For immediate release from the Edmond Economic Development Authority
May 17, 2012
Edmond Economic Development Authority
EDMOND’S FIRST QUARTER COST OF LIVING RANKS 6.6 PERCENT BELOW NATIONAL AVERAGE
Edmond – Okla. – Edmond’s first quarter cost of living index ranks 6.6 percent below the national average according to the latest Cost of Living Index by ACCRA, the association of community and economic development research professionals. With a first quarter 2012 index of 93.4, Edmond’s cost of living increased 1.5 percent from the same period in 2011.
The study 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 (88.2), housing (86.4), utilities (97.1), transportation (97.1), healthcare (96.1), and miscellaneous goods (98.9).
Compared to the 2011 first quarter index report of 89.7, Edmond experienced the greatest shift in utilities with an increase of 7.4 percent.
Edmond joins 305 other cities, including 10 other Oklahoma cities in this quarterly report.
The ACCRA Cost of Living Index measures differences between areas 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, 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, contact the Edmond Economic Development Authority at 340-0116 or visit www.eeda.com.