| Economic
Development Council Quarterly Report |
| First Quarter, 2008 Cost Of
Living |
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| Among the 311 urban areas that have participated in the first
quarter of 2008 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 20 percent below the national average in
Joplin, MO. 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) |
| First Quarter 2008 |
| National
Average for 311 Urban Areas = 100
Bradenton Area = 100 |
| |
| Most
Expensive |
Least
Expensive |
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| Ranking |
Urban Areas |
COLI Index |
Ranking |
Urban Areas |
COLI |
| Index |
| 1 |
New York
(Manhattan), NY |
218.8 |
1 |
Joplin, MO |
82.2 |
| 2 |
San Francisco,
CA |
173.6 |
2 |
Pryor Creek, OK |
83.2 |
| 3 |
Honolulu, HI |
165.3 |
3 |
Palestine-Anderson County, TX |
83.5 |
| 4 |
New York
(Queens), NY |
155.7 |
4 |
Douglas, GA |
83.5 |
| 5 |
San Jose, CA |
154.3 |
5 |
Harlingen, TX |
83.5 |
| 6 |
Orange County,
CA |
153.7 |
6 |
Lubbock, TX |
85.9 |
| 7 |
Stamford, CT |
153.5 |
7 |
Dyersburg, TN |
86.0 |
| 8 |
Nassau County,
NY |
152.7 |
8 |
Brownsville, TX |
86.0 |
| 9 |
Los
Angeles-Long Beach, CA |
150.3 |
9 |
Morristow, TN |
86.1 |
| 10 |
Oakland, CA |
150.1 |
10 |
Mason City, IA |
86.2 |
| 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. |
| Each quarter, C2ER collects more than 50,000 prices from
communities across the US for the COLI.
This quarter C2ER features the communities with the most and least
expensive groceries as measured by the grocery number. C2ER collects data on 26 separate items to
represent the grocery component of the index. |
| The Five Most
and Least expensive Places for Groceries by Index Number |
| in the ACCRA
Cost of Living Index (COLI) First
Quarter 2008 |
| Average for
311 Urban Areas = 100 |
| Most Expensive |
Least Expensive |
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| Ranking |
Urban Areas |
Index |
Ranking |
Urban Areas |
Index |
| 1 |
Honolulu, HI |
164.0 |
1 |
San Marcos, TX |
80.0 |
| 2 |
Kodiak, AK |
148.5 |
2 |
Victoria, TX |
80.2
|
| 3 |
Anchorage, AK |
142.7
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3 |
Waco, TX |
80.4
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| 4 |
New York (Queens), NY |
141.1
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4 |
Dyersburg, TN |
80.5
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| 5 |
New York (Manhattan), NY |
141.0
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5 |
Corpus Christi, TX |
80.6
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| The average ACCRA cost of living index for the Bradenton area
for the first quarter 2008 was 100 which is equal to the national
average. In a comparison of ten
national markets, Newark/Elizabeth, NJ was highest with an index of
129.0. The index for housing in the
Bradenton area (103.3) is higher 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 |
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| The following chart indicates prices in various markets around
the state of Florida for the first quarter in 2008 (Figure
B). In
a comparison of ten regions in Florida, the Bradenton area ranked sixth in
the composite index. The highest of
the ten regions was Fort Lauderdale, with an index of 123.9 and the lowest,
St. Pete/Clearwater with an index of 95.1. |
| Figure B |
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| Figure B |
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| Note:
Figure B indicates prices in sample categories. The entire cost of living survey prices
items in almost 60 different categories. |
| Employment
& Business Activity |
| Business Activity: Taxable sales and sales tax collected in Manatee County
both showed a decrease of 6.2% and 6.78% respectively over the same period in
2007. (Figure C) |
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| Figure C |
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| The category of tourism showed an increase over the same period
in 2007. However, the categories of
non-consumer durables, consumer durables and auto-related all showed a
decrease over the same period in 2007 (Figure D). All categories
showed a lower % change than for the state of FL over the same time period. |
| Figure D |
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| Labor: Manatee County’s average monthly unemployment rate for the
1st quarter of 2008 was 4.9%. This is
lower than the same period in 2007.
Manatee’s unemployment rate is slightly higher than the United States
at 4.6%. There was a decrease in the
labor force of 5,091 or 3.3% over the same period in the previous year. Employment decreased by 7,681 or 5.1 % over
the same period in 2007.(Figure F). |
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| Figure F |
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| The six-month unemployment trend in 2007-2008 for Manatee County
has shown an increase in the unemployment rate over the same period in
2006-2007 for the months of October through March. (Figure
G) |
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| Figure G |
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| MANATEE COUNTY SIX MONTH UNEMPLOYMENT TREND COMPARISON |
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| Source: Florida Agency
for Workforce Innovation, Labor Market Statistics, Local Area Unemployment
Statistics Program |
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