Private Enterprise Research Center (PERC)

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The mission of the Private Enterprise Research Center (PERC) is to provide Texas A&M University, the state of Texas and the Nation with analysis of important policy issues. PERC actively supports academic research and market oriented solutions to public policy problems.

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Economic Indicators of the College Station - Bryan MSA, December 2024
(Private Enterprise Research Center, Texas A&M University, 2024-12-12) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali Ghosh
The Business-Cycle Index increased 0.4% from September 2024 to October 2024. The local unemployment rate remained steady at 3.2% in October 2024 compared to September 2024. Local nonfarm employment increased by 0.2% from September 2024 to October 2024. Inflation-adjusted taxable sales increased by 3.1% from September 2024 to October 2024. Among comparable college towns, the percentage of 20-24 aged residents was highest in the College Station-Bryan MSA at 17%. The College Station-Bryan MSA had the highest percentage of population growth at 1.3% among the selected college towns.
Economic Indicators of the College Station - Bryan MSA, November 2024
(Private Enterprise Research Center, Texas A&M University, 2024-11-21) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali Ghosh
The Business-Cycle Index increased 0.2% from August 2024 to September 2024. The local unemployment rate remained steady at 3.2% in September 2024 compared to August 2024. Local nonfarm employment decreased by 0.1% from August 2024 to September 2024. Inflation-adjusted taxable sales decreased by 2% from August 2024 to September 2024. Cumulative inflation-adjusted Texas state tax revenues for fiscal year 2024 surpassed fiscal year 2019 by 12.6%. Tax revenues were actually 3.4% lower in fiscal year 2024 compared with fiscal year 2023.
Economic Indicators of the College Station-Bryan MSA, April 2019
(Private Enterprise Research Center, Texas A&M University, 2019-04-22) Bullock, Ashley; Jansen, Dennis W.; Navarro, Carlos I.; Rettenmaier, Andrew J.
The Business Cycle Index measured one point lower than the revised January 2019 value, a -4.7% annualized rate of decline. Nonfarm employment for January was revised downward by 0.1% from the value released last month, and the February value was 0.5% lower than the revised January number. The unemployment rate in February 2019 remained at 3.1%, the same rate as in January. Real taxable sales increased by 1.5% in February 2019, and are up 9.4% relative to February of 2018. The focus this month is on property and sales taxes. Average property taxes per person in College Station-Bryan are similar to the state average. Local property taxes and around the state have been growing faster, and state sales taxes slower, than the sum of inflation plus population growth.
Economic Indicators of the College Station-Bryan MSA, April 2020
(Private Enterprise Research Center, Texas A&M University, 2020-04-17) Bullock, Ashley; Jansen, Dennis W.; Navarro, Carlos I.; Rettenmaier, Andrew J.
Data on initial unemployment claims indicate that Texas lost almost 8% of its nonfarm employment in the last four weeks. Nationally, the 22 million in new unemployment claims in the last four weeks is equivalent to 14.5% of the countryâ€™s nonfarm employment. The price of oil has fallen in the past month by well over 50%, and approved drilling permits in Texas fell by 18.5% in the first quarter of 2020 compared to the first quarter of 2019. Highway traffic in Texas in March steadily decreased relative to the last week of February. Air travel out of Easterwood Airport was down 43% in March 2020 compared to March 2019. The unemployment rate remained at 2.7% in College Station-Bryan for the month of February, the latest available data point, but that was before the shelter-in-place orders went into effect. The local unemployment rate â€” as well as the state and the national unemployment rate â€” is expected to rise in March, and to rise precipitously in April. The Business Cycle-Index remained virtually unchanged from its revised January level, experiencing a very slight increase in the month of February. But again, this was measured prior to the March shelter-in-place orders and restrictions on business operations.
Economic Indicators of the College Station-Bryan MSA, April 2021
(Private Enterprise Research Center, Texas A&M University, 2021-04-19) Bullock, Ashley; Jansen, Dennis W.; Navarro, Carlos I.; Rettenmaier, Andrew J.
The Business-Cycle Index increased by 0.3% from January 2021 to February 2021. The revised local unemployment rate remained at its January 2021 level of 5.7% in February. Local nonfarm employment increased slightly by 0.4% in February and is 5.3% lower than it was in February 2020. The February winter storm negatively impacted local taxable sales. Real taxable sales decreased14.3% from January to February and were 14% lower than the same month last year. Nationally, the air travel in March 2021 was 52% of its March 2019 level and travel out of Easterwood Airport was 63% of its March 2019 level.
Economic Indicators of the College Station-Bryan MSA, April 2022
(Private Enterprise Research Center, Texas A&M University, 2022-04-25) Bullock, Ashley; Jansen, Dennis W.; Rettenmaier, Andrew J.; Sinha, Somali Ghosh
The Business-Cycle increased 0.3% from January 2022 to February 2022. The local unemployment rate for February remained the same as in January at 3.7%. Local nonfarm employment in February decreased slightly from January by 0.08%, and was 1.39% higher than its pre- pandemic high in February 2020. Local real taxable sales decreased 0.5% from January to February 2022, but this measure was 4.72% higher than the same month in 2020. Local employment in Leisure and Hospitality, previously estimated to be down by 20%, was substantially revised upwards, and is now estimated to be 97.7% of its pre-pandemic level.
Economic Indicators of the College Station-Bryan MSA, April 2023
(Private Enterprise Research Center, Texas A&M University, 2023-04-20) Bullock, Ashley; Jansen, Dennis W.; Rettenmaier, Andrew J.; Sinha, Somali Ghosh
The Business-Cycle Index decreased 0.3% from January 2023 to February 2023. The local unemployment rate increased to 3.3% in February 2023 compared to 3.2% in January. February's local nonfarm employment decreased by 0.1% from January 2023. Inflation-adjusted taxable sales were up by 1% from January 2023 to February 2023. Local nonfarm employment in February 2023 was 8.5% higher than in the pre-pandemic month of February 2020, compared to the statewide growth of 6.5% over that same period.
Economic Indicators of the College Station-Bryan MSA, April 2024
(Private Enterprise Research Center, Texas A&M University, 2024-04-17) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali Ghosh
The Business-Cycle Index increased 0.2% from January to February 2024. The local unemployment rate for February 2024 was 3.1%, unchanged from the previous month. Februaryâ€™s local nonfarm employment increased by 0.2% from January 2024. Inflation-adjusted taxable sales were down by almost 1% from January 2024 to February 2024. Inflation-adjusted quarterly wage payments were down by 1.6% in the third quarter of 2023 compared to the previous quarter. College Station - Bryan ranks ninthth-lowest in overall Regional Price Parity and in Regional Housing Price Parity among eleven selected college towns.
Economic Indicators of the College Station-Bryan MSA, August 2019
(Private Enterprise Research Center, Texas A&M University, 2019-08-19) Bullock, Ashley; Jansen, Dennis W.; Rettenmaier, Andrew J.; Sinha, Somali Ghosh
The Business-Cycle Index rose almost 1% between May and June of 2019. The local economy is in good shape and has had positive growth for the last four months. The seasonally adjusted unemployment rate decreased to 2.7%, a new historical low for the College Station-Bryan metropolitan statistical area. Nonfarm employment dropped marginally by 0.1% from May to June. On a year-to-year basis, nonfarm employment has grown 1.5%. Real taxable sales increased by 2.1% in June and is up 3.5% from its level in June 2018. This month, the focus section compares employment and earnings in the healthcare sector and Medicare spending per enrollee in the local area to other MSAs in the state of Texas.
Economic Indicators of the College Station-Bryan MSA, August 2020
(Private Enterprise Research Center, Texas A&M University, 2020-08-20) Bullock, Ashley; Jansen, Dennis W.; Navarro, Carlos I.; Rettenmaier, Andrew J.
After rising somewhat in the second half of July, initial unemployment claims in the U.S. have resumed a steady decline, dropping below one million for the week ending on August 8, the lowest level recorded since the week ending on March 14. Initial claims in Texas and in the College Station-Bryan MSA have declined since the first week of July. The local June unemployment rate of 5.9% was the second-lowest among Texas metro areas. For the first half of 2020, hotel receipts in Brazos County were 50% of the receipts for the same period in 2019. Inflation adjusted taxable sales in the College Station-Bryan MSA for the first half of 2020 were down 4.1% compared to the first half of 2019. Air travel nationally and locally has increased since April. The number of travelers out of Easterwood Airport in July 2020 were 35% of the number in July 2019. The Business-Cycle Index increased 5.8% from May to June.
Economic Indicators of the College Station-Bryan MSA, August 2021
(Private Enterprise Research Center, Texas A&M University, 2021-08-23) Bullock, Ashley; Jansen, Dennis W.; Navarro, Carlos I.; Rettenmaier, Andrew J.
The Business-Cycle Index increased by 1.1% from May to June 2021. The revised local unemployment rate decreased from 5.1% to 5.0% in June. Local nonfarm employment increased by 1.5% in June and was 2.8% below its February 2020 prepandemic level. Real taxable sales increased 0.6% from May to June and were essentially the same as in February 2020. The number of travelers out of Easterwood Airport was about eight percent higher in July 2021 than in June 2021 and was 99% of the number from July 2019.
Economic Indicators of the College Station-Bryan MSA, August 2022
(Private Enterprise Research Center, Texas A&M University, 2022-08-18) Bullock, Ashley; Jansen, Dennis W.; Rettenmaier, Andrew J.; Sinha, Somali Ghosh
The Business-Cycle Index increased 0.5% from May 2022 to June 2022. The local unemployment rate remained unchanged at 3.2% in June 2022. Local nonfarm employment in June increased by 1% from May and was 2.95% higher than its pre- pandemic high in February 2020. Local seasonally adjusted real (inflation-adjusted) taxable sales decreased by 2.4% from May 2022 to June 2022 but were 1.8% higher than the same month in 2021. The Government sector, including Texas A&M University, accounted for 32% of local total wages and 34% of employment during the fourth quarter of 2021.
Economic Indicators of the College Station-Bryan MSA, August 2023
(Private Enterprise Research Center, Texas A&M University, 2023-08-17) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali Ghosh; Rettenmaier, Andrew J.
The Business-Cycle Index increased from 226 in May 2023 to 228 in June 2023. The local unemployment rate decreased from 3.4% in May 2023 to 3.3% in June 2023. Local nonfarm employment increased by 0.3% from May to June. Juneâ€™s inflation-adjusted taxable sales were down by 1.2% from May. By using a modified poverty measure that adjusts for college students, the poverty rate in Brazos County drops from 25% to 18%.
Economic Indicators of the College Station-Bryan MSA, August 2024
(Private Enterprise Research Center, Texas A&M University, 2024-08-15) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali Ghosh
The Business-Cycle Index increased 0.08% from May 2024 to June 2024. The local unemployment rate for June 2024 was 3.2%, up from 3.1% in May. Local nonfarm employment increased by 0.5% from May to June 2024. Inflation-adjusted taxable sales increased by 1.9% from May 2024 to June 2024. Average real (inflation-adjusted) hourly earnings in College Station-Bryan in June 2024 were 8.2% lower than in February 2020. Nationwide, average real hourly earnings were 0.6% higher over this same period.
Economic Indicators of the College Station-Bryan MSA, December 2018
(Private Enterprise Research Center, Texas A&M University, 2018-12-17) Bullock, Ashley; Jansen, Dennis W.; Navarro, Carlos I.; Rettenmaier, Andrew J.
Growth remains positive, but is slowing. The Business-Cycle Index rose at an annualized rate of 2.4%, below the long-run average growth rate, but up slightly from the growth rate for September. The unemployment rate decreased 0.1% in October, to 2.8%. Employment in October decreased at an annualized rate of 1.4% from its September figure, but is up 1.3% from last yearâ€™s level in October 2017. In October 2018, real taxable sales were up 3.7% when compared to October 2017. Real wages decreased 0.6% from the first to second quarter of 2018, but displayed an increase of 4.1% over the last year.
Economic Indicators of the College Station-Bryan MSA, December 2019
(Private Enterprise Research Center, Texas A&M University, 2019-12-18) Bullock, Ashley; Jansen, Dennis W.; Navarro, Carlos I.; Rettenmaier, Andrew J.
The College Station-Bryan Business-Cycle Index rose 0.8% between September and October for an annualized rate of 9.7%. The unemployment rate remains near its historical low but did exhibit a small 0.1 percentage point increase in October to 2.7%. Nonfarm employment figures were revised this month by the Federal Reserve Bank of Dallas. The revised series shows an increase in employment of 0.5% from September to October 2019 and a 3.4% increase relative to October 2018. Total wages in the local area increased at an annual rate of 0.6% between the first and second quarter of 2019. Taxable sales increased by 4.8% in October and are up 8.2% from the same month in 2018. The focus this month is on the characteristics of the local housing market and compares the changes in local housing prices to those in other Texas MSAs.
Economic Indicators of the College Station-Bryan MSA, December 2020
(Private Enterprise Research Center, Texas A&M University, 2020-12-17) Bullock, Ashley; Jansen, Dennis W.; Navarro, Carlos I.; Rettenmaier, Andrew J.
The Business-Cycle Index increased by 1.6% from September to October 2020. The local unemployment rate decreased to 4.9% in October from 5.6% in September and remained the second-lowest rate among Texas metros. Local nonfarm employment increased slightly since September and is 4.2% lower in October 2020 than it was in October 2019. Local real taxable sales increased 6.5% from September to October but are 9.6% lower than the same month last year. Locally, 174 unemployment claims were filed during the week ending on November 28, the lowest weekly total since the week ending on March 14. Hotel receipts from January 1 through October of 2020 were 49% of the receipts for the same months of 2019. Local air travel increased between October and November and stood at 50% of air travel in November 2019.
Economic Indicators of the College Station-Bryan MSA, December 2021
(Private Enterprise Research Center, Texas A&M University, 2021-12-16) Bullock, Ashley; Jansen, Dennis W.; Navarro, Carlos I.; Rettenmaier, Andrew J.
The Business-Cycle Index increased by 0.3% from September to October 2021. The revised local unemployment rate decreased from 4.1 to 4.0% in October. Local nonfarm employment increased slightly by 0.1% in October and was 3.9% below its February 2020 pre-pandemic level. Real taxable sales increased by 0.5% from September to October and were 4.6% higher than in February 2020. Real quarterly wages in College Station-Bryan increased by 5.2% in the second quarter compared to the first quarter of 2021. The count of air travelers out of Easterwood Airport in November 2021 was 85% of the November 2019 count.
Economic Indicators of the College Station-Bryan MSA, December 2022
(Private Enterprise Research Center, Texas A&M University, 2022-12-15) Bullock, Ashley; Jansen, Dennis W.; Rettenmaier, Andrew J.; Sinha, Somali Ghosh
The Business-Cycle Index increased 0.3% from September 2022 to October 2022. The local unemployment rate remained the same at 3.1% in October 2022, Octoberâ€™s local nonfarm employment increased by 0.4% from September. Local seasonally adjusted real (inflation-adjusted) taxable sales decreased by 0.7% from September to October 2022. Inflation-adjusted quarterly total earnings were released this month and increased by 1.7% from the first to second quarter of the year. Among comparable college towns, the percentage of the population 20-24 years of age was highest in College Station-Bryan at 17.4%.
Economic Indicators of the College Station-Bryan MSA, December 2023
(Private Enterprise Research Center, Texas A&M University, 2023-12-14) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali Ghosh
The Business-Cycle Index increased to 232 in October 2023 compared to 231 in September. The local unemployment rate remained unchanged at 3.3% in October compared to September. Local nonfarm employment increased by 0.10% from September to October. Octoberâ€™s inflation-adjusted taxable sales were up by 2.4% from September. Among comparable college towns, the percentage of 20-24 aged residents was highest in the College Station-Bryan MSA at 17.6%.