Let's put some numbers to this argument I've seen made recently by Keith Patridge, Joaquin S., Rio Grande Valley Partnership, and others about RGV cities co-investing in regional economic development. According to the latest reports available (2022) from the Texas Comptroller, there are at least nine sales-tax funded economic development corporations in the RGV: Brownsville, Edinburg, Harlingen, McAllen, Mission, Pharr, Rio Grande City, San Juan, and Weslaco. Based on their self-reported 2022 data, combining the resources of just those nine entities would yield approximately: $73 million in sales tax revenue $137 million in total revenue (includes bonds, grants, etc.) $57 million in total expenses for economic development activities $96 million in cash on hand (reported as fund balance) For perspective, the most well-funded EDC in Texas in 2022 was Frisco, with $68 million in sales tax revenue and $105 million in total revenue. Imagine what an annual budget of $50M or more could accomplish working on behalf of the entire region. #OneRegionOneVoice, indeed. BTW you can find the report data on the Texas Comptroller's website here: https://lnkd.in/gpGP4Y_T
Appearing on KURV, McAllen EDC President & CEO Keith Patridge doubles down on comments he originally gave to the Rio Grande Guardian.
Luis Guajardo, AICP
10mo
Insightful numbers. Thanks for sharing Brian. Growing up in the RGV, it was very apparent of this parochialism in economic development as the cities competed and often gave up the farm to get the next big box store or maquila office. Stronger regional governance is very much needed in the RGV—for economic development, public transportation, infrastructure, and housing specifically.
So fantastic - well done Rio Grande Valley! Fantastic model for others.
Senior Economist at the Texas State Technical College System at Texas State Technical College
10moGreat to hear economic development leaders say the real stuff outloud. To paraphrase President Kennedy, ask not what will be your piece of the pie, ask how you can contribute to making the pie bigger for the whole family.