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Cost of Living in Manatee County


 
Economic Development Council Quarterly Report 
Second Quarter 2009 Cost Of Living 
Among the 320 urban areas that have participated in the second quarter 2009 ACCRA Cost of Living Index, the after-tax cost for a professional/managerial standard of living ranged from more than twice the national average in New York (Manhattan) NY to almost 17 percent below the national average in Douglas, GA.   The ACCRA Cost of Living Index is published quarterly by C2ER – The Council for Community and Economic Research.
The Ten Most and Least Expensive Urban Areas in the ACCRA Cost of Living Index (COLI)
Second Quarter 2009
National Average for 320 Urban Areas = 100          Bradenton Area = 96.6                
5   San Jose, CA 156.0 5   Palestine-Anderson County, TX 86.0
6   Orange County, CA 151.4 6   Clarksville, TN 86.4
7   Nassau County, NY 151.4 7   Muskogee, OK 86.4
8   Stamford, CT 149.0 8   Tupelo, MS 86.5
9   Oakland, CA 147.9 9   Morristown, TN 86.5
10   Los Angeles-Long Beach, CA 147.7 10   Ashland, OH 86.5
The ACCRA Cost of Living Index measures regional differences in the cost of consumer goods and services, excluding taxes and non-consumer expenditures, for professional and managerial households in the top income quintile.  It is based on more than 50,000 prices covering almost 60 different items for which prices are collected quarterly by chambers of commerce, economic development organizations or university applied economic centers in each participating urban area.  Small differences should not be interpreted as a showing a measurable difference.  The composite index is based on six components – housing, utilities, grocery items, transportation, health care and miscellaneous goods and services.
Most Expensive Least Expensive
Ranking Urban Areas COLI Index Ranking Urban Areas COLI
Index
1     New York (Manhattan), NY 217.5 1    Douglas, GA 83.4
2     New York (Brooklyn), NY 176.4 2    Pryor Creek, OK 83.8
3     Honolulu, HI 164.9 3    Springfield, IL 84.3
4     San Francisco, CA 162.7 4    Pueblo, CO 84.5
5     New York (Queens), NY 157.7 5    Broken Arrow, OK 84.9
6     San Jose, CA 156.1 6    Martinsville-Henry County, VA 85.5
7     Truckee, CA 148.4 7    Fort Smith, AR 85.6
8     Stamford, CT 147.6 8    Harlingen, TX 85.8
9     Orange County, CA 147.3 9    Garden City, KS 86.0
10     Nassau County, NY 144.6 10    Joplin, MO 86.1
Each quarter, C2ER collects more than 90,000 prices from communities across the U.S. for the COPI.  This quarter, the C2ER features the communites with the most and least expensive health care as measured by the health care index number.  C2ER collects data on five separate items to represent the health care component of the index.
The Five Most and Least Expensive Places for Health Care by Index Number
in the ACCRA Cost of Living Index (COLI)
Average for 320 Urban Areas = 100     Bradenton Area = 102
Most Expensive Least Expensive
Ranking Urban Areas Index Ranking Urban Areas Index
1   Fairbanks, AK 144.0 1   Dothan, AL 79.9
2  Juneau, AK 140.3 2   Cedar City, UT 81.7
3   New York (Manhattan), NY 130.4 3   Hastings, NE 82.0
4   Kodiak, AK 129.1 4   Hot Springs, AR 83.7
5   Anchorage, AK 125.3 5   Joplin, MO 84.5
The ACCRA Cost of Living Index measures regional differences in the cost of consumer goods and services, excluding taxes and non-consumer expenditures, for professional and managerial households in the top income quintile.  It is based on more than 90,000 prices covering almost 60 different items for which prices are collected quarterly by chambers of commerce, economic development organizations or university applied economic centers in each participating urban area.  Small differences should not be interpreted as a showing a measurable difference.  The composite index is based on six components – housing, utilities, grocery items, transportation, health care and miscellaneous goods and services.
The average ACCRA cost of living index for the Bradenton area for the second quarter of 2009 was 96.6 which is slightly below the national average of 100.  In a comparison of ten national markets, Newark/Elizabeth, NJ was highest with an index of 127.7   The index for housing in the Bradenton area is 90.3 which is lower than the national average of 100.  Please note that this information is not based on the average price of a house in Manatee County.  The Index measures the differences in a specific house that has four bedrooms, 2 bathrooms, 2,400 square feet, on an 8,000 square foot lot and is new construction. (Figure A)
                                           Figure A
                                             ACCRA Cost of Living Index: Selected Metro Areas
The following chart indicates prices in various markets around the state of Florida for the second quarter in 2009 (Figure B).  In a comparison of ten regions in Florida, the Bradenton area ranked 7th in the composite index.  The highest of the ten regions was Fort Lauderdale, with an index of 118.8 and the lowest, Tampa with an index of 92.6.
                                  Figure B
Note:  Figure B indicates prices in sample categories.  The entire cost of living survey prices items in almost 60 different categories.
Business Activity
Taxable sales and sales tax collected in Manatee County both showed a decrease of  8.5% and 10.4% respectively over the same period of 2008. (Figure C)
                                          Figure C
All of the categories, except for the category of consumer non-durables, showed a decrease over the same period in 2008.  In comparison with the state of Florida, the categories of consumer non-durables & tourism showed a lower percentage change, while the categories of consumer durables & auto-related showed a higher percentage change. (Figure D)
                                          Figure D:  Taxable sales by selected categories 
Labor
 Manatee County’s average monthly unemployment rate for the second quarter of 2009 was 11.2%.  (Figure E)
                                   Figure E
Manatee County Six Month
Unemployment Trend Comparison
 Source: Florida Department of Labor & Employment Security


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