TEXAS BUSINESS REVIEW VOL. XLIX, NO. 10, OCTOBER 1975 Editor: Robert H. Ryan Managing Editor: Lois R. Glenn Editorial Board: Robert H. Ryan, Chairman; Stanley A. Arbingast; Lois R. Glenn; Francis B. May; John R. Stockton; Robert B. Williamson CONTENTS ARTICLES 233: The Business Situation in Texas, by Francis B. May 236: Texas Construction, by Lois R. Glenn 239: State Population Changes, 1970-1973, by Bryan Adair TABLES 233: Selected Barometers of Texas Business 234: Purchasing Power of the Dollar, Selected Years, 1930-1975 234: Consumer Price Index, 1966-1974 235: Wholesale Price Index, 1966-1974 235: Business Activity Indexes for Selected Texas Cities 236: Median and Average Sales Price of U.S. Homes by Type of Financing, 1963-1974 237: Estimated Values of Building Authorized in Texas 237: Distribution of U.S. Homes by Sales Price, 1974 243 : Local Business Conditions Barometers of Texas Business (inside back cover) OfARTS 233: Texas and U.S. Business Activity 234: Texas and U.S. Industrial Production 235: Residential and Industrial Electric Power Use in Texas 237: Total Construction Authorized in Texas 238: New Residential Building Authorized in Texas: Hous­ing Units and Total Value MAPS 240: Texas Population Shifts by Counties, 1970-197 3 241: Texas Population Shifts by Counties, 1960-1970 Cover: Medina River scene, courtesy of Allen Pope. Published monthly by the Bureau of Business Re.search, ~raduate School of Business, The University of Texas at Austin, Austin, Tex~s 787 I 2. Second-class postage paid at Austin, Texas. Content of this publication is not copyrighted and may _be reprodu~ed freely, but acknowledgment of source will he appreciated. The views expr~ssed by authors are not necessarily those of the Bureau of Business Research . Subscription, $4.00 a year; individual copies 35 cents. BUREAU OF BUSINESS RESEARCH Business Research Council: Stanley A. Arbingast (chairman) Vernon M. Briggs, E. L. Frome, David L. Huff, Georg~ Kozmetsky, Albert Shapero Director: Stanley A. Arbingast Associate Director and Office Manager: Florence Escott Assistant Director and Coordinator of Television Programs: Robert H. Ryan Assistant Director and Systems Analyst: 0. Frederic Rye Consulting Statistician: Francis B. May Cooperating Faculty: C. P. Blair, Charles T. Clark, Law­ rence L. Crum, Clark C. Gill, Robert K. Holz, David L. Huff, Lorrin G. Kennamer, Jerry Todd Energy Specialist and Coordinator of Radio Programs: Robert M. Lockwood Transportation Specialist: Charles P. Zlatkovich Research Associates: Bryan Adair, Kathryn E. Burger, Nancy B. Clark, S. Michael Dildine, Lois R. Glenn, Charles T. Granger III, Mildred Joseph, Ida M. Lambeth, Lorna Monti, Janet Peatross, Barbara Terrell Librarians: Kathryn McMillen, Rita Wright Programmer: J. Britt Kauffman Statisticians: Mildred Anderson Constance Cooledge John R. Stockton ' ' Statistical Technician: Kay Davis Administrative Assistant: Patricia Cloud Administrative Secretary: Jewell Patton Administrative Clerk: Yolanda Mindieta Compositors: Jennifer Brewster, Clintsy Sturgill Senior Clerk Typists: Frances Briceno, Nancy Miller, Alice Stevens Senior Clerks: Robert Jenkins, Salvador B. Macias Cartographers: James Buchanan, William Hezlep Printing Coordinator: Daniel P. Rosas Print Shop Foreman: Robert L. Dorsett Reprints of feature articles are available from the Bureau at ten cents each. The Texas Business Review is indexed in Marketing Information Guide and Public Affairs Information Service and is available on microfilm from University Microfilms. The Bureau of Business Research is a member of the Association for University Business and Economic Research. US ISSN 004~4209 The Business Situ at ion •1n Texas Francis B. May After rising for the months of June and July, the index Urban building permits issued in Texas in August were up of Texas business activity dropped 4 percent in August. 2 percent from July. A decline in new residential permits was This index is computed by dividing the index of bank offset by a strong gain in nonresidential permits. Comparison debits in the state, a good overall measure of the value of all Selected Barometers of Texas Business kinds of business transactions, by the value of the index of (Indexes-Adjusted for seasonal variation-1967=100)wholesale prices compiled by the Bureau of Labor Statis­tics. Bank debits in Texas declined by 4 percent in August. Percent changeDeflation of the data left the 4 percent decline in dollar Year-to­value at 4 percent because of the small August increase in Aug date Year-to-1975 average wholesale prices. date from 1975 The barometers of Texas business show increases in Aug Jul average Jul from electric power use, including industrial power consumption, Index 1975 1975 1975 1975 1974 in August. Other favorable August movements of barom­ Business activity 187.1 195.3 191.6 4 3 eters were in building permits issued, manufacturing em­Estimated personal income 206.2p 208.2p 204.5 1 8 ployment, hours and earnings in manufacturing, and in­ Bank debits 330.7 343.1 331.7 4 8 sured unemployment. Crude oil production 109.oP 109.2P 109.6 ** 3 Industrial electric power use was up 1 percent in August. Crude oil processed by refineries n.a. However, for the first eight months of this year it is down 1 Total electric percent from the same period of 19 7 4. This clearly shows power use 111.sP 110.5P 174.0 3 that, while there is evidence of revival in the state's Residential 199.8p 197.lp 223.1 4 Industrial 149.5P 147.5P 147.0 economy, increases in industrial activity are going to be Total industrial irregular, with encouraging increases (such as the 5 percent production 124.2p 121.5p 121.7 2 4 increase in industrial power use in July) followed by smaller Urban building permits issued 224.0p 219.lp 176.1 2 -14 ones. Employment in manufacturing rose 1 percent in New residential 172.9p 206.4p 149.0 -16 -15 August but is 4 percent below the January-August period of New nonresidential (unadjusted) 280.7p 222.6p 194.3 26 -16 1974. August employment in the oil field machinery Total nonfarm industry was 41,500, a gain of 6,000 over August 1974. employment 135.5p 135.0p 135.0 2 ** The continued high level of drilling activity is sustaining the Manufacturing employment 119.9p 119.1p 119.8 4 boom in the manufacture of all kinds of oil field ma­ Average weekly earn­chinery. ings-manufacturing 171.2p 167.9p 163.4 2 11 Total employment, other than farm employment, in Average weekly hours- manufacturing 98.4p 97.1 p 96.9 1 -1 Texas was 4,427,000 in August, virtually unchanged from Total unemployment 197.9 196.6 210.0 1 59 July. For the January-August period, nonfarm employment Insured unemployment 341.9 383.8 360.1 -11 125 averaged 2 percent above the first eight months of last year. Preliminary. August nonfarm employment was 1 percent above August ** Change is less than one half of 1 percent. 1974. n.a. Not available. 1968 1969 1970 1971 1972 1973 1974 1975 of permits issued for the January-August period shows total permits below their January-August 1974 levels of activity. Detailed data on residential permits show that the value of January-August permits for one-family dwellings rose 7 percent from 1974. This increase was more than offset by decreases in permits for multiple-family dwellings. Over­building of apartment complexes is an important cause of declines in permits for multiple-family dwellings. In the nonresidential category, January-August increases in permits for office-bank buildings, public works and utilities, and churches were more than offset by declines in other categories. A comparison by areas of total permits issued in the first eight months of 1975 shows that all of the building increase was outside heavily populated areas. For urban areas of less than 10,000 population the increase in permits from July was 4 percent; for the first eight months of 1975 permits increased 5 percent over January-August 1974. The exodus from the cities is a very real factor in the economy of the state. It can be said that the Texas economy is recovering from the recession, but at an irregular pace. A rapid recovery from the recession does not seem to be taking place, but progress is being made. The purchasing power of a dollar has declined every year for the past ten years. About four hundred different goods and services purchased by middle-income, blue-and white­collar workers are included in the consumer price index. The weighted average value of all these goods and services in 1966 was 97 .2 percent of their value in the base year of 1967 (see table 1). In every year through 1974 this index rose. By 197 4 it had risen to an average value of 14 7. 7 percent of its 1967 value, a 52.0 percent rise over 1966. The value of the index increased each year over the preceding year, increases ranging from 2.9 percent in 1967 to 11 .0 percent in 1974. It was the 11 .0 percent increase in 1974, following the preceding 6.2 percent increase in 1973, that drove an economy weakened by years of hyperinfla­tion into a steep decline. Consumers could no longer sustain a vigorous rate of economic growth when their purchasing power was declining at a rapidly increasing rate. Purchasing Power of the Dollar* Selected Years, 1930-1975 ( 1967 dollars) Year Value Year Value 1930 2.00 1965 1.06 1935 2.43 1966 1.03 1940 2.38 1967 1.00 1945 1.86 1968 .96 1950 1.39 1969 .91 1955 1.25 1970 .86 1960 1.13 1971 .82 19 6 1 1.12 1972 .80 1962 1.10 1973 .75 1963 1.09 1974 .68 19 64 1.08 1975 § .63 *As measured by Consumer Price Index, U.S. Department of Labor. §Estimate based on consumer prices, January-August 19 75. Table 1 Consumer Price Index, 1966-1974 (1967=100) All All comm odities All Services Period items Food except food services Rent except rent 1966 97.2 99.1 97.5 95.8 98.2 95.3 1967 100.0 100.0 100.0 100.0 100.0 100.0 1968 104.2 103.6 103.7 10 5.2 102 .4 105.7 1969 109.8 108.9 108.1 112. 5 105.7 113.8 1970 116.3 114.9 11 2.5 12 1. 6 110 .1 123.7 1971 121.3 118.4 116. 8 128.4 115.2 130.8 1972 125.3 123.5 119.4 133.3 1 19 .2 135.9 1973 133.1 141.4 123. 5 139.1 124 .3 141.8 1974 147.7 161.7 136.6 152.0 130 .2 156.0 Yearly Percentage In creases in the Value of the Consumer Price Index All Period of All com modities All Services increase items Food except food services Rent except rent 1966/1967 2.9 0.9 2.6 4.4 1.8 4.9 1967 /1968 4.2 3.6 3.7 5.2 2.4 5.7 1968/1969 5.4 5 .1 4.2 6.9 3.2 7.7 1969/1970 5.9 5.5 4.1 8.1 4.2 8.7 1970/1971 4.3 3.0 3.8 5.6 4.6 5.7 1971/1972 3.3 4.3 2.2 3.8 3.5 3.9 1972/1973 6.2 14.5 3.4 4.4 4.3 4.3 1973/1974 11.0 14.4 10.6 9.3 4.7 10.0 Source: Bureau of Labor Statistics and Bureau of Business Research. In 1963, a year of small price increases, studies by the Bureau of Labor Statistics show that the average middle­income, white-and blue-collar worker's family spent 22.4 percent of its income on food. With food prices escalating much faster than income, the proportion of the family budget spent on food increased, reducing the proportion that could be spent for durables such as appliances, automobiles, and housing. This shift in the disposition of income away from durables was a major factor in both the speed with which the current recession developed and the depths to which it plunged; a 14.5 percent increase in the cost of food in 1973, when the recession began, was followed by a 14.4 percent increase in 197 4, giving further impetus to the plunge. Between 1966 and 1974 the average prices of the 2,700 commodities whose prices are included in the wholesale price index rose from 99.8 percent of the 1967 base to 150 ~~~~~~~~~~~~~~~~~~~...-~--, TEXAS AND U.S. INDUSTRIAL PRODUCTION Indexes-Adjusted for seasonal voriotion -1967=100 14 0 1--~.:.:....-=.:.::...::.:.::.::.....::.:.....:.:.:.::.:;.:.:....:..:::..:.:.:.:.::::_:.:_.:.:_,:.:..::~-+~~-+-~--1 130 120 110 100 Source: Federal Reser ve Bank of Dallas. Percent change Year-to- Aug date Year-to­ I975 average date from I975 Aug Jul average Jul from 1968 1969 1970 1971 1972 1973 1974 1975 City I975 I975 I975 I975 I974 Source: Reports by electric power companies and Federal Power Abilene I58.6 I62.3 I49.8 - 2 -2 Commission. Amarillo I53.7 I62.4 I48.3 - 5 - 9 Austin 252.I 300.0 254.3 -I6 - I 160.l percent, a 60.4 percent increase. A look at the Beaumont Corpus Christi IOI.I I 78.3 117.4 I 78.I 112.3 I 74.3 -I4 ** -IO -8 section of the table that shows increases of each year over the preceding year reveals that the pace increased between 1966 and 1969, slowed in 1970 and 1971, then rose rapidly Corsicana Dallas El Paso Fort Worth I24.4 I80.9 I 78.8 I40.I I 32.2 I96.3 I 88.I I53.5 I30.3 I97.I I66.4 I46.6 --- 6 8 5 9 -5 -I2 3 -7 from 1972 to 1974, culminating in a shocking 18.9 percent jump in 197 4 over and above the 13.1 percent rise in 197 3. Galveston Houston Laredo 113.4 224.2 I86.4 I29.I 221.2 207.3 134.I 2I9.2 I90.I -I2 I -IO 8 8 ** No economy can receive such a wrenching change in prices without a severe, adverse reaction. Of the components of the index listed in table 2, farm products, processed foods Lubbock Port Arthur San Angelo San Antonio I49.8 92.4 I82.9 159.0 I 74.0 I06.6 192.8 162.2 I57.2 94.7 185.6 15 5.5 -I4 -I3 5 2 -I5 ** 2 ** and feeds, and crude materials showed the greatest increases between 1966 and 197 4. Durable consumer goods showed the smallest rise; nondurable consumer goods showed a Texarkana Tyler Waco Wichita Falls 101.3 129.8 160.5 I43.2 110.7 131.9 152.4 153.0 103. 7 133.4 160.7 I48.8 8 2 5 6 1 1 6 2 substantially larger rise. It should be clear that a revival of the national economy **Change is less than one half of I percent. depends upon our ability to contain price rises. This is as state can be totally immune to the effects of national true of Texas as it is of the rest of the nation, because no economic forces. Business Activity Indexes for Selected Texas Cities (Adjusted for seasonal variation-1967=100) Table 2 Wholesale Price Index, 1966-197 4 (1967=100) Consumer finished All Farm Processed Crude goods except food Period commodities products foods and feeds materials Durable Nondurable I966 99.8 I05.9 101.2 I04.5 98.5 97.8 I967 100.0 IOO.O 100.0 IOO.O 100.0 100.0 I 968 102.5 I02.5 102.2 102.0 102.2 102.2 1969 I06.5 109.1 107.3 110.6 104.0 105.0 1970 ll0.4 111.0 112.1 118.8 107.0 108.3 1971 lI 3.9 112.9 114.3 122.7 110.9 111.3 1972 119.1 125.0 120.8 131.1 1I3.2 113.6 1973 134.7 176.3 I48.l 155.2 115.8 120.5 I974 I60.I 187.7 170.9 219.1 126.3 146.8 Yearly Percentage Increases in the Value of the Wholesale Price Index Period of increase All commodities Farm products Processed foods and feeds Crude materials Consumer finished goods except food Durable Nondurable 1966/1967 0.2 -5.6 -1.2 -4.3 1.5 2.2 1967/1968 2.5 2.5 2.2 2.0 2 .2 2.2 1968/1969 3.9 6.4 5.0 8.4 1.8 2.7 1969/1970 3.7 1.7 4.5 7.4 2.9 3.1 1970/I971 3.2 1. 7 2.0 3.3 3.6 2.8 197I/1972 4.6 10.7 5.7 6.8 2.1 2.1 1972/1973 I 3.1 41.0 22.6 18.4 2.3 6.1 1973/1974 18.9 6.5 I5.4 41.2 9.1 21.8 Source: Bureau of Labor Statistics and Bureau of Business Research. OCTOBER 1975 Texas Construction Lois R. Glenn For the third straight month the seasonally adjusted index of total building authorized in Texas moved up. Although at 224.0 the index is only 2 percent higher than the July index level, it represents a gain of 40 percent from the level of August 1974. While month-to-month increases in authorized construction have been modest, they have been continuous; so it looks as though the Texas construc­tion industry is pulling out of the recessionary cycle. The nonresidential sector of Texas construction showed considerable activity in August: the unadjusted index of nonresidential authorizations reached 280. 7, up 26 percent from the July level and 77 percent from the August 1974 figure. For the past three months, this index has increased, and the present level is the highest for more than a year. In contrast, the seasonally adjusted index of residential con­struction authorized dropped to 172.9 in August after reaching a high of 206.4 in July. Even at 172.9 the index has gained 21 percent from the year-earlier level. The unadjusted index of additions, alterations, and repairs dropped from 256.2 in July to 191.8 in August, the lowest level since April. Of the Texas SMSAs, Laredo has had the most favorable increases in residential construction authorizations. Recent construction in the Laredo area was not restricted by the acute economic problems that kept the 1974 authorization figures so low. During the first eight months of last year, only 63 housing units were authorized; for the same period this year, authorizations are up 273 percent in number and 543 percent in value. A quick comparison of Laredo and Dallas-Fort Worth figures indicates the relative value of the Laredo activity. While Dallas-Fort Worth had 10,316 new dwelling units this year and Laredo only 235, Dallas authorizations are down 42 percent from the 1974 figure of 17,817 units. From January to August of this year, the dollar value of residential permits increased 50 percent or more from last year's cumulative totals in the Midland, Odessa, San Angelo, and Beaumont-Port Arthur-Orange SMSAs. The total value of nonresidential authorizations in the SMSAs rose 26 percent in month-to-month compari­sons, but the cumulative total fell 16 percent from the year-earlier figure. Although the average price for previously occupied homes in the United States fell from $41,100 in July to $38,900 in August, the average price for an existing home in the Houston metropolitan area hit $70, 100, the highest in the nation for the month of August as reported by the Federal Home Loan Bank Board. The average price for an existing home in the Dallas metropolitan area was above the national average at $43, 700. In both metropolitan areas average prices for new homes were substantially higher than the national average of $45,200 : the Dallas average for August was $56,200 and Houston, $54,000. Average effective interest rates on conventional loans for both new and previously occupied homes in the United States were lower in early August (8.91 and 9.14 percent, respectively) than were comparable rates in August 1974. However, the average rates have increased slightly from July to August in a continuing trend of higher rates. VA Financing Despite rising interest rates, residential construction may receive a boost from recent changes in the federal law concerning home financing for veterans. Of the ninety thousand new homes sold in the United States during the first quarter of 1975, fifteen thousand were financed through the Veterans Administration loan guaranty pro­gram. An increasing percentage of new homes are being financed through VA and FHA programs despite-or perhaps even because of-sharp rises in purchase prices for new homes across the nation. Recent changes in the veterans home loan program have already increased sales financed through the VA by making approximately 4 million U.S. families eligible for both larger loans and additional entitlement privileges. The Veterans Housing Act of 1974 (signed by President Ford on 31 December 1974) restored home loan entitlements to: (1) veterans who have Median and Average Sales Price of U.S. Homes by Type of Financing, 1963-1974 Type of financing United FHA-VA-Conven-Item and year States insured guaranteed tional* Cash Median sales price of homes# 1963 18,000 15,500 15,700 20,400 18,800 1964 18,900 15,600 16,200 21,300 19,800 1965 20,000 16,500 17,900 22,700 19,800 1966 21,400 17,500 18,000 24,400 22,000 1967 22,700 17 ,800 18,700 26,600 24,000 1968 24,700 19,200 19,800 28,500 U,100 1969 25,600 19,300 21,800 30,400 26,200 1970 23,400 19,200 23,700 30,800 23,900 1971 25,200 19,800 25,300 31,900 25,500 1972 27,600 20,500 25,100 31,600 27,800 1973 32,500 22,100 27,300 35,200 32,900 1974 35,900 29,800 31,300 38,000 37,200 Average sales price of homes# 1963 19,300 n.a. n.a. n.a. n.a. 1964 20,500 16,100 16,800 22,600 22,500 1965 21,500 17,000 18,400 23,600 21,400 1966 23,300 18,200 18,600 25,800 24,100 1967 24,600 18,700 19,700 27,900 26,100 1968 1969 1970 26,600 27,900 26,600 19,800 20,500 20,100 20,800 22,600 24,600 29,900 32,100 32,700 28,200 28,800 28,100 1971 1972 1973 1974 28,300 30,500 35,500 38,900 21,200 21,800 24,500 30,800 26,100 26,300 28,300 32,100 34,000 34,100 38,000 40,800 27 ,900 31,700 36,700 42,000 * Includes homes financed under the Farmers Home Administra­ tion program. # Sales price includes value of improved lot. Median and average amounts, in current dollars, computed from unrounded figures. n.a. Not available. Source: Construction Reports, August 1975, p. 92. disposed of property purchased through VA entitlements (the prior loan must be paid in full) and (2) veterans whose Joans are assumed by other veterans agreeing to use the VA entitlement for the purchase. The first of the two pro­visions became effective immediately; the second, on 1 April 1975. Previously, eligible veterans were entitled to a single home purchase under the VA program, although there were certain provisions for restoration of entitlement for "compelling reasons." Under the Veterans Administration, Texas is divided into the Waco region, serving 876,000 veterans, and the Houston region with its 704,000 veterans. So far, less than 40 percent of the veterans eligible for home loans in the Waco region have used their entitlements. The veterans who have not used their entitlements constitute a potential market for VA financed homes, and the 1974 act extending second entitlement privileges increased immediately the size Estimated Values of Building Authorized in Texas# Percent change Classification Augp Jan-Augp 197S 197S (thousands of dollars) Aug 197S from Jul 197S Jan-Aug 197S from Jan-Aug 1974 All Permits 3S9,21S 2,298,171 6 - 14 New construction 326,21S 2,010,S99 10 - lS Residential (housekeeping) 121,693 878,213 -9 - lS One-family dwellings 101,S91 746,079 -10 7 Multiple-family dwellings 20,102 132,134 -4 - 60 Nonresidential 204,S22 1,132,386 26 - 16 Hotels, motels, and tourist courts 901 18,S77 9 - 20 Amusement buildings 908 2S,6S S -44 - 2 S Churches 4,64 9 46,67S SS 33 Industrial buildings 10,221 87,4S 9 -33 - 28 Garages (commercial and private) 3,440 9,837 379 - 7 0 Service stations and rep air garages 246 S,042 -74 - 18 Hospitals and institutions 8,330 141,473 -79 - 4 Office-bank buildings 41 ,799 249,S83 -3 29 Works and utilities 67,47S 122,769 4,146 24 Educational buildings 30,681 194,446 43 - 31 Stores and mercantile buildings 22 ,862 16S,348 -2 - 41 Other buildings and structures 13,010 6S,S22 20 - 24 Additions, alterations, and repairs 33,000 287,S72 -2S - 2 SMSA vs. non-SMSA Total SMSAt 327,019 2,079,0S4 8 - 14 Central cities 222,143 1,418,S99 2 - 19 Outside central cities 104,876 660,4S4 26 - 3 Total non-SMSA 32,196 219,119 -17 - 8 10,000 to s0,000 population 14,8 S8 109,_676 -33 - 18 Less than 10,000 . population 17 ,338 109,443 4 s #only building for which permits were issued within the incor­porated area of a city is included. Federal contracts and public housing are not included. PPreliminary. tStandard metropolitan statistical area as defined in 1973 Census. Source: Bureau of Business Research in cooperation with the Bureau of the Census, U.S. Department of Commerce. OCTOBER 1975 Distribution of U.S. Homes by Sales Price, 1974 Percentage distribution# Sales price U.S. North-North reported* total east Central South West Under $1S,000 1 •• ** 1 ** $1S,OOO to $17,499 1 0 1 2 ** $17,SOO to $19,999 3 ** 1 6 1 $20,000 to $22,499 3 1 2 s 3 $22,SOO to $24,999 s 3 6 s s $2S,OOO to $27,499 6 6 7 6 7 $27,SOO to $29,999 9 6 9 8 10 $30,000 to $34,999 19 17 21 17 21 $3S,000 to $39,999 16 16 18 lS 17 $40,000 to $49,999 19 23 18 19 19 $ SO,OOO and over 17 28 17 14 17 # columns may not equal 100 because of rounding. *Sales price includes value of improved lot. **Less than O.S percent. Source: Construction Reports, August 197S, p. 90. of this potential market. Out of approximately 500,000 Texans who have purchased homes through VA financing to date, close to half have repaid their Joans and are eligible for second Joans under the new law. Another provision of the 197 4 act increases the maxi­mum Joan guaranty from $12,500 to $17,500. According to mortgage institution sources, the increase permits veter­ans to buy a house for up to $55,000 with no down payment. Because the median purchase price of new homes in the South was $35,000 by the end of 1974 and rising, the increase in maximum guaranty is vital. From 1963 to 1974, the median price for new homes in the United States increased 99 percent; the average price, 102 percent. Along with such increases have come corresponding decreases in the percentage of available homes priced at less than $30,000. In July, for example, the records of the National Association of Realtors show that only 12.2 percent of the existing homes for sale cost $19 ,999 or less, a 3 percent drop from the figure a year earlier; 23.6 percent of the existing houses on the market cost between $20,000 and $29,999, a decrease of 4.4 percent from July 1974. In contrast, the percentage of houses for sale at $50,000 and up has increased 4.7 percent for the same period. At least 65 percent of the new homes sold in the South last year cost more than $30,000. Conventional loans at this level or above require home purchasers to make either high irlitial investments or high monthly payments. Such requirements and other rising costs (food, transportation, utilities, etc.) 300 250 200 150 100 50 1968 1969 1970 1971 1972 1973 1974 1975 Source: Bureau of Business Research, in cooperation with U.S. Bureau of the Census. are reducing savings for many American families and are forcing more families to choose no-down-payment options for home purchases. Bill Taylor of Capitol Mortgage Bankers in Austin says that 7 5 percent of his company's business is VA financed. He attributes the large volume to the attractiveness of VA terms under present economic conditions, for no down payments, low interest rates (as of 15 September, VA rates went up to 9 percent), and thirty-year payment periods make VA home loans ex­tremely attractive. An additional change in VA financing provisions in 197 5 will enable veterans to take advantage of the tax credits extended this year to homebuyers who, by 1 January 197 6, purchase homes on which construction was begun before 26 March 197 5. Since veterans cannot, as a rule, purchase homes under construction without benefit of VA or FHA inspections, they have not been able to take advantage of tax credits introduced for home purchases in 197 5; a modification of the inspection requirement allows the purchase of such homes when it is considered in the veteran's interest to do so. In such an instance, the seller or buyer agrees to bear the expense of a special compliance insp~ction report to ensure that the unit meets minimum VA requirements. The effects of this change will be felt particularly in areas where VA financing volume is high. A large percent­age of the home loan transactions in the El Paso area are VA transactions, for instance, and the director of the Waco regional VA office, Jack Coker, estimates that the majority of all new residences in the same area are VA financed. Dallas (30.8 percent of the total loan amount for the region), Tarrant (I 7.5 percent), Travis (I0.5 percent), and El Paso (8.5 percent) counties have been the most active areas of VA financing in the Waco region during the 197 5 fiscal year, a pattern that is representative for cumulative activity as well. Because of dynamic activity in the Midland-Odessa area during the last year, the Veterans Administration has been able to sell a large inventory of repossessed homes that had been on the market, and requests for new loans in the area have been flooding in. The Laredo business pickup should also affect demand for moderately priced housing in that area this fall. The increased potential for VA homebuying and the continuing upward movement in the index of total building authorizations suggest further improvement can be ex­pected in the Texas construction industry. Texas Business Log August 1975 5 Federal Energy Administration study says that 35 of 100 largest oil fields and 19 of 5 0 largest gas fields, in terms of reserves, are located in Texas. Hugoton Field, second largest gas reserve, is shared by Texas, Oklahoma, and Kansas. 6 National Petroleum Council, Washington, D.C., recom­mends federally financed and owned emergency stockpile of 5 00 million barrels of crude oil in Gulf Coast salt domes, including several on Texas coast. 7 Contract for sale of 2.4 million yards of wool cloth to Saudi Arabia will depend mainly on Texas sheep to supply estimated 4.3 million pounds of wool. 8 Atty. Gen. John Hill says that Southwestern Bell Telephone Co. will accept proposal for reduced intrastate rate structure to save Texas consumers at least $5 0 million over two years. 9 Statewide Rule 69, providing that lease operators cannot contract sales to out-of-state buyers unless TRC grants an exception, adopted by Texas Railroad Commission. 12 South Texas Project, proposed nuclear plant in Mata­gorda County, is granted Limited Work Authorization by Nuclear Regulatory Commission. LWA allows such preliminary construction activities as road building, excavation, clearing, and grading. 13 Telephone rates increase throughout state, following negotiated, two-year boost of $40 million between Atty. Gen. John Hill and Southwestern Bell Tele­phone Co. 16 An end to controls on crude oil prices co uld boost state tax revenues by $200 million per year. 17 As many as 90 percent of the more than 700 mobile home dealers in Texas may be forced out of business by new law (effective September 1) that requires $2,000-100,000 bonds from manufacturers, dealers, and salesmen. This prediction came from Les Bearss, president of Texas Mobile Home Association. 18 Four major natural gas companies announce plans to build 200-mile pipeline network in Gulf of Mexico to tap important gas reserves in High Island area off Texas coast. 19 Railroad Commissioner Jim Langdon says that threat­ened siphoning-off of Texas and other intrastate, nonregulated gas supplies to offset predicted winter shortages in other regions would represent a "rape of Texas," since the state spent $1 billion to build its reserves. 25 Cargo handled in Texas ports rose to record total of 241 million tons in 1974, a gain of 4.3 percent over the previous year. Corpus Christi increased its cargo by almost a third over that for 1973. Cooper Industries Inc., Houston, says that its Cooper Energy Services unit has received orders totaling $22.2 million for turbines and compressors. Robert M. Lockwood State Population Changes 1970-1973 Texans expect population growth, they even demand it, and recent figures will not disappoint them: between the 1970 Census and July 1973 the state gained 5.3 percent in population; the nation as a whole gained only 3.3 percent. Arr excess of births over deaths accounts for much of the Texas growth, but at least 1.7 percent is attributed to net migration into the state, a trend that affirms the appeal of Texas in the 1970s. Area Trends The accompanying maps show that some significant reversals of population loss trends occurred in the early 1970s. Recent population growth has tended to be spread around the state, rather than concentrated in a few centralized high-growth areas as in the decade of the 1960s. The majority of the counties in North, Central, and East Texas showed net population increases between 1970 and 1973, while only half of the same group had similar gains during the 1960s. West Texas, the Panhandle, and the Rio Grande area were heavy losers of population during the 1960s with only a few rather isolated counties gaining, but between 1970 and 1973 this loss trend slowed significantly and may have been reversed in some places. Nevertheless, recent county population losses are much more prevalent in the. western and panhandle areas of the state than else­where. A number of factors may influence the growth or decline of population in a given area. A dynamic local economy that produces goods or services for sale to other communities prevents population loss. Economically re­coverable mineral resources, arable land, forests, and µatural transportation routes are geoeconomic resources that attract people. Location with respect to other econom­ically active regions and to natural recreational facilities are other variables influencing growth. Resources may con­tribute to a community's export base, but dynamic local business-political leadership is often an additional and necessary ingredient for the continued economic viability of a community. Variations in raw materials transportation or goods distribution costs may alter a community's relative position in the overall market structure of manufactured goods, but relative costs of goods and services offered, as well as the costs of alternatives, more directly affect the marketability of a product. For example, an area heavily involved in tourist enterprises, such as deer hunting, may not gain as successfully from that activity during a year of significant fuel price increases (given a ciientele based a great distance Bryan Adair from the hunting grounds) as it would gain during a year in which travel costs were constant. These upsets are particu­larly severe if the community's export good or service is not essential to the general welfare of the intended purchasers or can be replaced by alternate goods or activities available elsewhere. Liano County, which gained more than 10 percent in population between 1970 and 1973, is within two hours driving distance of both the Austin and Killeen-Temple SMSAs. It is a prime deer-hunting region and contains within its borders large parts of Lake Buchanan and Lake L.B.J. This collection of geographic features gives the county a lucrative tourist potential; consequently, the county has become one of the state's major tourist areas. Granite that is mined and processed in the county is shipped to all parts of the nation for building stone and aggregates. Ranching and other agribusiness support the county seat as an agricultural trading center. Although the scale is limited, commerce in Liano County is diverse and contains a growth sector (tourism), a factor common to most of the counties realizing heavy population gains between 1970 and 1973. In contrast, Upton County in West Texas lost more than 5 percent of its population between 1970 and 1973. Like Liano County, it is close to an SMSA, but its tourist industry does not have the favorable geographic base apparent in Liano County and the primary industry (petroleum extraction) was not a growth industry during the three-year period. Ranching is the county's only other important economic activity. Because the county is suffi­ciently close to a major city, no regional trade center has developed within its borders. Unlike Liano County, Upton County did not maintain a significant economic growth sector between 1970 and 1973. Changes in the population levels of a region are usually directly related to variations in the levels and kinds of regional economic activity. Some areas of Texas are expanding present economic base activities, while others are having to adjust to diminished activity in the traditional area economic base. Still other areas are moving from one set of primary economic activities to another. Of these three general categories, the first and third are taking place in areas of population growth, while the second is primarily taking place in areas of population decline. A general comparison of counties losing population with those gaining during the three-year period shows that counties having relatively complex economies gained greater percentages of people. Of the twenty-four counties losing more than 5 percent in population, twenty-two are OCTOBER 1975 Texas Population Shifts by Counties, 1970-1973 Gain of 10 percent or more - Gain of less than 10 percent I I Loss of less than 10 percent D Loss of 10 percent or more Source: U.S. Bureau of the Census. Texas Population Shifts by Counties, 1960-1970 - Gain of 20 percent or more Gain of less than 20 percent D Loss of less than 20 percent D loss of 20 percent or more Source: U.S. Bureau of rhe Cen$VS heavily involved in agriculture and fifteen are economically dependent on mineral recovery operations, especially petro­leum recovery. In most cases the local economies of these counties are overwhelmingly dependent on agriculture, or petroleum, or in some cases a combination of the two. On the other hand, few of these counties contain significant industrial activities other than those mentioned. Of the twenty-six counties gaining 2 percent or less (still below the state average of 5 percent) for the three years, the. more successful local economies typically have bases that include tourism or manufacturing. In fact, nineteen of the twenty-six counties in this category maintained signifi­cant economic activities in addition to agriculture or mineral recovery operations. Industries Contributing to Growth Tourism has become a major industry in Texas, not so much as a result of its total contribution to the state's economy but because of its significance in many local economies. Tourist-related services are among the dominant export services many communities offer to outsiders. Hunting, fishing, camping, and similar activities occur to some extent in the majority of Texas counties, and more than half the counties have significant business activity based on tourist trade. During 1974 Texans alone spent more than $2 billion in the state on recreational activities connected with vacations. Lakes are particularly attractive recreation spots: 16 percent of all vacation trips taken by Texans within the state during 1974 were to lakes. Fishing and boating activities support businesses ranging from the sale of refreshment and bait to the sale of boats, motors, and a whole array of skiing and water sports equipment. OCTOBER 1975 Visits to coastal regions, parks, fishing and hunting areas, points of historical interest, and planned activity retreats are popular in Texas_ Areas within one-to three-hour drives from major metropolitan areas are particularly attractive to weekend vacationers, and most of these areas contain extensive service facilities that cater primarily to the family on holiday. In rural areas, tourism is possibly the most common economic activity supplementing petroleum ex­traction activities and agribusiness. Manufacturing, an important part of the state's eco­nomic structure, does not make up as large a part of the total output as in several other states. Growth in manufac­turing industries in the state has been steady, if not dynamic, and manufacturing areas have not had the great losses of population evident in many areas having little or no industrial base. Along with tourism, growth in an area's manufacturing base is an important stimulant to local population. Manu­facturing activities are important segments of local econo­mies in much of the state. Recent growth in manufacturing in non-SMSA areas has occurred primarily in counties serving as regional distributors of business services and products, in counties adjacent to a major SMSA or situated on a major transportation artery between SMSAs, or in counties that have some unique advantage for manufac­turing, such as proximity to raw materials supplies. Coun­ties with significant industrial expansion between 1970 and 1973 were among the counties with population gains. During the 1970-1973 period factories and factory expan­sions occurred in non-SMSA areas at the rate of more than three for every two such increases in SMSA areas when figured on a per capita base. Similarly, given the existing manufacturing bases of SMSA and non-SMSA regions in Texas, industrial expansion in non-SMSA areas occurred at a rate 50 percent greater than it did in SMSA areas. Population Losses The development of new industries and expansion of existing industries generally promotes population growth. But equally important for many regions is the maintenance of conditions that allow the continuation of existing industries. A major variable in crop growth and even maintenance of a municipality is water. If the major areas of population decline in the state are checked against the locations of major aquifers, one sees that the area contain­ing the Ogallala Aquifer and the plains area between that aquifer, the Trinity Aquifer Group to the east, and the Edwards-Trinity Aquifer to the south had heavy population losses between 1970 and 1973. In fact, of the approxi­mately thirty-nine counties served by the Ogallala Aquifer, nineteen lost population between 1970 and 1973 and about two thirds of the counties generally bordered by the Ogallala, Edwards-Trinity, and Trinity Group aquifers lost population during the same three years. In general, the area north and west of an arc extending from Fort Stockton through Brady and to Mineral Wells was a comparatively heavy loser in population during the 1970-1973 period. This area, some of which has been called "the land of underground rain," has traditionally been a heavily irrigated and highly productive agricultural region of the state. But well logs show that the water tables have dropped dramati­cally during the past twenty years, particularly in the Ogallala Aquifer. The existence of a ready and economi­cally retrievable irrigation water supply is of supreme importance to the continued prosperity of agricultural activities in these arid parts of the state. Population Gains The heavy growth areas of the state are the Rio Grande border group, the East Gulf Coast group, the Central Texas group, and the North Texas group. Although certain features are common to all counties in a group, the economic bases of the counties within groups may vary widely. Between 1960 and 1970 every Texas county bordering Mexico (except Brewster County) lost more than 10 percent of its 1960 population. The relatively densely populated counties of the Lower Rio Grande region lost more than 20 percent during the decade of the 1960s. But all Texas counties along the Rio Grande gained population between 1970 and 1973. Four of these counties, Cameron, Hidalgo, Webb, and Maverick, gained more than 10 percent during the three years. Each of the four counties has a relatively complex economic base and each, along with Val Verde and El Paso counties, was the recipient of twin Mexican-American manufacturing operations (part of the processing of single-end products is carried on in both counties). As a result of the recent wage-price spiral in Mexico, the processing cost advantages of twin plants along the border have diminished significantly. Industrial expan­sion in these counties between 1970 and 1973, however, was significant. In contrast to the trend shift of the Rio Grande county group, the Central Texas group has continued the growth trend that was well established by 197 0. This region extends generally along IH 35 between San Antonio and Waco and includes many of the adjoining counties, such as those just west of the Balcones Escarpment. Several counties, including a number of the Hill Country and Burnet-Llano Basin counties have been added to the basic growth cluster that expanded during the 1960s. Taken as a whole, the region has a varied economic base, but govern­mental and educational services provide a substantial platform for much of the area. A combination of tourism, light-to-medium industry, manufacturing, wholesale and retail trade, services, goods distribution functions, minerals extraction and processing, and agribusiness form the main economic base. Like the Central Texas area, the East Gulf Coast county group has continued its previously established expansionary trend, but the expansion has been built largely on a different economic base. Petrochemical and petroleum processing, primary and finished goods manufacturing of a host of items, and the associated service industries provide a significant part of the economic base of the area. Ocean­ borne commerce, tourism, and medical and other research also contribute heavily to the Gulf Coast economy. This region has a heavier concentration of manufacturing than does most of the state, and from 1970 to 1973 expansion of this industrial base was significant, particularly in the Houston and Galveston SMSAs. The North Texas growth cluster surrounds the Dallas­Fort Worth metroplex. This area has traditionally been a major commercial center of the whole Southwest, providing distribution and business services, and more recently the area has become a major manufacturing area of the nation. Population growth in the area is apparent in the SMSA counties surrounding the Dallas and Tarrant County core and in counties bordering the Dallas SMSA to the east. The dispersion of economic activities away from the central area and the shift of economic emphasis of peripheral counties were major causes of the demonstrated regional growth pattern. The post-World War II migration from rural areas of the state to the central cities continued until well into the 1960s, but in recent years there has been a tendency . toward movement from the central cities to peripheral areas of the metropolitan centers. This movement paralleled the development of commercial business outlets and expanded public services in the outlying areas, as well as the movement of employers, especially manufacturing firms, to the peripheral areas. Chronologically, the movement has followed the general moves to suburbia during the 1950s and 1960s. With this shift in the location of population, features of the urban style have been blended with the slower, rural-oriented atmosphere attractive to many city residents. This shift is particularly true of the East Gulf Coast area and the Central and North Texas growth areas. Texas and the Nation As a state, Texas has an economic base that only partially mirrors that of the nation. The state's economic emphasis on some sectors is generally greater or less than is that of the nation as a whole. Both agriculture and federal government activities receive more emphasis in the Texas economy than in the nation as a whole, but neither of these sectors grew significantly during the first three years of the seventies. Private nonagricultural, nonmanufacturing activi­ties in the state are as a group typical of the nation, and mining (especially petroleum extraction) is a large item in Texas. The importance of mining activity, however, has diminished relative to the remainder of the sector during recent years. Other areas of the private nonmanufacturing sector, particularly service functions, have expanded and have been the basis for population growth in many areas of the state. State and local government activities, although far below the national norm in volume of activity, have steadily increased during the past fifteen years and have stimulated population growth. Texas should continue to grow at a more rapid rate than the nation as a whole during the coming years. The mild climate and an increasingly cosmopolitan economic atmos­phere, along with the native human and material resources, should be the basis for a dynamic future. TEXAS BUSINESS REVIEW Local Business Conditions Statistical data compiled by Mildred Anderson and Constance Coo/edge, statisticians, and Kay Davis, statistical technician. The following section reports business conditions first by Bank debit statistics for SMSAs and for most central metropoli­metropolitan areas, second by cities, listed under their counties. tan cities are collected by the Federal Reserve Bank of Dallas. Most Standard metropolitan statistical areas (SMSAs) include one or more other bank debits figures shown are collected from cooperating entire counties, as shown. All SMSAs are designated as such by the banks by the Bureau of Business Research ; the published figures U.S. Bureau of the Census. Population figures are from the 1970 represent .all banks in the city shown. Census and 1973 estimates by the Bureau of the Census. Employment estimates include only wage and salary workers and Building permit data are collected from municipalities by the are compiled by the Texas Employment Commission in cooperation Bureau of Business Research in cooperation with the Bureau of the with the U.S. Bureau of Labor Statistics. Census. They represent only building authorizations within city Footnote symbols are defined on pages 244 and 252. limits and exclude federal contracts and public works projects, such as highways, waterways, and reservoirs. Building statistics for the latest month are subject to revision. Indicators of Local Business Conditions for Texas Standard Metropolitan Statistical Areas Percent change Percent change from from Aug Jul Aug Aug Jul Aug Reported area and indicator 1975 1975 1974 Reported area and indicator 197S 1975 1974 ABILENE SMSA BRYAN-COLLEGE STATION SMSA (continued) Callahan, Jones, and Taylor Counties; population: 122,164 (1970); Bank debits, seas. adj. ($1,000) IS7,SS7 ** lS 127 ,300 (1973 est.) (Monthly employment reports are not available for the Urban building permits (dollars) 1,715,0 60 4 Sl Bryan-College Station SMSA.) Bank debits, seas. adj. ($1,000) 426,516# 7 lS Nonfarm employment 41,090 ** 1 CORPUS CHRISTI SMSA Manufacturing employment 6,540 -2 -7 Nueces and San Patricio Counties; population: 284,832 (1970); Unemployed (percent) 3.8 -19 73 301,100 (1973 est.) Urban building permits (dollars) 3,564,831 -24 8S AMARJLLO SMSA Bank debits, seas. adj. ($1 ,000) 1,0S2,S 10 ** 21 Potter and Randall Counties; population: 144,396 (1970); Nonfarm employment 96,8SO ** -2 150,400 (1973 est.) Manufacturing employment 11 ,400 ** -s Urban building permits (dollars) 4,418,060 -82 -43 Unemployed (percent) 7.2 -12 29 Bank debits, seas. adj. ($1,000) 1,042,633 8 8 Nonfarm employment 62,350 2 5 DALLA~FORTWORTHSMSA Manufacturing employment 7 ,S 60 4 18 Collin, Dallas, Denton, Ellis, Hood, Johnson, Kaufman, Unemployed (percent) 4.1 -11 71 Parker, Rockwall, Tarrant, and Wise Counties; population: 2,377,979 (1970); 2,441,800 (1973 est.) AUSTIN SMSA Urban building permits (dollars) 130,215,008 39 103Hays and Travis Counties; population: 323,158 (1970); Bank debits, seas. adj. ($1,000) 24,272,S12 # 3 373,000 (1973 est.) Nonfarm employment 1,076,200 -2 Urban building permits (dollars) 26,648,310 51 167 Manufacturing employment 236,000 ** -6 Bank debits, seas. adj. ($1,000) 1,837,239# -10 10 Unemployed (percent) 5.8 -6 76 Nonfarm employment 164,900 ** 3 Manufacturing employment 14,400 ** -4 EL PASO SMSA Unemployed (percent) 4.9 -8 58 El Paso County; population: 359,291 (1970); 391,700 (1973 est.) Urban building permits (dollars) 6,396,724 -36 -22 BEAUMONT-PORT ARTHUR-ORANGE SMSA Bank debits, seas. adj. ($1,000) 1,422,809 2 24 Hardin, Jefferson, and Orange Counties; population: Nonfarm employment 12S,700 ** -1 345,939 (1970); 347,900 (1973 est.) Manufacturing employment 28,650 ** 1 Urban building permits (dollars) 5,259,672 -56 lSl Unemployed (percent) 9.5 -11 S8 Bank debits, seas. adj. ($1,000) 913,884# -3 -2 Nonfarm employment 124,400 ** -3 GALVESTON-TEXAS CITY SMSA Manufacturing employment 42,000 ** Galveston County; population: 169,812 (1970); ** Unemployed (percent) 8.7 -8 78 177 ,600 (1973 est.) Urban building permits (dollars) 2,123,870 -SS -S4 BROWNSVILLE-HARLINGEN-SAN BENITO SMSA Bank debits, seas. adj. ($1,000) 402,SS3 -s 2 Cameron County; population: 140,368 (1970); 158,900 (1973 est.) Nonfarm employment 62,050 -1 8 Urban building permits (dollars) 3,906,458 -50 S4 Manufacturing employment 11,900 11 ** Bank debits, seas. adj. ($1,000} 294,805 -19 -25 Unemployed (percent) S.9 s 34 Nonfarm employment 45,830 1 2 Manufacturing employment 8,740 1 -8 HOUSTON SMSA Unemployed (percent) 10.1 -10 17 Brazoria, Fort Bend, Harris, Liberty, Montgomery, and Waller Counties; population: 1,999,316 (1970); 2,138,400 (1973 est.) BRYAN-COLLEGE STATION SMSA Urban building permits (dollars) 71,886,86S 29 8Brazos County; population: 57,978 (1970); 64,500 (1973 est.) Bank debits, seas. adj. ($1,000) 23,343,442 # 7 22 Urban building permits (dollars) 1,247,481 -12 -71 OCTOBER 1975 Percent change Percent change from from Aug Jul Aug Aug Jul Aug Reported area and indicator 1975 1975 1974 Reported area and indicator 1975 1975 1974 SAN ANGELO SMSA Nonfarm employment 999,400 ** 4 Tom Green County; population: 71,047 (1970); 72,900 (1973 est.) Manufacturing employment 174,700 ** ** Urban building permits (dollars) 1,240,630 -62 40 Unemployed (percent) 4.9 -8 32 Bank debits, seas. adj. ($1,000) 258,328 -1 7 Nonfarm employment 25,550 2 -2 KILLEEN-TEMPLE SMSA Manufacturing employment 5,210 ** -6 Bell and Coryell Counties; population: 159,794 (1970); Unemployed (percent) 4.3 -12 34 191,600 (1973 est.) HOUSTON SMSA (continued) SAN ANTONIO SMSA Urban building permits (dollars) 5,154,809 16 ** Bank debits, seas. adj. ($1,000) 243,588 5 13 Bexar, Comal, and Guadalupe Counties; population: (Monthly employment reports are not available for the 888,179 (1970); 957,600 (1973 est.) Killeen-Temple SMSA.) Urban building permits (dollars) 14,557,004 -21 72 Bank debits, seas. adj. ($1,000) 3,052,770# 8 15 LAREDO SMSA Nonfarm employment 304,550 -1 -2 Webb County; population: 72,859 (1970); 81,200 (1973 est.) Manufacturing employment 37,250 ** -10 Urban building permits (dollars) 1,562,5 71 13 123 Unemployed (percent) 9.1 -5 72 Bank debits, seas. adj. ($1,000) 182,065 2 8 Nonfarm employment 23,500 1 5 SHERMAN-DENISON SMSA Manufacturing employment 1,410 1 -17 Grayson County; population: 83,225 (1970); 77,800 (1973 est.)Unemployed (percent) 14.8 -11 33 Urban building permits (dollars) 720,704 38 190 Bank debits, seas. adj. ($1,000) 145,654 4 6LONGVIEW SMSA Nonfarm employment 27,020 1 -10 Gregg and Harrison Counties; population: 120,770 (1970); Manufacturing employment 9,120 1 -21 122,300 (1973 est.) Unemployed (percent) 12.8 9 161 Urban building permits (dollars) 2,185,366 -76 -9 Bank debits ($1,000) 296,499 -3 16 TEXARKANA SMSA Nonfarm employment 46,670 ** -2 Bowie County, Texas, and Miller County, Arkansas; Manufacturing employment 15,180 1 -4 population: 101,198 (1970); 102,900 (1973 est.) Unemployed (percent) 7.8 -4 95 Urban building permits (dollars) 457,257 9 -5 Bank debits, seas. adj. ($1,000) 203,401 1 13LUBBOCK SMSA Nonfarm employment 38,310 2 -1Lubbock County; population: 179,295 (1970); 191,700 (1973 est.) Manufacturing employment 8,210 1 -11 Urban building permits (dollars) 6,991,742 -29 -33 Unemployed (percent) 8.5 -14 60 Bank debits, seas. adj. ($1,000) 851,828 ** 2 (Since the Texarkana SMSA includes Bowie County in Texas and Nonfarm employment 71,230 1 -1 Miller County in Arkansas, all data, including population, refer to Manufacturing employment 9,530 1 -15 the two-county region.) Unemployed (percent) 4.7 8 96 TYLER SMSA McALLEN-PHARR-EDINBURG SMSA Smith County; population: 97,096 (1970); 103,900 (1973 est.) Hidalgo County; population: 181,535 (1970); 207,100 (1973 est.) Urban building permits (dollars) 1,028,684 -58 -35 Urban building permits (dollars) 4,204,083 -12 71 Bank debits, seas. adj. ($1,000) 334,093 4 6 Bank debits, seas. adj. ($1,000) 402,565 -10 20 Nonfarm employment 37,710 ** -6 Nonfarm employment 48,500 ** 9 Manufacturing employment 10,760 ** -20 Manufacturing employment 5,840 2 5 Unemployed (percent) 8.7 -6 112 Unemployed (percent) 11.4 -5 7 WACO SMSA MIDLAND SMSA McLennan County; population: 147,553 (1970);Midland County; population: 65,433 (1970); 65,900 (1973 est.) 152,800 (1973 est.) Urban building permits (dollars) 2,077,310 -17 121 Urban building permits (dollars) 4,358,298 7 -42 Bank debits, seas. adj. ($1,000) 438,004 15 2 7 23 Bank debits, seas. adj. ($1,000) 541,150 13 Nonfarm employment 67,390 1 5 Nonfarm employment 55,340 •• -2 Manufacturing employment 7 ,620 -4 ** Manufacturing employment 12,450 •• -9 Unemployed (percent) 3.7 -14 9 Unemployed (percent) 8.1 -6 88 (Employment data are reported for the combined Midland and Odessa SMSAs since employment figures for Midland and Ector WICHITA FALLS SMSACounties, composing one labor-market area, are recorded in Oay and Wichita Counties; population: 129,941 (1970);combined form by the Texas Employment Commission.) 129,700 (1973 est.) ODESSA SMSA Urban building permits (dollars) · 1,183,432 4 27 Bank debits, seas. adj. ($1,000) 433,498# 5 5 Ector County; population: 91,805 (1970); 93,300 (1973 est.) Nonfarm employment 44,080 1 1Urban building permits (dollars) 1,419,140 3 9 Manufacturing employment 6,620 2 6Bank debits, seas. adj. ($1,000) 335,611 1 29 Unemployed (percent) 4.7 8 81Nonfarm employment 67 ,390 1 5 Manufacturing employment 7,620 4 * * Unemployed (percent) 3.7 -14 9 (Employment data are reported for the combined Midland and Odessa SMSAs since employment figures for Midland and Ector Counties, composing one labor-market area, are recorded in combined form by the Texas Employment Commission.) **Absolute change is less than one half of 1 percent. #sank debit reports are based on the 1970 census definition for standard metropolitan statistical areas. TEXAS BUSINESS REVIEW Indicators of Local Business Conditions for Individual Texas Municipalities Urban building permits Bank debits Percent change Percent change COUNTY City Population 1970 1973 (est.) Aug 1975 (dollars) from Jul A ug 1975 1974 A ug 1975 (thousands of dollars) from Jul Aug 1975 1974 ANDERSON Palestine 27,789 14,525 30,200 185,900 -87 - 7 36,436 - 6 12 ANDREWS Andrews 10,372 8,625 10,900 84,849 -57 2 57 14,544 - 12 16 ANGELINA Lufkin 49,349 23,049 53,900 989,721 39 107 ARANSAS Aransas Pass (see San Patricio) 8,902 10,000 ATASCOSA Pleasanton 18,696 5,407 19,800 8,346 8 10 AUSTIN Bellville 13,831 2,371 14,100 20,500 -81 37 12,011 2 7 BAILEY Muleshoe 8,487 4,525 8,400 25,358 - 9 4 BASTROP Smithville 17,297 2,959 19,600 4,400 -95 -60 4,024 - 7 10 BEE Beeville 22,737 13,506 24,000 19,785 -91 32 37,130 - 6 22 BELL (in Killeen-Temple SMSA) Bartlett (see Williamson) Belton Harker Heights Killeen Temple 124,483 8,696 4,216 35,507 33,431 148,600 255,950 327,066 3,427,697 787,360 51 -28 154 18 -69 157 325 -75 69,854 123,691 - 12 2 13 8 BEXAR (in San Antonio SMSA) San Antonio 830,460 654,15 3 892,000 12,432,732 -24 90 2,834,389 - 6 10 BOWIE (in Texarkana SMSA) Texarkana 67,813 52,179 68,800 410,457 -10 - 4 185,568 - 7 14 BRAZORIA (in Houston SMSA) Angleton Clute Freeport Pearland 108,312 9,770 6,023 11,997 6,444 114,400 297,981 116,130 85,140 1,355,1 12 394 -62 89 -31 56 27 423 27,85 2 8,732 54,667 15,211 -- 14 4 9 3 -- 31 5 6 24 BRAZOS (constitutes Bryan-College Station SMSA) Bryan College Station 57 ,978 33,719 17,676 64,500 453,640 793,841 -9 -14 -87 -8 142,285 24,053 2 7 11 9 BREWSTER Alpine 7,780 5,971 8,500 24,500 581 380 8,096 - 1 8 BROWN Brownwood 25,877 17,368 28,100 185,900 -21 BURLESON Caldwell 9,999 2,308 10,700 6,177 2 18 BURNET Marble Falls 11,420 2,209 14,900 19,794 - 19 22 CALDWELL Lockhart 21,1 78 6,489 20,200 14,428 8 - 2 OCTOBER 1975 Urban building permits Bank debits COUNTY City Population 1970 1973 (est.) Aug 1975 {dollars) Percent change from Jul Aug 1975 1974 Aug 1975 {thousands of dollars) Percent change from Jul Aug 1975 1974 CALHOUN Point Comfort Port Lavaca Seadrift 17,831 1,446 10,491 1,092 17,800 4,000 33,785 1,500 -97 -96 -25 -79 1,986 40,352 1,919 -3 · -3 138 -17 20 9 CAMERON (constitutes Brownsville­Harlingen-San Benito SMSA) Brownsville Harlingen La Feria Los Fresnos Port Isabel San Benito 140,368 52,522 33,503 2,642 1,297 3,067 15,176 158,900 1,510,856 749,083 27,650 1,321,268 297,601 -78 29 256 146 -19 32 37 474 144,125 131,376 3,371 5,028 8,910 14,830 -9 -15 -29 -37 -34 -19 15 -37 -37 17 -9 -12 CASTRO Dimmitt 10,394 4,327 9,600 29,843 -12 2 CHEROKEE Jacksonville 32,008 9 ,734 34,100 685,380 120 752 36,860 - 7 -4 COLEMAN Coleman 10,288 5,608 9,800 57,900 -13 COLLIN (in Dallas-Fort Worth SMSA) McKinney Plano 66,920 15,193 17,872 79,500 44,397 4,049,280 -74 11 -10 -31 23,262 49,453 -9 -13 -1 14 COLORADO Eagle Lake 17,638 3,587 16,800 11,288 5 -7 COMAL (in San Antonio SMSA) New Braunfels 24,165 17,859 28,300 1,320,606 191 151 38,455 8 COOKE Gainesville Muenster 23,471 13,830 1,411 24,200 135,650 130,000 -66 36,545 5,217 -- 1 14 - 33 6 CORYELL ·(in Killeen-Temple SMSA) Copperas Cove Gatesville 35,311 10,818 4,683 43,000 602,686 -66 115 11,967 14,324 -3 -14 - 19 1 CRANE Crane 4,172 3,427 4,100 0 ** 4 ,152 -12 8 DALLAS (in Dallas-Fort Worth SMSA) Carrollton Dallas Farmers Branch Garland Grand Prairie Irving Lancaster Mesquite Richardson Seagoville 1,327,321 13,855 844,401 27,492 81 ,437 50,904 97,260 10,522 55,13 1 48,582 4,390 1,350,800 4 ,499,722 15,877,246 3,000,136 1,723,289 1,946,060 19,570,726 146,900 1,039,761 3,709,888 10,000 286 -64 442 -65 -31 655 -35 183 61 -9 6 601 4 110 -78 -10 27 129 -5 -87 41,55 6 17,959,206 36,592 114,376 168,207 12,375 127,216 12,619 2 7 4 2 13 -2 7 2 -7 -9 8 3 16 2 15 -28 DAWSON Lamesa 16,604 11,559 16,300 57,500 -76 -29 27,178 -19 -8 DEAF SMITH Hereford 18,999 13,414 18,700 545 ,580 145 327 DENTON (in Dallas-Fort Worth SMSA) Denton Justin Lewisville Pilot Point 75,633 39,874 741 9,264 1,663 91,300 3,808,250 0 511,327 0 394 -25 150 33 ** 101,289 2,311 29,455 3,02 1 -11 -9 -9 -13 -17 -20 -17 3 Urban building permits Bank debits Percent change Percent change COUNTY City Population 1970 1973 (est.) Aug 197S (dollars) from Jul Aug 197S 1974 Aug 197S (thousands of dollars) from Jul Aug 197S 1974 DEWITT Yoakum (see Lavaca) 18,660 18,600 EASTLAND Cisco 18,092 4,160 18,800 6,031 - 6 4 ECTOR (constitutes Odessa SMSA) Odessa 91,80S 78,380 93,300 1,419,140 - 3 9 ELLIS (in Dallas-Fort Worth SMSA) Midlothian Waxahachie 46,638 2,322 13,4S2 49,000 76,048 37S,SOO 361 -lS 184 S,333 28,6S3 -- 13 s -- 4 13 EL PASO (constitutes El Paso SMSA) EI Paso 3S9,291 322,261 391,700 6,396,724 -3S -22 1,30S,688 - 8 20 ERATH Stephenville 18,191 9,277 18,900 100,lSO 79 70 27,018 - 11 10 FANNIN Bonham 22,70S 7,698 23,400 8,1 SS -94 -78 17,4S8 - 16 - 19 FAYETTE Schulenburg 17,6SO 2,294 17,800 84,S86 92 -38 FORT BEND (in Houston SMSA) Richmond Rosenberg S2,314 S,777 12,098 64,200 4S 3,826 248,890 19 -28 107 19,671 s 10 GAINES Seagraves Seminole 11,S93 2,440 S,007 11,200 2,600 82,300 -96 179 -74 362 3,9S 1 21,06S 4 1 - s 14 GALVESTON (constitutes Galveston-Texas City SMSA) Dickinson Galveston La Marque Texas City 169,812 10,776 61,809 16,131 38,908 177,600 380,477 S6,41S 834,072 -86 -10 -74 -92 141 21,146 236,SSO 28,832 S3,232 --- 10 12 16 4 - 16 10 20 20 GILLESPIE Fredericksburg 10,SS3 S,326 11,100 340,17S 166 126 28,989 - 4 17 GRAY Pampa 26,949 21,726 2S,100 22,6SO -78 -S9 s3,SS6 - 14 GRAYSON (constitutes Sherman-Denison SMSA) Denison Sherman 83,22S 24,923 29,061 77,800 369,879 320,82S 1S7 -lS 382 94 40,477 77,347 -- lS lS - s lS GREGG (in Longview SMSA) Gladewater Kilgore Longview 7S,929 S,S74 9,49S 4S,S47 78,100 12S,760 446,970 1,481,6SO 192 393 -83 3S 234 -26 7,817 38,106 204,303 -- 20 1 2 - 2 2 23 GUADALUPE (in San Antonio SMSA) Schertz Seguin 33,SS4 4,061 lS,934 37,300 60,30S 19S,9SO -48 -40 -62 198 S,237 38,S49 -- 12 6 13 6 HALE Hale Center Plainview 34,137 1,964 19,096 3S,900 1,000 279,SOO ** -20 -3S 99,797 - 4 OCTOBER 1975 Urban building permits Bank debits COUNTY City Population 1970 1973 (est.) Aug 1975 (dollars) Percent change from Jul Aug 1975 1974 Aug 1975 (thousands of dollars) Percent change from Jul Aug 1975 1974 HARDEMAN Quanah 6,795 3,948 6,200 0 ** HARDIN (in Beaumont-Port Arthur-Orange SMSA) Silsbee 29,996 7,2 71 32,800 23,049 - 12 9 HARRIS (in Houston SMSA) Baytown Bellaire Deer Park Houston Humble La Porte Pasadena South Houston Tomball 1,741,912 43,980 19,009 12,773 1,232,802 3,278 7,149 89,277 11,527 2,734 1,835,900 1,319,234 6,095,580 1,319,499 50,701,505 32,906 719,900 2,352,088 22,000 23,600 53 80 20 -77 573 120 58 37 -24 -49 305 -75 -69 155,271 98,045 31,097 20,811,316 16,185 7,709 217,456 27,624 4 4 6 3 6 4 3 9 39 2 37 17 -18 4 40 10 HARRISON (in Longview SMSA) Hallsville Marshall 44,841 1,038 22,937 44,200 130,986 - s -15 2,742 46,273 -64 -6 3 6 HASKELL Haskell 8,512 3,655 8,000 31,000 -27 13,664 29 67 HAYS (in Austin SMSA) San Marcos 27,642 18,860 33,700 146,116 -44 151 19,923 ** -2 HENDERSON Athens 26,466 9,582 29,600 147,000 165 46 34,122 3 6 HIDALGO (constitutes McAllen-Pharr-Edinburg SMSA) Alamo Donna Edinburg Elsa McAllen Mercedes Mission Pharr San Juan Weslaco 181,535 4,291 7,365 17,163 4,400 37,636 9,355 13,043 15,829 S,070 15,313 207,100 105,600 731,608 2,060 2,369,562 63,645 243,974 119,980 567,654 -54 124 -74 -28 28 -53 -9 148 138 131 -94 63 51 -1 -33 286 7,897 8,117 s1,719 13,263 146,766 15,377 42,119 9,514 6,578 31,220 -32 19 -16 -35 -13 -27 -13 -16 -33 -18 21 2 17 2 26 -25•• -12 22•• HOCKLEY Levelland 20,396 11,445 21,200 36,306 - 9 6 HOOD (in Dallas-Fort Worth SMSA) Granbury 6,368 2,473 8,600 6,488 4 -3 HOPKINS Sulphur Springs 20,710 10,642 22,000 718,900 658 43,595 7 -2 HOWARD Big Spring 37,796 28,735 39,200 286,370 6 SS 102,157 -6 -4 HUNT Greenville 47,948 22,043 47,200 171,778 175 s 47,970 -4 -9 HUTCHINSON Borger 24,443 14,195 25,800 197,250 I 293 396 JACKSON Edna 12,975 5,332 12,900 s3,617 -79 -51 17,136 - 4 4 JASPER Jasper Kirbyville 24,692 6,251 1,869 25,100 32,400 - 81 - 21 27,454 5,833 - 15 5 •• 18 248 TEXAS BUSINESS REVIEW Urban building permits Bank debits Percent change Percent change COUNTY City Population 1970 1973 (est.) Aug 1975 (dollars) from Jul Aug 1975 1974 Aug 1975 (thousands of dollars) from Jul Aug 1975 1974 JEFFERSON (in Beaumont-Port Arthur-Orange SMSA) Beaumont Groves Nederland Port Arthur Port Neches 244,773 115,919 18,067 16,810 57,371 10,894 241,700 2,382,230 247,012 280,832 497,644 399,892 -76 14 -38 80 -16 119 115 47 215 10 529,865 38,035 20,125 126,651 28,148 --- 15 ** 14 14 9 - 14 18 2 10 8 JIM WELLS Alice 33,032 20,121 33,700 105 ,404 - 2 - 2 JOHNSON (in Dallas.Fort Worth SMSA) Burleson Cleburne 45,769 7,713 16,015 52,500 296,784 260,000 -16 124 54 16,075 45,875 1 6 4 17 KARNES Karnes City 13,462 2,926 12,500 138,950 24 377 8,067 4 22 KAUFMAN (in Dallas.Fort Worth SMSA) Terrell 32,392 14,182 35,500 182,250 -56 583 KIMBLE Junction 3,904 2,654 3,900 48,000 220 6,729 19 21 KLEBERG Kingsville 33,166 28,711 35,000 76,142 123 - 46 LAMAR Paris 36,062 23,441 36,900 595,664 27 262 LAMB Littlefield 17,770 6,738 17,300 16,201 - 15 20 LAMPASAS Lampasas 9,323 5,922 12,400 494,700 98 14,906 17 2 LAVACA Hallettsville Yoakum 17,903 2,712 5,755 18,200 849,000 7,475 -91 -89 10,121 19,398 - 11 6 9 ** LEE Giddings 8,048 2,783 8,900 33,850 -26 -32 10,914 - 17 - 1 LIBERTY (in Houston SMSA) Dayton Liberty 33,014 3,804 5,591 37,400 68,457 437,650 -52 -28 -97 347 12,967 20,886 -- 3 18 -- 7 17 LIMESTONE Mexia 18,100 5,943 19,100 129,760 13 266 16,316 - 11 11 LLANO Kingsland Llano 6,979 1,262 2,608 7,700 3,000 -97 -93 12,885 13,732 - 4 11 - 38 14 LUBBOCK (constitutes Lubbock SMSA) Lubbock Slaton 179,295 149,101 6,583 191,700 6,791,402 3,040 -31 -5 -33 -90 728,793 9,710 -- 11 3 2 5 LYNN Tahoka 9,107 2,956 9,300 18,500 - 72 9 10,883 28 17 McCULLOCH Brady 8,571 5,557 8,100 144,600 15 76 14,786 - 11 - 1 McLENNAN (constitutes Waco SMSA) McGregor Waco 147,553 4,365 95,326 152,800 120,000 3,373,437 21 - 53 13,054 476,95 6 49 3 28 19 OCTOBER 1975 COUNTY City MATAGORDA Bay City MAVERICK Eagle Pass MEDINA Castroville Hondo Population 1970 1973 (est.) 27,913 27,600 11,733 18,093 20,600 lS,364 20,249 20,900 1,893 S,487 Urban building permits Percent change from Aug 197S Jul Aug (dollars) 197S 1974 403,414 -lS 444 19S,3SO -62 S8 1S,3SO -19 39,990 -36 Bank debits Percent change Aug 197 S from (thousands Jul Aug of dollars) 197S 1974 S2,629 •• 22 20,986 s 38 3,179 26 5 10,77S 14 20 MIDLAND (constitutes Midland SMSA) Midland 6S,433 S9,463 6S,900 2,077,310 -17 121 391,223 3 26 MILAM Cameron Rockdale 20 ,028 S,S46 4,6SS 20,100 80,7SO 23 S64 17 ,226 lS,862 26 2 30 21 MILLS Goldthwaite 4,212 1,693 4,400 10,366 -4 6 MITCHELL Colorado City 9,073 S,227 8,SOO 8,40 1 -14 -4 MONTGOMERY (in Houston SMSA) Conroe 49,479 11,969 71,200 S00,000 S94 267 80,238 -s 6 MOORE Dumas 14,060 9,771 13,100 833,000 44 81 NACOGDOCHES Nacogdoches 36,362 22,S44 4 1,600 936,671 94 -SS NAVARRO Corsicana 31,1 50 19,972 31,600 1,0 6 6,870 727 S8,396 - s - 5 NOLAN Sweetwater 16,220 12,020 16,600 8S,600 243 -78 36,SS9 27 36 NUECES {in Corpus Christi SMSA) Bishop Corpus Christi Port Aransas Robstown 237,544 3,46 6 204,525 1,218 11,217 250,800 0 3,145,306 39,376 -23 -10 •• 75 71 4,149 882,178 2,S72 36,424 -6 -3 -16 -30 -9 14 6 -9 ORANGE (in Beaumont-Port Arthur-Orange SMSA) Orange 7 1,170 24,457 73,400 1,350 ,061 378 683 74,657 - 6 •• PALO PINTO Mineral Wells 28,962 18,411 22,900 23S,8SO 233 432 35,7S7 -11 - 11 PANOLA Carthage 15,894 5,392 16,400 335,489 581 359 PARKER (in Dallas-Fort Worth SMSA) Weatherford 33,888 11,750 31,900 264,104 34 6 S 35 ,658 - 7 - I PARMER Friona 10,509 3,111 10,000 3,000 -97 -78 25,880 -11 PECOS Fort Stockton 13,748 8,283 13,300 98,150 -60 -86 22,767 22 39 POTTER (in Amarillo SMSA) Amarillo 90,511 127,010 91,400 4,418,060 -81 -36 933,5 86 - 8 4 COUNTY City Population 1970 1973 (est.) Urban building permits Percent change from Aug1975 Jul Aug (dollars) 1975 1974 Bank debits Percent change Aug 1975 from (thousands Jul Aug of dollars) 1975 1974 RANDALL (in Amarillo SMSA) Amarillo (see Potter) Canyon 53,885 8,333 59,000 715,000 -2 -14 22,641 - 2 22 REEVES Pecos 16,526 12,682 16,000 23,750 -59 38,046 - 1 6 REFUGIO Refugio 9,494 4,340 9,400 0 ** ** 9,119 - 2 20 RUSK Henderson Kilgore (see Gregg) 34,102 10,187 35,500 310,201 84 74 SAN PATRICIO (in Corpus Christi SMSA) Aransas Pass Sinton 47,288 5,813 5,563 50,300 65,300 51,672 -43 480 19,150 18,371 -5 -25 38 6 SAN SABA San Saba 5,540 2,555 5,900 7,000 -72 4 9,803 -26 -20 SCURRY Snyder 15,760 11,1 71 17,900 243,925 -29 107 30,450 -16 12 SHACKELFORD Albany 3,323 1,978 3,300 22,000 6,460 - 2 20 SHERMAN Stratford 3,657 2,139 3,300 4,000 142 - 67 15,55 6 -17 -16 SMITH (constitutes Tyler SMSA) Tyler 97,096 57,770 103,900 993,684 -59 -37 293,958 - 8 3 STEPHENS Breckenridge 8,414 5,944 8,100 25 6,176 118 999 SUTTON Sonora 3,175 2,149 3,300 90,050 -67 6,689 -10 27 TARRANT (in Dallas-Fort Worth SMSA) Arlington Bedford Burleson (see Johnson) Euless Fort Worth Grapevine North Richland Hills White Settlement 716,317 90,643 10,049 19,316 393,476 7,023 16,514 13,449 714,600 633,803 209,975 64,704,380 175,650 1,113,198 93,220 -2 -59 -37 89 -5 293 50 815 101 151 694 165,735 23,914 2,882,937 16,541 38,561 10,431 -6 34 -9 20 -13 -40 2 38 3 8 34 12 TAYLOR (in Abilene SMSA) Abilene 97,853 89,653 102,400 1,709,860 9 57 351,207 - 4 9 TERRY Brownfield 14,118 9,647 14,400 265,575 677 57 35,596 - 7 5 TITUS Mount Pleasant 16,702 8,877 17,600 37,359 -10 -11 TOM GREEN (constitutes San Angelo SMSA) San Angelo 71,047 63,884 72,900 1,240,630 -62 40 247,311 -10 4 TRAVIS (in Austin SMSA) Austin 295,516 251,808 339,200 26,486,194 51 167 1,893,786 - 5 9 UPSHUR Gladewater (see Gregg) 20,976 22,900 OCTOBER 197 5 Urban building permits Bank debits Percent change Percent change COUNTY Population City 1970 1973 (est.) Aug 1975 (dollars) from Jul Aug 1975 1974 Aug 1975 (thousands of dollars) from Jul Aug 1975 1974 UPTON 4,697 4,400 McCamey 2,647 4,157 38 57 UVALDE 17,348 18,000 Uvalde 10,764 96,498 -44 -60 36,748 -14 -37 VAL VERDE 27,471 29,400 Del Rio 21,330 1,252,694 210 116 45,988 5 16 VICTORIA 53,766 55,800 Victoria 41,349 2,579,897 136 446 203,777 -7 -11 WALKER ·27,680 34,300 Huntsville 17,610 105,000 -43 -53 36,581 -17 -11 WARD 13,019 12,600 Monahans 8,333 7,600 -98 22,539 -11 24 WASHINGTON 18,842 19,300 Brenham 8,922 231,857 -68 242 44,602 -3 20 WEBB 72,859 81,200 (constitutes Laredo SMSA) Laredo 69,024 1,562,5 71 13 123 170,395 -13 2 WHARTON 36,729 36,800 El Campo 8,563 206,088 -45 -4 56,396 5 16 WICHITA 121,862 120,900 (in Wichita Falls SMSA) Burkburnett 9,230 157,122 -37 83 18,042 -12 -6 Iowa Park 5,796 111,582 24 263 6,532 -15 -1 Wichita Falls 97,564 1,026,310 15 26 377,383 -10 3 WILBARGER 15,355 15,000 Vernon 11,454 258,700 249 929 38,036 -7 16 WILLACY 15 ,570 16,300 Raymondville 7,987 56,000 13 -67 26,002 -41 -27 WILLIAMSON 37,305 45,200 Bartlett 1,622 3,949 84 27 Georgetown 6,395 278,075 -55 11 17,793 -8 -I Taylor 9,616 ,.. 154,963 112 21 30,748 26 10 WINKLER 9,640 9,300 Kermit 7,884 55,940 562 WISE 19,687 20,400 (in Dallas-Fort Worth SMSA) Decatur 3,240 65,000 110 97 9,551 2 •• YOUNG 15,400 15,800 Graham 7,477 297,050 37 Olney 3,624 12,450 -63 59 12,165 -17 11 ZAVALA 11,370 11,500 Crystal City 8,104 3,200 -98 9,547 3 16 ** Absolute change is less than one half of 1 percent. No data, or inadequate basis for rep.orting. Barometers of Texas Business (All figures are for Texas unless otherwise indicated.) All indexes are based on the average months for 1967= 100 except where other specification is made; all except annual indexes are adjusted for seasonal variation unless otherwise noted. Employment estimates are compiled by the Texas Employment Commission in cooperation with the Bureau of Labor Statistics of the U.S. Department of Labor. The symbols used below impose qualifications as indicated here: p-preliminary data subject to revision; r-revised data; *-dollar totals for the fiscal year to date; t-employment data for wage and salary workers only. Aug Jul Aug Year-to-date average 1975 1975 1974 1975 1974 GENERAL BUSINE~ACTMTY Business activity (index) ..•.•..•..•.••...•.•... .. ......•..... Estimates of personal income 187.1 195.3 189.0 191.6 198.0 (millions of dollars, seasonally adjusted) .....•.•...••.......... $ 5,189.8P $ 5,240.5p $ 4,867.0r $ 5,147.8 $ 4,789.0 Income payments to individuals in U.S. (billions, at seasonally adjusted annual rate) .•.• •• .....•.....•.•......... $ 1,256.9p $ 1,238.9p $ 1,167.2r $ 1,217.2 $ 1,135.5 Wholesale prices in U.S. (unadjusted index) .........•....•...•... Co11111mer prices in Dallas (unadjusted inaex) .•................ Consumer prices in U.S. (unadjusted index) .••..................• 176.7 160.6 162.8 175.7 162.3 167.4 147.9 149.9 173.1 156.8 159.3 155.0 143.6 144.8 Busine11 failures (number) •....•.......•..•............•...•. 38 49 Busine11 failures (liabilities, thousands) ..•.•••.•.•....•......... $ $ $ 10,958 $ $ 9,496 Sales of ordinary life insurance (index) .....••.••..........•.... 229.6 213.1 201.4 PRODUcnON Total electric power use (index) .•.••.•.•••.•.•.....•.......... 171.8p 170.5p r164.6r 174.0 169.4 Residential electric power use (index) •••••.•.......•....••.... 199.8: 197.lp 192.5 223.1 214.2 Industrial electric power use (index) ••••••..............••.... 149.5p 147.5: 157.6r 147.0 149.2 Crude oil production (index) ••.•.•.••.•..•••.........•....•.. Average daily production per oil well (bbl.) • • .•.•............••.. 109.0 19.5 109.2 19.6 113.0r 21.1 109.6 19.8 113.2 2o.8 Crude oil processed by refineries (index) ••••.••..••.•........... 131.1 126.4 120.6 Industrial production-total (index) ••·•••••..•••............•..• 124:2P 121.5p 127.8r 121.7 127.0 lnd\lstrial production-total manufactures (index) •.•....•...•..• 128.7p 124.7p 132.4r 124.7 130.5 Industrial production-durable manufactures (index) ........... . 129.2p 125.7p 134.8r 126.7 132.5 Industrial production-nondurable manufactures (index) ....•.... 128.4p 123.9p 130.5r 123.2 129.0 Industrial production-mining (index) •...........•.....•..•.•. 108.5p 108.5p 112.1r 108.7 113.5 Industrial production-utilities (index) ..••.....•.•..•.•..•••.• 162.3p 162.3p 166.7r 165.0 165.5 Industrial production in U.S. (index) ••••..••••.••••.•....••.•.. 112.9p 111.5p 125.2r 111.3 125.2 Urban building permits issued (index) .••••••••••.•••.••.•.•.••. 224.0p 219.1 p 160.5r 176.1 204.2 New residential building authorized (index) •.•••.•....••.••.•.. 172.9p 206.4p 142.4r 149.0 174.6 New residential units authorized (index) •.•......•.. •. .......•• 85.8P 103.1p 91.6r 74.4 117.8 New nonresidential building authorized (unadjusted index) •..•.••• 280.7p 222.6p 158.9r 194.3 230.6 AGRICULTURE Prices received by farmers (unadjusted index) ..•.••....•....••.•• 184 183 193 174 201 Prices paid by farmers in U.S. (unadjusted index) •••.•....•.••.••• 187 186 173 183 164 Ratio of Texas farm prices received to U.S. prices paid by fannera .•••••••.••••••••••.....•••...•..•..••....•.•• 98 98 112 95 123 FINANCE Bank debits (index) ...••.•...•..•....••........••.•...•••.. 330.7 343.1 316.4 331.7 307.8 Bank debits, U.S. (index) .......•••....••...........•....••.. 291.1 285.5 264.3 283.6 251.9 Bank commercial loans outstanding (index) •..................... 182.8 182.8 188.6 184.6 174.1 Reporting member banks, Dallas Federal Reserve District Loads (millions) .•••..•.•••••...•••..•..•...•..•..••...•. $ 10,519 $ 10,511 $ 10,672 $ 10,522 $ 10,285 Loans and investments (millions) ...•••..•.....•.•..•..•....• $ 15,597 $ 15,383 $ 14,887 $ 15,256 $ 14,466 Adjusted demand deposits (millions) ••.....•••..•.........•... $ 4,804 $ 4,698 $ 4,360 $ 4,603 $ 4,230 Revenue receipts of the state comptroller (thousands) .............• $ 557,800 $ 472,032 $ 508,902 $ 511,252 $ 458,125 Federsl Interns) Revenue collections (thousands) .........•••..... $ 1,238.7 $ 492.8 $ 1,134.9 $ 1,731.5* $ 1,615.3* Securities registrations-original applications Mutusl investment companies (thousands) .•..•.•••..•......... $ 50,117 $ 80,829 $ 49,960 $ 703,486* $ 386,523* All other corporate securities Texas companies (thousands) ••.•••.•.•....•.....••..... · · · $ 1,930 $ 9,378 $ 5,683 $ 85,335* $ 213,439* Other companies (thousands) .•••...•....•.•...•...• · · · · · · · $ 3,465 $ 19,459 $ 8,184 $ 92,642* $ 99,362 . Securities registration-renewals Mutual investment companies (thousands) •.•••........ · · · · · · · · $ 31,933 $ 31,532 $ 21,067 $ 487,683* $ 439,492* Other corporate securities (thousands) ..•..•......... · · · · · · · · · $ 0 $ 500 $ 0 $ 22,273* $ 24,506* lABOR Total nonagricultural employment (index)t •.....•... · • · · · • · · • · · · 135.5p 135.oP 134.lr 135.0 132.9 Manufacturing employment (index)t .•.......... · · • · · · · · · · · · · 119.9p 119.1 p 126.0r 119.8 124.8 Average weekly hours-manufacturing (index)t ........... · · · · · · · · 98.4p 97.lp 97.7r 96.9 98.3 Average weekly earnings-manufacturing (index)t ....... · · · • · · · · · · 171.2: 167.9: 151.3~ 163.4 147.2 Total nonagricultural employment (thousands)t .......•. • · · · · · · · · 4,427.0 4,408.9 4,382.2 4,388.0 4,317.7 Tots) manufacturing employment (thousands)t ..... · • · · · · · · · · · · Durable-goods employment (thousands)t . . .... · · · · · · · · · · · · · · · Nondurable-goods employment (thousands)t ..... · · · · · · · · · · · · · 801.1p 439.8P 361.3p 800.oP 441.9p 358.1 p 842.2r 469.7r 372.5r 795.7 441.0 354.7 829.2 461.0 368.2 Total civilian labor force in selected labor market areas (thousands) •••..•.. • .. · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 4,140.7 4,163.7 4,010.8r 4,083.7 3,950.3 Nonagricultural employment in selected labor market areas (thousands)t ..••.... · · · · · · • · · · · · · · · · · · · · · · • · • · · · · · · 3,588.6 3,580.2 3,570.6r 3,563.1 3,528.7 Manufacturing employment in selected labor market areas (thousands)t .•..•. · · · · • · · · · · · · · · · · · · · • · • · · · · · · · · · 671.1 671.2 699.7r 660.6 688.9 Total unemployment in selected labor market areas (thousands) ••••.•••..••.•..•. · · · · · · · · · · · · · · · · • • · · · · • · • • · 263.0 284.9 164.9r 252.1 163.1 Percent of labor force unemployed in selected labor market areas •.•.•. · · · · · • · · · · · · · · · · · · · · · · • · · · · · · • • • · · Percent of total labor force unemployed · · · · · · · • · • • · · • • · • • • • • • • • 6.4 6.0 6.8 6.5 4.lr 3.9r 6.2 6.1 4.1 4.1 BUREAU OF BUSINESS RESEARCH SECOND-CLASS POSTAGE PAID AT AUSTIN, TEXAS TIIE UNIVERSllY OF TEXAS AT AUSTIN AUSTIN, TEXAS 78712 .. Texas Uniform Commercial Code Practical Aspects on Secured Transactions Prepared to assist businessmen in understanding and making effective use of secured transactions, Texas Uniform Commercial Code is now in its fourth edition. This revised edition reflects the most recent changes in the Uniform Commercial Code made by the 63rd and 64th Texas Legislatures. The Texas Uniform Commercial Code, number 12 in the Bureau's Business Guide series, includes explanations of various aspects of the commercial code, as well as relevant definitions and copies of pertinent documents. Gaylord A. Jentz is professor of business law at The University of Texas at Austin. $3.00 (Texas residents add $.15 tax.) Bureau of Business Research Graduate School of Business• The University of Texas at Austin