Texas Border Business
Sales Tax Collections Increase, Unemployment Rate Decreases
Edinburg, Texas – Edinburg Economic Development Corporation leaders are proud to announce that the City of Edinburg continues to experience a positive trend in economic growth indicators, as demonstrated by recent data from state and local agencies. As of May 2018, Edinburg has seen an increase in sales tax revenue, a decrease in the unemployment rate, and a steady stream of new commercial business activity. These positive economic indicators continue to demonstrate Edinburg’s competitive advantage as an ideal location to open businesses, shop, work, and live.
“This is an exciting time for the City of Edinburg,” said EEDC director Joey Trevino. “We are strategically moving forward with our EEDC board’s directive to grow our economic opportunities in Edinburg and to strengthen our competitiveness, while continuing to attract families and investors,” he continued.
Edinburg Ranks Among Highest in Hidalgo County on Sales Tax Allocations
The Texas State Comptroller’s Office released its monthly sales tax report, and Edinburg continues to experience a steady increase in sales tax revenues. The report showed that Edinburg experienced a 7.23 percent increase in sales tax allocations during the month of May 2018 with $1,813,133.26 collected compared to the same period last year; the total amount in May 2017 was $1,690,753.15. Edinburg ranked among the highest in Hidalgo County on sales tax allocations from the Texas Comptroller this month, based on sales made in May by businesses that report tax monthly.
Edinburg Continues to Promote Commercial and Residential Development
Continuing the positive trend in economic activity, Edinburg continues to thrive in building activity. In June 2018, Edinburg issued a total of $10.2 million in commercial permits. New businesses and industries continue to flock to Edinburg, promoting a positive and flourishing economy and attracting patrons from all over the Rio Grande Valley to shop, eat, and spend in Edinburg. A strong economy boosts new residential development, and Edinburg had a total of $9.7 million in residential permits issued in June 2018.
Edinburg’s Unemployment Rate Decreases to 5.2%
A robust workforce and ample employment opportunities have resulted in a decreased unemployment rate for the city. With more new businesses opening in Edinburg, more jobs are being created. The Texas Workforce Commission released its Texas Labor Market Review for June 2018, which includes unemployment rates by city. Edinburg continues to enjoy a low unemployment rate at 5.2 percent in June 2018, a decrease of 0.4 percent as compared to an unemployment rate of 5.6 in June 2017. For comparison purposes, the regional unemployment rate in Hidalgo County is 7.2 percent.
“This is great news for our city and proves that our diligent efforts to attract, retain and promote businesses in Edinburg continue to contribute to the vitality of our local economy. These recent economic indicators demonstrate that Edinburg not only continues to compete regionally, nationally, and internationally, but that we are poised for more growth,” said Edinburg EDC President Gilbert Enriquez. “Through strategic planning, our goal is to continue to promote Edinburg as the perfect city of choice for visitors, businesses, and families,” he added.
“There are many more exciting projects in the works for Edinburg, which shows that our city continues to experience tremendous economic activity and commercial growth,” stated Edinburg Mayor and Edinburg EDC Board Director Richard Molina. “Our focus is to continue ensuring our residents enjoy the best quality of life, while providing them with opportunities to enjoy living, working, shopping, and relaxing in Edinburg,” he ended.
