Residential and Commercial Building Permits Increase, Unemployment Decreases to Lowest Rate in 9 Years
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 as demonstrated by recent data from state and local agencies. As of October 2018, Edinburg has seen a significant increase in residential and commercial building properties, which has likely helped to contribute to the lowest unemployment rate the city has experienced in over nine years. Something good is definitely happening throughout the city as positive economic indicators continue to demonstrate Edinburg’s competitive advantage as an ideal location to open businesses, shop, work, and live.
“There is a lot going on throughout the City of Edinburg and we welcome this commercial and residential growth,” said Edinburg Economic Development Director Joey Trevino. “Our board is continuing to work towards strategically investing in our community and making Edinburg a destination city,” 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 for November, and Edinburg continues to experience a steady increase in sales tax revenues. The report showed that Edinburg experienced a 9.72 percent increase in sales tax allocations during the month of November 2018 with $2,154,846 collected compared to the same period last year; the total amount in November 2017 was $ 1,963,990. Edinburg also ranked among the highest in Hidalgo County on sales tax allocations in year-to-date activity.
Edinburg’s Commercial and Residential Development Continues to Grow
Edinburg continues to thrive in building activity, issuing a total of $9.7 million in commercial permits in October 2018. 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. Growth in commercial development has also impacted a boom in new residential development, and Edinburg had a total of $18.9 million in residential permits issued in October 2018.
Edinburg’s Unemployment Decreases to 4.2%, Lowest Rate in 9 years
A robust workforce and ample employment opportunities have resulted in a decreased unemployment rate for the city, which has not experienced an unemployment rate lower than 4.2% in over nine years. With more new businesses, opening in Edinburg, more jobs are being created. The Texas Workforce Commission released its Texas Labor Market Review for October 2018, which includes unemployment rates by city. Edinburg continues to enjoy a low unemployment rate at 4.2 percent in October 2018, a decrease of 0.5 percent as compared to an unemployment rate of 4.7 in October 2017. For comparison purposes, the regional unemployment rate in Hidalgo County is 5.5 percent.
“These are great economic indicators for our city and we will continue to work together to promote Edinburg as an ideal location for businesses to open up shop, retailers to invest in, and encourage entrepreneurship, while also creating attractions and entertainment venues unique to our region,” said Edinburg EDC President Gilbert Enriquez. “We have so many great things to offer our community and our region, with more exciting ventures in the works,” he added.
“This year our Edinburg State of the City focused on the theme ‘Something Good is Happening Here’ and that is reflected month after month as we continue to show improved economic growth,” stated Edinburg Mayor and Edinburg EDC Board Director Richard Molina. “We are making great strides in commercial and residential expansion, job opportunities, and attracting retailers to ensure that our residents enjoy the best quality of life,” he said.