A report detailing economic forces in Wood County paid for by the Wood County Economic Development Commission (WCEDC) is available to the public online.

The study was sought by the WCEDC in an effort to give a thorough analysis of economic forces, trends and conditions in Wood County. The cost to the WCEDC was $18,200. The lengthy report was done to serve as a tool for economic development decision-makers in the county.

WCEDC Executive Director Christine Thomas said, “We will be using the data of the report in our steps in developing a strategic plan for Wood County. Basically, the report is a starting point for a strategic plan. It is a jump-start for upcoming reports.”

This initial 66-page report was prepared by the Hibbs Institute for Business and Economic Research at UT-Tyler. 

“This analysis is the first part of the ongoing Strategic Plan; it gives us an idea of where we come from and where we are headed,” Thomas noted. “We do have an older population. Wood County has become a destination for retirees. So many volunteers in Wood County are talented people who come here from big cities to retire here and they want to serve the local communities.”

Thomas added WCEDC is working on keeping the younger population here and to bring them back here with the type of jobs which lured them away. 

“We need industries with jobs to bring their businesses to Wood County and encourage younger citizens to remain here or to move back,” Thomas commented. “We must bring in industry which will give residents a living wage so they can stay in Wood County and prosper.”

Thomas noted there are various types of jobs coming to Wood County. “We are seeing consultants moving out here and, people in the entertainment industry are moving to Wood County,” Thomas commented. “We are hoping to attract more business possibly on the tech side. We want to be responsible with what we bring to the county. For a small county we have some huge players here.” 

The first portion of the report is a demographic and sub-economic profile and includes recent and historical data regarding the county population by age, gender, race and ethnicity. It also includes socioeconomic indicators such as education, household income, poverty rates and health insurance coverage.

The second section is a labor market trends examination while describing various relevant economic indicators such as labor force participation, unemployment rates, inflow-overflow employment, employment by industry, economic contribution by industry, employment by occupations and location quotients.

The third section concerns future employment trends measured as the expected growth of workforce categories associated with local and regional industry sectors.

According to the report Wood County is the home of 46,045 residents. Mineola has the highest population numbers with more than 10% of the county population. About 58% of the population of Wood County is in the working-age area of 16-65 years of age.

Wood County maintained a healthy labor market during the pandemic crisis when compared to counties in Texas. Retail trade, health care and educational services are the three industries which generate more jobs in Wood County with about 38% of the county’s employment.

A substantial number of county residents, 73.7%, commute to another county for work. Residents from other counties commute daily to their work places in Wood County, but less than half as many.

As of March, the Wood County unemployment rate remained low at 4.1%. In 2020, only 44.1% of Wood County workers resided in Wood County and the other 55.9% lived in other counties and commuted.

Wood County population increased 10% between 2010 and 2021. Although the growth rate was slower than overall population growth in Texas (18.7%), it is higher than other counties’ growth with similar conditions and characteristics in rural Texas. 

In 2021 84.1% of all individuals in Wood County had health insurance. The percentage of whites was the highest with 87.3% Black and Hispanic groups recorded 75.8% 63.5%, respectively.

Thomas is looking at the future. “I thought it was very interesting that one of the projected high-paying jobs is going to be in physical therapy. That is because we have many retirees who are still very active and will need that therapy,” Thomas added.

This report is the first step in structuring a strategic plan for Wood County. “This is a good starting point to building our strategic plan,” Thomas concluded. 

For a copy of the report go to woodcountytx.com.