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Cost of Living in Manatee County


 
Bradenton Area Economic Development Corporation 
Year-End Review of Three Quarters in 2012 
ACCRA Cost of Living Index
Among the 307 urban areas that participated in the 2012 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 19 percent below the national average in Harlingen TX.   The 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)
Year-End Review of Three Quarters in 2012
                   National Average for 307 Urban Areas = 100                       
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.
Manatee County = 99.5
Most Expensive Least Expensive
Ranking Urban Areas COLI Index Ranking Urban Areas COLI Index
1     New York (Manhattan), NY 225.4 1    Harlingen, TX 81.8
2     New York (Brooklyn), NY 178.6 2    McAllen, TX 85.4
3     Honolulu, HI 167.0 3    Norman, OK 85.6
4     San Francisco, CA 163.4 4    Ardmore, OK 85.9
5     San Jose, CA 153.4 5    Memphis, TN 86.0
6     New York (Queens), NY 148.3 6    Fayetteville, AR 86.0
7     Stamford, CT 146.1 7    Wichita Falls, TX 86.4
8     Washington, DC 144.7 8    Muskogee, OK 86.9
9     Orange County, CA 140.6 9    Pueblo, CO 87.1
10     Boston, MA 139.9 10    Ashland, OH 87.6
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 60 different items for which prices are collected quarterly by chambers of commerce, economic development organizations, and university applied economic centers in each participating urban area. Small differences should not be interpreted as showing a measurable difference.  The composite index is based on six component categories – housing, utilities, grocery items, transportation, health care and miscellaneous goods and services.


The average ACCRA cost of living index for Manatee County, for the year end review of three quarters in 2012, was 99.5 which is slightly lower than the national average of 100.  In a comparison of ten national markets, Newark/Elizabeth, NJ was highest with an index of 129.7.   (Figure A)
Figure A
Composite Grocery  Housing Utilities Health Care
Index Items
Newark/Elizabeth, NJ 129.7 112.6 170.5 137.2 103.1
Chicago, IL 117.1 112.6 137.2 108.0 101.9
Denver, CO 104.5 95.5 115.2 90.0 108.4
Bradenton, FL 99.5 103.2 100.0 96.0 92.9
Detroit, MI 97.0 94.1 91.5 104.3 101.3
Atlanta, GA 96.9 106.4 84.2 93.2 101.1
Charlotte, NC 94.7 103.2 81.3 100.1 97.4
Pittsburgh, PA 94.5 101.1 79.3 99.8 94.1
Raleigh, NC 90.8 101.0 71.5 104.8 93.6
Columbus, OH 89.6 93.4 79.8 95.1 98.3
The following chart indicates prices in various markets around the state of Florida for the year end review of three quarters in 2012 (Figure B).  In a comparison of ten regions in Florida, Manatee County ranked 4th.  The highest of the ten regions was Fort Lauderdale, with an index of 112.8 and the lowest, Tampa with an index of 93.0.
Figure B
Composite  Apt. Rent Home Price Home P & I Total Energy Doctor
Index
Fort Lauderdale 112.8 $1,259 $349,862 $1,207 $172.42 $94.04
Miami 109.0 $1,327 $310,338 $1,072 $172.66 $106.55
Vero Beach 101.7 $712 $271,184 $950 $193.28 $91.64
Bradenton 99.5 $846 $288,318 $1,013 $165.52 $91.70
Sarasota 99.5 $789 $263,564 $932 $165.29 $117.29
Orlando 97.7 $815 $209,095 $771 $184.65 $84.11
Jacksonville 96.7 $1,019 $218,265 $755 $175.90 $67.61
Daytona Beach 96.2 $867 $226,827 $827 $155.94 $100.75
Cape Coral/Fort Myers 95.5 $809 $242,110 $844 $168.48 $86.56
               
Tampa 93.0 $808 $207,625 $742 $162.02 $83.95
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 an increase of 6.3% and 7.0% respectively over the same period of 2011. (Figure C)
Figure C
Average Average % Change
October - December 2011 October - December 2012
Taxable Sales $319,693,595 $341,983,571 6.3%
Sales Tax Collected $19,808,115 $21,058,742 7.0%
For Manatee County, all of the categories of consumer non-durables, tourism, consumer durables and auto-related showed an increase from the same period in 2011.  In comparison with the state of Florida, for Manatee County the categories of consumer non-durables, tourism and auto-related showed a highter percentage change and the category of consumer durables showed a lower percentage change. (Figure D)
                                          Figure D
Manatee County % change State of Florida % change
October - December          2011 - 2012 October - December             2011 - 2012
Consumer non-durables 6.6% 5.0%
Tourism 6.8% 5.2%
Consumer durables 10.1% 11.3%
Auto-related 13.7% 12.5%
Labor
                                 
Average  Average Change 2011 - 2012
October - December 2011 October - December 2012
Civilian Labor Force 141,492 142,608 1,116
Employment 128,792 131,353 2,561
Unemployment 12,700 11,255 -1,445
Unemployment Rate 9.0% 7.9%  
Florida 9.9% 7.9%
U.S. 8.3% 7.8%
Manatee County - 6 Month Unemployment Rate Comparison 
July  August September October November December
2012 9.7% 9.4% 9.0% 8.1% 7.9% 7.7%
2011 11.6% 11.6% 11.1% 10.2% 10.2% 9.8%
 Source: Florida Department of Labor & Employment Security


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