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Cost of Living in Manatee County


 
Bradenton Area Economic Development Corporation 
First Quarter of 2013
ACCRA Cost of Living Index
Among the 302 urban areas that participated in the first quarter 2013 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 just over 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)
First Quarter 2013
                   National Average for 302 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 = 98.4
Most Expensive Least Expensive
Ranking Urban Areas COLI Index Ranking Urban Areas COLI Index
1     New York (Manhattan), NY 227.1 1    Harlingen, TX 80.6
2     New York (Brooklyn), NY 171.4 2    Idaho Falls, ID 82.4
3     Honolulu, HI 171.0 3    Pueblo, CO 83.4
4     San Francisco, CA 168.6 4    Pryor Creek, OK 84.7
5     New York (Queens), NY 153.4 5    Norman, OK 85.0
6     San Jose, CA 151.4 6    San Marcos, TX 85.9
7     Stamford, CT 145.6 7    Memphis, TN 85.9
8     Orange County, CA 142.8 8    Fayetteville, AR 85.9
9     Washington, DC 141.7 9    Wichita Falls, TX 86.6
10     Oakland, CA 141.0 10    Springfield, MO 86.7
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 first quarter of 2013, was 98.4 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 134.0   (Figure A)
Figure A
Composite Grocery  Housing Utilities Health Care
Index Items
Newark/Elizabeth, NJ 134.0 110.2 176.1 138.2 104.8
Chicago, IL 114.8 106.3 129.3 97.4 90.2
Denver, CO 103.2 99.9 113.4 99.8 102.5
Bradenton, FL 98.4 102.0 99.8 90.8 88.4
Atlanta, GA 96.6 100.3 87.8 91.6 105.2
Pittsburgh, PA 95.6 104.8 80.4 96.7 103.3
Detroit, MI 95.1 93.6 86.8 104.9 98.9
Charlotte, NC 94.7 98.2 82.9 102.0 100.6
Raleigh, NC 92.2 103.5 69.3 105.3 101.5
Columbus, OH 88.0 92.3 78.1 96.9 95.9
The following chart indicates prices in various markets around the state of Florida for the first quarter of 2013 (Figure B).  In a comparison of ten regions in Florida, Manatee County ranked 6th.  The highest of the ten regions was Fort Lauderdale, with an index of 110.8 and the lowest, Tampa with an index of 92.7.
Figure B
Composite  Apt. Rent Home Price Home P & I Total Energy Doctor
Index
Fort Lauderdale 110.8 $1,253 $392,779 $1,323 $154.67 $88.67
Miami 106.8 $1,279 $310,858 $1,053 $15,357.00 $110.00
Tallahassee 100.9 $748 $301,541 $1,022 $164.32 $93.00
Sarasota 99.8 $805 $291,780 $979 $147.77 $124.75
Vero Beach 98.8 $693 $258,723 $877 $207.67 $75.05
Bradenton 98.4 $858 $302,297 $1,005 $147.77 $87.50
Cape Coral/Fort Myers 98.4 $840 $278,634 $968 $191.14 $85.00
Jacksonville 96.2 $1,045 $210,620 $712 $175.90 $68.60
Daytona Beach 95.8 $853 $234,370 $852 $14,406.00 $101.50
               
Tampa 92.7 $796 $211,825 $721 $158.03 $80.33
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 6.1% and 6.9% respectively over the same period of 2012. (Figure C)
Figure C
Average Average % Change
January - March 2012 January - March 2013
Taxable Sales $381,751,342 $405,157,141 6.1%
Sales Tax Collected $22,963,484 $24,555,234 6.9%
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 2012.  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
January - March                  2012 - 2013 January - March                        2012 - 2013
Consumer non-durables 6.7% 3.8%
Tourism 8.0% 6.9%
Consumer durables 8.9% 9.8%
Auto-related 11.1% 10.1%
Labor
                                 
Average  Average Change 2012 - 2013
January - March 2012 January - March 2013
Civilian Labor Force 141,001 140,965 36
Employment 110,009 91,767 18,242
Unemployment 11,493 10,198 1,295
Unemployment Rate 8.2% 7.2%  
Florida 9.0% 7.5%
U.S. 8.6% 8.1%
Manatee County - 6 Month Unemployment Rate Comparison 
October November December January February  March
2012 - 2013 8.1% 7.9% 7.7% 7.7% 7.3% 6.7%
2011 - 2012 10.2% 10.2% 9.8% 9.4% 9.1% 8.7%
 Source: Florida Department of Labor & Employment Security


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