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Cost of Living in Manatee County


 
Economic Development Council Quarterly Report 
Third Quarter 2009 Cost Of Living 
Among the 315 urban areas that have participated in the third 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 16 percent below the national average in Pueblo CO.   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)
Third Quarter 2009
National Average for 315 Urban Areas = 100          Bradenton Area = 95.4                
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 214.7 1     Pueblo, CO 84.3
2     New York (Brooklyn), NY 177.2 2    Douglas GA 84.4
3     Honolulu, HI 166.5 3    Pryor Creek OK 84.4
4     San Francisco, CA 162.9 4    Cookeville TN 84.5
5     New York (Queens), NY 156.3 5    Harlingen TX 84.5
6     San Jose, CA 153.1 6    Broken Arrow OK 84.7
7     Orange County, CA 146.7 7    Fort Smith, AR 85.2
8      Nassau County, NY 144.9 8    Martinsville-Henry County VA 85.2
9     Truckee-Nevada County CA 144.4 9    Lawton OK 85.9
10     Stamford CT 143.1 10    Martinsburg-Berkeley County WV 85.9
Each quarter, C2ER collects more than 90,000 prices from communities across the US for the Cost of Living Index. In the course of our work this quarter, it was noticed that there were dramatic changes in dairy prices.  Consequently, C2ER is featuring communities with the most and least expensive dairy items, specifically milk and eggs.  Across the country, prices for both have taken a tumble. Reports are that the recent economic downturn has created problems in the dairy industry.
The Five Most and Least Expensive Places for a Half-Gallon of Milk by Average Price
in the ACCRA Cost of Living Index (COLI) for the third quarter 2009
Average for 315 Urban Areas = $1.87                     Bradenton Area = $2.22
Most Expensive Least Expensive
Ranking Urban Areas Avg. Price Ranking Urban Areas Avg. Price
1   Honolulu HI $3.81 1   Prescott-Prescott Valley AZ $1.05
2  Wilmington NC $3.24 2   Lexington KY $1.21
3   Carlsbad NM $2.84 3   Flagstaff AZ $1.24
4   Orlando FL $2.81 4   owa City IA $1.28
5   Valdosta GA $2.59 5   Tucson AZ $1.31
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 third quarter of 2009 was 95.4 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 126.9.   The index for housing in the Bradenton area is 86.9 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 8th in the composite index.  The highest of the ten regions was Fort Lauderdale, with an index of 117.3 and the lowest, Jacksonville with an index of 91.8.
                                  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% and 8.9% respectively over the same period of 2008. (Figure C)
                                          Figure C
All of the categoriesshowed 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 third quarter of 2009 was 12.5%.  (Figure E)
                                   Figure E
Manatee County Six Month Unemployment Trend Comparison
 Source: Florida Department of Labor & Employment Security


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