Midland Development Corporation releases 2023 annual report

Business
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Executive Director of MDC Sara Harris | Midland Development Corporation

The Midland Development Corporation (MDC) released its 2023 annual report, featuring the latest economic data compiled by the Perryman Group.

Published on the MDC's website, the report shows Midland's population is on an upward trajectory. Census data reveals an increase from 132,524 residents in 2020 to 134,444 in 2022, marking a 1.4% growth in two years. This growth is underscored by the Midland Independent School District's projection of a 30%-increase in student enrollment from 2023 to 2032-33.

Texas Workforce Commission reports demonstrate a consistent uptick in the city's workforce throughout 2022, with quarterly figures showcasing positive growth:

Q1: 105,105

Q2: 108,155

Q3: 111,308

Q4: 113,988

Midland has emerged as a frontrunner in economic growth, garnering recognition from institutions such as the Kenan Institute's American Growth Project. Projections for 2023 place Midland as the fastest-growing economy among the 100 largest midsize cities in the United States, surpassing urban cities like San Francisco. 

The Midland Metropolitan Statistical Area (MSA) has become a key economic player in Texas, ranking as the fifth-largest MSA economy in the state. With a GDP of $55 billion and an estimated population of 177,216, Midland's economic significance contributes to the state's overall growth.

Midland's economic growth is also shown through its per-capita income, which  reached $143,728 in 2022—an increase from $123,682 in 2021. This places Midland at the forefront of per-capita income nationwide, outpacing cities like San Jose-Sunnyvale-Santa Clara, California, and Naples-Marco Island, Florida. A 16.2% rate was reported in 2022.