The 2011 Faulkner County
Annual Economic Report
61st Annual Presentation
The Conway Rotary Club
Dr. Pat Cantrell
Dean of the College of Business
Supported by:
The Conway Rotary club
Roger Lewis
Report Author
Amber Hall
Asst. Director of Institutional Research
Stephen S. Gross
Intern
Previous Themes
• 2011 – Big City Amenities with a Small Town Feel
• 2010 – 60 Years and 600% Growth…Not Bad!
• 2009 – From Cotton to Computers
• 2008 – Conway an Oasis In Arkansas
• 2007 – We Have Gas
• 2006 – Conway is Growing and You Can Bank on it
• 2005 – The Billion Dollar Economy
A Glance at the
National Economy
National GDP
Year-Over-Year Change
1.8%
2.5%
3.6% 3.1%
3.0%
2.7%
1.9%
1.7%
0.0%
-2.6%
National Unemployment
Rate
9.3% 9.7% 9.0%
5.8% 6.0% 5.5%
5.1%
2002
2003
2004
2005
4.6% 4.6%
2006
2007
5.8%
2008
2009
2010
2011
Consumer Price Index
(CPI)
3.4%
2.3%
2.7%
3.8%
3.2%
3.2%
2.8%
1.6%
2002
1.6%
2003
2004
2005
2006
2007
2008
2009
-0.4%
2010
2011
Consumer Price Index
Percentage Change per Select Category
Seasonally Adjusted
Energy
2007 2008 2009 2010 2011
5.5
13.9 -18.4
9.5
15.4
Medical Care
Food and
Beverage
4.4
3.7
3.2
3.4
3.0
3.9
5.4
1.9
0.8
3.6
Other Goods & Services
3.6
3.6
6.7
3.4
1.6
Housing
Education &
Communications
3.1
3.2
0.4
-0.4
1.3
2.4
3.4
3.0
2.0
1.2
Transportation
2.1
5.9
-8.3
7.9
9.8
Recreation
0.5
1.6
0.9
-0.8
0.0
Apparel
-0.4
-0.1
1.0
-0.5
2.2
All Items
2.8
3.8
-0.4
1.6
3.2
2011 Monthly Unemployment
10
9.5
9
Percent
8.5
8
7.5
7
6.5
6
5.5
5
U.S.
Arkansas
Faulkner County
Conway
Average Annual Unemployment
Rate
12
10
Percent
8
6
4
2
0
2002
2003
U.S.
2004
2005
Arkansas
2006
2007
Faulkner
2008
2009
Conway
2010
2011
Dow Jones Industrial
Average (DJIA) Year-end
Closing
13,265
10,454
10,021
10,783
12,463
11,578
10,285
10,718
8,776
8,341
2001
2002
12,218
2003
2004
2005
2006
2007
2008
2009
2010
2011
Family Units
Constructed
1522
1,133
1010
760
735
70
20
244
168
24
44
90
27
2003
689
602
14
645
949
933
2004
407
2005
314
2006
Single family
668
28
58
259
223
448
52
488
502
846
192
2007
Duplex
2008
2009
Multi-unit
12 167
2
153
2010
2011
Value of Building Permits
Millions of Dollars
250
199
200
159
151
141 146
136 141
150
120
100
98
104
50
0
*UCA and other state agencies are not included.
130
2011 Faulkner County Real
Estate Sales
Millions of Dollars
$600
$488
$500
$505
$529
$432
$393
$400
$300
$348
$347
$257
$278
$367
$312
$200
$100
$-
2001
2002
2003
2004
2005
2006
2007
Real Estate Sales
2008
2009
2010
2011
Population Estimates for Conway
(city) and Faulkner County
Population In Thousands
140
119.20
120
100
80
60.85
60
40
25.29
20
8.61
-
1950
1960
1970
1980
Conway
1990
2000
Faulkner County
2005
2010
2011
Faulkner County Births and
Deaths
Year
Births
Deaths
Net Gain
Birth to
Death Ratio
2011
1,529**
800***
644
1.8
N/A
2010
1,583**
811**
734
1.9
1.5
2009
1,538**
756**
782
2.0
1.5
2008
1,511**
760
765
2.0
1.5
2007
1,481**
740
744
2.0
1.5
2006
1,530
727
803
2.1
1.4
2005
1,398
718
680
1.9
1.4
2004
1,365
685
680
2.0
1.3
2003
1,314
686
628
1.9
1.3
2002
Ten Year
Summary
1,314
668
646
2.0
1.3
14,563
7,351
7,212
2.0
1.4
Arkansas BirthDeath Ratio
Faulkner County Property Tax
Assessment 2011
Real Estate
Amount
% Change
$1,269,075,781
0.9
All Property
Amount
% Change
$1,744,795,878
9.2
Tax Assessment Values in Conway
City Limits 2011
Percent of
Real Estate Faulkner County
$756,875,597
59.6
Percent of
All Property Faulkner County
$990,935,134
56.8
Cost of Living Comparison
Cities
Conway
Dallas, TX
Fayetteville
Fort Smith
Composite
87.8
96.3
86.5
85.2
Difference
0.0
9.7
-1.5
-3.0
Average Rent
$542
$738
$580
$460
Average Home
$236,343
$207,192
$223,306
$232,940
Hot Springs
Houston, TX
Little RockN Little Rock
Memphis
96.5
89.9
9.9
2.4
$626
$892
$253,967
$224,736
95.8
86.0
9.1
-2.1
$719
$721
$253,330
$195,115
162.9
85.5
$2,518
$796,762
150.5
91.2
71.4
3.9
$1,729
$778
$713,145
$202,396
100.0
13.9
$810
$293,442
San Francisco,
CA
San Jose, CA
St. Louis
National
Average
Murder
Rape
Robbery
Assault
4
5 4
5 4 4
2008
2009
13
2010
15 15
14 13
9
8 8 8
4 5 4
3
2
4
4 4 5
Violent Crimes per 1,000 in Cities
with Populations over 50,000
2008
2009
Burglary
Larceny-Theft
Motor Vehicle Theft
47 43
56 59 56
42
37 39 35
2010
103 101
80 82 77
50 48
85
43
33
37
27
34 36
30
Property Crimes per 1,000 in Cities
with Populations over 50,000
Conway Corporation
(in millions of Dollars)
All Departments
Year
2012*
Capital
Revenue Expenditures
98.2
13.6
Residential Electric
Customers
Number
26,769
Population
%
Increase Estimate
2.5
62,372
2011
2010
2009
2008
103.7
95.1
92.6
88.3
7.6
10.3
10.6
9.4
26,114
25,237
24,464
24,195
3.5
3.2
4.3
4.9
60,846
58,908
60,670
60,003
2007
2006
84.4
81.1
9.6
7.9
23,062
22,316
3.3
5.8
57,193
55,344
Faulkner County Sales Tax
Receipts
1/2% Sales Tax Receipts
2011
$7,811,371
2010
$7,472,974
2009
$7,327,074
Change Over
Previous Year
$338,398
$145,899
-$80,842
Conway Sales Tax Receipts
2011
2010
2009
1% Sales Tax
$12,409,268
$12,102,898
$11,556,334
Change Over
Previous Year
$306,370
$546,564
-$52,581
Estimated Retail Sales 2011
City
Conway
Amount
% of Total
$1,303,645,330
77.2%
Greenbrier
83,215,017
4.9%
Mayflower
40,062,489
2.4%
Vilonia
43,784,642
2.6%
3,319,386
0.2%
832,524
0.0%
214,118,016
12.7%
$1,688,977,404
100.0%
Guy
Twin Groves
Non-Tax Areas*
Total
Conway Advertising and
Promotion Tax
2% of Hotel and Restaurant Sales
2010
2011
Annual Percentage
Change
Hotel
$347,602
$373,243
7.38%
Restaurant*
2,627,481 2,893,314
Total
$2,975,083 $3,266,557
*Does not include alcohol Sales
10.12%
Top Five Hotels by Sales*
Hotel
Total Sales
Hilton Garden Inn
$2,367,039
Fairfield Inn
1,581,345
Hampton Inn
1,496,960
Holiday Inn Express (Opened April 2011)
1,274,522
Comfort Suites (Museum Road)
1,142,870
$7,862,736
* Based on Advertising and Promotion Tax
Grand Total
% of Total
$17,477,258
44.98
Top Ten Restaurants by Sales*
Chick-Fil-A (Conway Commons)
Chili's Bar & Grill #1067 ♦
TGI Fridays ♦
Cracker Barrel
McDonalds #29917 Salem Rd
McDonalds #32901 Dave Ward Dr
McDonald's #10667 Hwy 65 N
McDonald's #2872 Oak St
Marketplace Grill
Logan's Roadhouse ♦
$4,205,196
3,743,522
3,483,989
3,309,456
3,306,111
3,140,876
2,739,787
2,714,709
2,713,363
2,335,170
$31,692,179
Grand Total $151,590,703
% of Total 20.91
*Does not include alcoholic beverage sales
♦Serves alcoholic beverages
Billions
Total Deposits
(Billions of Dollars)
$1.64
$1.58
$1.46
$1.32
2006
$1.35
$1.37
2007
2008
2009
2010
2011
The Top Three Banks Hold
Roughly 70% of The Total
Market Share
First Security
Bank
27%
Centenial
Bank
32%
Regions Bank
11%
All Others
30%
Faulkner County Motor Vehicle Registration
(In Thousands of Vehicles)
70.7
68.3
64.8 66.2
75.3 75.9
78.7 80.7
84.4
90.9
89.1
86.9
51.1
39.0
1990 1995 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
70
60
$54
$59
50
40
30
$27
20
10
0
* New severance tax rates went into effect January 2009
COUNTY AND MUNICIPAL
HIGHWAY SEVERANCE TAX
DISTRIBUTION 2011
Well
Production
and Value
Arkansas Scholarship Lottery
Sales
2011
2010
$474,879,704
$459,916,256
2009
$124,142,265
Total…
Lottery Sales
Faulkner County Municipalities
2011
Conway
Greenbrier
Mayflower
Vilonia
$9,588,948
$1,833,357
$1,865,787 $529,520
Wooster
$26,470
Total…
$15,174,597
2010 Employment and
Earnings for Faulkner
County
Government
Firms
58
Employees
Annual Earnings
Average
Earnings
6,434
$237,132,914
$36,868
Private
2,657
32,783
1,144,197,462
34,892
Total
2,715
39,217 $1,381,330,376
$36,856
Percent
Government
2.1
16.4
17.2
100
Income from Agricultural
Production
% Change
Crop
Beef
Greenhouses
Dairy
Rice
Soybeans
Corn
Forestry
Wheat
Fruits & Vegetables
Hay
Hogs
Silage
Grain Sorghum
Total
2011
$17,500,000
5,000,000
3,234,000
2,532,600
1,722,210
862,720
600,000
696,000
500,000
900,000
120,000
0
0
$33,667,530
2010-2011
100.00
0.00
23.53
66.96
19.37
98.66
0.00
529.07
0.00
-25.00
0.00
0.00
0.00
51.03%
The Effects of Tourism on
Faulkner County
Percent
Change
2010 Statistics
Visitors
348,509
0.78
$77,069,674
2.34
$221
1.55
State Tax receipts
$4,710,144
2.62
Local Tax Receipts
$1,293,033
2.42
Number employed
949
0.42
$14,405,002
2.32
$15,179
1.89
Total Travel Expenditures
Expenditure per Visitor
Payroll
Average Annual Pay
Any
Questions
????
The End
Thank You
Very Much