Texas Border Business
Edinburg, Texas – The Edinburg Economic Development Corporation began the year with strong economic growth and financial gains, and all numbers indicate a continued positive upward trend as demonstrated by data from state and local agencies. As of March 2019, Edinburg has seen a significant increase in sales tax, which is up by 23.26% compared to the same period last year (March 2018). Edinburg city leaders continue to invest in economic development projects including expanding retail, hospitality, commercial, residential and other businesses, while also enticing local and regional visitors who come to enjoy the recreational, shopping, restaurants, and entertainment opportunities available throughout the city.
“Edinburg’s economy has never been better,” said Jorge Luis Salinas, Edinburg Economic Development Corporation Board President and City Commissioner, Pl. 1. “We are committed to continuing this growth by improving our infrastructure which includes needed updates to our city drainage system, community projects such as the development of a recreation center and expanding workforce development opportunities through innovative partnerships with our local institutions of higher education,” 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 23.26% increase in sales tax allocations during the month of March 2019 with $2,113,833.11 collected compared to the same period last year; the total amount in March 2018 was $1,714,807.48. Edinburg ranked among the highest in Hidalgo County on sales tax allocations in year-to-date activity.
Edinburg’s Commercial and Residential Development on the Rise
A combined total of $69.7 million in commercial ($35,011,677.00) and residential ($34,769,105.00) permits have been issued since January 2019, helping to contribute to Edinburg’s vibrant economy. The city has issued $21,127,656 in residential permits and $2,464,114 in commercial permits for the month of March, a significant increase compared to last year’s (March 2018) numbers of $7,840,673 and $1,637,642, respectively. These numbers reflect the city’s growth and expansion over the last year, including new attractions such as the Bert Ogden Arena, Walk-On’s Restaurant, Taco Palenque, Crunch Fitness, and Pieology, among others. With the figures for residential and commercial permits in January, February, and March already totaling $69.7 million, it is expected that the year-end total will supersede last years numbers.
Edinburg’s Unemployment Rate Among Lowest in RGV at 4.2%
With a robust workforce and abundant employment opportunities, the unemployment rate for the city has remained among the lowest in the Rio Grande Valley. The Texas Workforce Commission released its Texas Labor Market Review for March 2019, which includes unemployment rates by city. Edinburg continues to enjoy a low unemployment rate at 4.2% for March 2019, a decrease of 0.5% as compared to an unemployment rate of 4.7% in March 2018. For comparison purposes, the regional unemployment rate in Hidalgo County for March 2019 is 5.7%.“The Edinburg EDC is proud of the growth, investment, and development that we have been able to facilitate over the past year and we have started this fiscal year on a very strong foundation by attracting new businesses, expanding our workforce development opportunities, investing in infrastructure improvements, and working with our local businesses to promote economic development opportunities here in Edinburg,” said Joey Treviño, Edinburg EDC Director. “Just last month we were honored to co-host the Governor’s South Texas Small Business Conference,” he added. “We look forward to continuing to partner with local, state, and federal partners to grow our programs and provide our business and workforce community with the resources that will help them succeed,” Treviño ended.
