The 2010 Faulkner County Economic Report

The 2010 Faulkner County Economic

Report

60th Annual Report

Dr. Pat CantrellDean of the College of Business

David TeasterIntern

UCA Economics Major

Amber HallProject Specialist

Office of Institutional Research

Themes2009- From Cotton to

Computers2008 - Conway and Oasis In

Arkansas2007 - We Have Gas2006 - Conway is Growing and You Can Bank on it2005 – The Billion Dollar

Economy2004- ABC’s of Conway

(Apartments, Banks and Churches)

National Economy

Gross Domestic Product

Percent Increase over Previous Year

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

4.5% 4.4%4.8%

4.1%

1.1%1.8%

2.5%

3.6%3.1%

2.7%1.9%

0.0%

-2.6%

2.8%

Unemployment Rate

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

4.0%4.7%

5.8%6.0%5.5%5.1%4.6%4.6%5.8%

9.3%9.4%

2010 Monthly Unemployment Rate

January

Febru

aryMarc

hApril May

June

July

August

Septem

ber

October

November

Decem

ber0.0

2.0

4.0

6.0

8.0

10.0

12.0

9.4 US7.9 Arkansas6.8 Faulkner5.8 Conway

Average Annual Unemployment Rate

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100.0

2.0

4.0

6.0

8.0

10.0

12.0

9.7 US

7.4 Faulkner7.7 Arkansas

6.3 Conway

Consumer Price Index (CPI)

2005 2006 2007 2008 2009 2010

3.4

2.52.8

3.8

-0.4

1.6

CPI for All Urban Consumers

(Seasonally Adjusted)2009 2010Energy -18.4 7.3Medical Care 3.2 2.9Food 1.9 1.8Other Goods & Services 6.7 1.9Housing 0.4 0.4Education & Communications 3.0 1.2Transportation -8.3 5.4Recreation 0.9 -0.6Apparel 1.0 0.0All Items -0.4 1.6

Dow Jones Industrial AverageYearend Closing

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000 13,265

8,776

11,578

Family Units Constructed

2003 2004 2005 2006 2007 2008 2009 2010

645 502 488 407 314 192 259 223

2014 24 27 90

52 28 58

70 224

1010

16844

689846

668

Single Family Duplex Multi-Family

1133

760

1532

602448

933

735949

Value of Building Permits (In Million Dollars)

20002001200220032004200520062007200820092010

87 98 104136 141

199

159

120141 146 151

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

251 257 278347

432489 504 529

348312

393

Faulkner County Real Estate Sales(In Millions of Dollars)

Population of Conway and Faulkner County

1950 1960 1970 1980 1990 2000 2005 2010

8,600 9,791 15,51020,375 26,326

43,16752,262

58,908

25,289 24,30331,578

46,19260,006

86,014

104,500113,237

Conway Linear (Conway)Faulkner County Linear (Faulkner County)

52% of Faulkner County’s population reside in Conway

Faulkner County Births and Deaths per Year

Year Births DeathsNet Gain

Birth to Death Ratio

Arkansas Birth to Death Ratio

2010 1,545 811 734 1.9 1.52009 1,540 756 784 2.0 1.52008 1,392 746 646 1.9 1.52007 1,481 737 717 2.0 1.52006 1,530 726 807 2.1 1.42005 1,398 717 736 1.9 1.42004 1,365 684 681 2.0 1.32003 1,314 685 629 1.9 1.32002 1,314 668 646 2.0 1.32001 1,202 616 586 2.0 1.3

Ten Year Summary 11,738 5,231 7,368 2.0 0

Faulkner County Property Tax Assessment Values 2010Real Estate All Property

Amount%

Increase Amount%

Increase$1,257,743,19

7 4.0$1,597,539

,477 4.8

2010 Tax Assessment Values in Conway City Limits

Real Estate

Percent of Faulkner

CountyAll

Property

Percent of Faulkner County  

$708,741,482 56.40

$914,665,405 57.30

Cost of Living Comparison

Composite Difference

Average Rent

Average Home

Conway 86.6 0.0 $525 $245,802

Fort Smith 86.1 -0.5 $458 $236,080

Fayetteville 92.1 5.5 $587 $231,964

Hot Springs 93.8 7.2 $612 $259,383

Little Rock- N Little Rock 96.5 9.9 $746 $261,610

San Francisco 164.0 77.4 $2,264 $813,300

Houston, TX 92.2 5.6 $858 $224,048

Dallas, TX 91.9 5.3 $702 $197,358

San Jose, CA 156.1 69.5 $1,537 $781,361

National Avg. 100.0 13.4 $810 $293,442

2009 Violent and Property Crimesper Thousand Population

Conway Fayetteville Jonesboro Little Rock Arkansas US

4.5 4.3 4.614.5

5.2 4.6

43.438.7

47.7

82.4

37.732.1

Violent Crimes Property Crimes

MurderRapeRobberyAggravates Assault

BurglaryLarceny-theft

Motor Vehicle Theft

Conway CorporationRevenues, Capital

Expenditures and Number of Customers

All DepartmentsResidential

Electric Customers

YearRevenue(Millions)

Capital Expenditures Number % Increase

Population Estimate

2010 $95.1 $10.3 25,237 3.2 58,908

2009 $92.6 $10.6 24,464 4.3 60,671

2008 $85.6 $9.7 23,453 1.7 58,163

2007 $84.4 $9.6 23,062 3.3 57,194

2006 $81.1 $7.9 22,316 5.8 55,344

2.33 Residents per Residential Electric Meter

Faulkner County Sales Tax Receipts

Year1/2% Sales Tax

ReceiptsChange OverPrevious Year

2010 $7,472,974 $145,8992009 $7,327,074 -$80,8422008 $7,407,916

Year 1% Sales Tax

CollectionsChange Over

Previous Year 2010 $12,102,898 $546,5642009 $11,556,334 -$52,5812008 $11,608,915

Conway Sales Tax Receipts

Estimated Retail Sales for 2010

Conway $1,249,605,828

Faulkner County $1,566,845,200

80% of all Faulkner County Sales Occur in Conway

Conway Advertising and Promotion Tax

2% of Hotel and Restaurant Sales

2009 2010 % Change

Hotels $318,502 $347,602 9.1%Restaurant* $2,573,883 $2,627,481 2.1%

Total $2,892,385 $2,975,083 2.9%* Does not include tax on alcoholic beverages for 2010

Motel Sales21 Hotels and One Bed and

Breakfast % Change

2010 $17,5920,240 7.2%2009 $ 16,404,114 -6.2%2008 $17,485,927

Top Five Hotels by Annual Sales

$2,521,545

$1,581,092

$1,449,652

$1,434,895

$1,325,391

1. 4.

5.2.

3.

Restaurant SalesIncludes Alcoholic Beverage Sales

Sales % Change2010 $140,014,531 7.0%2009 $130,911,971 5.5%2008 $124,115,600

Top Ten Restaurant by Annual Sales

(Does not include alcoholic beverage sales)1.

4.

8.

5.

7. 9.

6.

2. 3.

10.

$3,950,036 $3,690,003 $3,625,022

$3,611,524 $3,202,551 $2,940,872

$2,763,293 $2,662,961$2,644,305

$2,611,287

Salem

Oak Street

Hwy. 65 N.

Dave Ward Drive

Number of Banking Institutions in Faulkner County and Total Deposits

Number of Number of Total Amount of PercentInstitutions Offices Deposits* Increase* Increase

2010 15 58 $1,582,979 $120,960 8.3

2009 15 57 $1,462,019 $101,304 7.4

2008 15 58 1,374,715 8,761 0.6

2007 15 57 1,351,954 28,365 2.1

2006 15 52 1,323,589 77,686 6.2

2005 14 48 1,245,903 139,228 12.6

2004 14 48 1,106,675 33,748 3.1

* In Million Dollars

Market Share of Faulkner County Bank

DepositsCentennial Bank

First Security BankRegions Bank

Metropolitan BankBank of America

SimmonsArvest Bank

Bank of the OzarksHome Bank of Arkansas

First Service Bank of GreenbrierNational Bank of Arkansas

First Arkansas Bank & TrustUS Bank

River Town BankHeber Springs State Bank

0 5 10 15 20 25 30 3532.7

23.612.5

4.44.24.13.9

3.23.1

2.51.81.51.4

0.90.2

Bank Earnings of Institutions Represented in Faulkner County (Year to Date as of June 30)

%Return on Assets2009 2010

Bank of Ozarks 1.42 1.941st Security Bank 1.30 1.931st Service Bank 1.13 1.61Centennial Bank 0.14 1.30Heber Springs 1.05 1.05First Service Bank 1.30 1.02US Bank 0.85 0.98River Town Bank 0.53 0.91Simmons First National Bank 0.73 0.84Bank of America 0.47 0.44National Bank of Arkansas 0.49 0.34Arvest Bank 0.62 0.30Home Bank of Arkansas 0.53 -0.32Regions Bank -0.22 -0.35Metropolitan National Bank -5.04 -.71

Average 0.35 0.75

Faulkner County Motor Vehicle Registration

(In Thousands of Vehicles)

1990

1995

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

39.051.1

64.866.268.370.775.375.978.780.784.486.989.1

2010 Natural Gas ProductionBy County

(Through November 10, 2010)

County Number of Wells MCF Estimated Value

Cleburne 372 83,037,287 $338,600,980

Conway 638 145,299,782 $601,454,088

Faulkner 251 45,438,300 $186,840,230

Franklin 21 139,005 $581,828

Independence 43 5,010,237 $20,572,201

Jackson 25 3,465,135 $14,539,021

Johnson 6 0 $0

Pope 41 2,741,689 $11,499,862

Van Buren 947 216,441,863 $898,812,006

White 876 201,661,079 $840,753,040

Total 3229 703,234,327 $2,913,653,257

3229 wells with $2.9 billion production

Severance Tax RevenueYear Gross

Revenue2010 $54,484,821

2009 $27,468,970

2008 $1,314,723

2007 $800,330

2006 $603,753

2005 $530,737

2004 $516,136

2003 $506,136

Lottery SalesAnnual Sales 2010

County Sales Rank

Faulkner $17,448,701 5

Pulaski $93,399,321 1

Jefferson $21,671,772 2

Washington $18,894,036 3

Saline $18,019,061 4State Total $459,916,256

Arkansas Scholarship Lottery Monthly Sales

2009 2010 2011 Percent

ChangeOctober $39,311,623 $36,716,063 -6.6

November $43,538,309 $35,501,321 -18.5

December $41,292,333 $39,762,737 -3.7

January $40,187,052 $39,663,372 -1.3

February $44,980,222 $40,523,209 -9.9

2010 Annual Lottery Sales Per Capita

CountySales Per

Capita RankPer Capita

Income RankFaulkner $163 30 10Dallas $397 1 52Nevada $369 2 73Arkansas $345 3 5Jefferson $277 6 27Conway $272 7 20Montgomery $45 75 74State Average $267

2009 Employment and Earnings for Faulkner

CountyFirms Employees

Annual Earnings

Average Earnings

Government 58 6,406 $261,327,564 $40,794

Private 2,635 31,725 $1,090,451,700 $34,372

Total 2,693 38,131 $1,351,779,264 $38,133

Percent Government

2.2 16.8 19.3 107

Any Questions?

Thank You