Published: August 08, 2008 09:24 pm         

Edmond’s 2nd quarter cost of living ranks well

EDMOND — Edmond’s second quarter cost of living index ranks 11 percent below the national average, according to the latest ACCRA Cost of Living Index by C2ER, the Council for Community and Economic Research.

With a second quarter 2008 index of 89, Edmond’s cost of living dropped 2.6 percent from the same period in 2007.

The study, containing results from second quarter 2008, measures relative price levels for consumer goods and services in participating areas. The average for all participating areas, both metropolitan and nonmetropolitan, equals 100. Each city’s index is read as a percentage of the average for all participating cities.

“By participating in the ACCRA Cost of Living Index, we can offer customized cost of living comparison data to assist companies in their decisions to locate here. This data has proved to be a valuable tool in our business recruitment efforts,” said Janet Yowell, executive director of the Edmond Economic Development Authority.

Consumer spending categories used in the study include grocery items, housing, utilities, transportation, healthcare and miscellaneous goods and services. Miscellaneous goods and services include items such as apparel, beauty supplies and services, recreational activities and entertainment.

Edmond ranked below the national average in all six categories: grocery items (85.4), housing (82.3), utilities (91.9), transportation (97.7), health care (95.4) and miscellaneous goods (91.9).

Compared to the 2007 second quarter index report of 98, Edmond experienced the greatest shift in miscellaneous goods, decreasing 6.1 percent.

Edmond joins more than 300 other cities, including 11 other Oklahoma cities, in this quarterly report.

Among the 318 urban areas participating in the second quarter 2008 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, N.Y. to almost 20 percent below the national average in Pryor Creek, Okla.

The ACCRA Cost of Living Index measures differences between areas in the cost of consumer goods and services, excluding taxes and nonconsumer expenditures, for professional and managerial households in the top income quintile. It is based on more than 50,000 prices covering almost 60 items for which prices are collected quarterly by chambers of commerce, economic development organizations, university applied economic centers, and other similar organizations in each participating urban area.



FOR MORE information about the ACCRA Cost of Living Index or to request a cost of living comparison between Edmond and more than 300 cities nationwide, call the Edmond Economic Development Authority at 340-0116 or visit www.eeda.com.

     

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