth and lower unemployment. Local governments' sales tax revenues track local business trends from the perspective of retail sales and certain services, such as restaurant meals. Because the data of all these economic indicators are available on a monthly basis, they can help us monitor the current state of the local economy.
We look at the relative competitiveness of industries in a region through their relative sizes and how much they have expanded or contracted in recent years. The uniqueness of the local economy is best summarized by the concept of Location Quotient, which quantifies how concentrated each industry in a region as compared to the national average. A higher Location Quotient for a particular industry represents a larger relative role of that industry in the regional economy.
The Location Quotient or the size of an industry today is affected by various factors over time. Those factors can be grouped into three broad effects: Changes in the nation's overall economic conditions (national effect), changes in the competitiveness of that industry (industry effect), and changes specific to the local or regional economy (regional effect).
A community's living standards rely on its residents' income earnings, which in turn are directly related to their educational attainment or job skills. People with more education and training tend to be more employable, earn higher wages, and accumulate more wealth than those with less education and training. For the community as a whole, new businesses drive economic growth in the long run because they typically create more jobs than existing businesses.
Higher population growth also helps strengthen local business development and employment growth by raising market demand for locally produced goods and services. The size of local population also tends to move along with the ups and downs of the economy. More people move to an area with better employment prospects, and they are more likely to move out of an area with high unemployment.
Primary Data Sources
Real Estate Center at TAMU: Unemployment rate, employment growth, building permits, average home value, population and migration patterns
Texas Comptroller of Public Accounts: Sales Tax Collections
Economic Modeling Specialists International (EMSI): Employment by sectors, Locational Quotients of economic sectors, annual earnings per employees, business establishments, educational attainment
Federal Reserve Bank of St. Louis FRED data: County-level data for unemployment rates and personal income across the region
Click on individual areas in South Texas for overview and data ... AREA: Aransas County | Bee County | Brooks County | Duval County | Goliad County | Jim Wells County | Kenedy County | Kleberg County | Live Oak County | Nueces County | Refugio County | San Patricio County | Victoria County | Corpus Christi MSA