Edinburg continues its strong economic growth and financial gains, as indicated by recently released reports from state and local agencies. Figures released in June 2019 show that Edinburg sales tax continues to grow, increasing by 20.57% compared to the same reporting period last year. Edinburg city leaders are committed to investing in economic development, workforce, and tourism opportunities, while also remaining focused on enticing new businesses, developers, retailers, and entrepreneurs to the city.
“We have seen significant growth in our commercial, residential, and sales tax figures over the past few months,” said Jorge Luis Salinas, Edinburg Economic Development President and City Commissioner, Pl. 1. “As city leaders, it is affirming to witness these positive indicators, especially as Edinburg celebrates a historically low unemployment rate,” he continued. “Working together with our employers, workforce, and educational partners, we have been able to achieve great outcomes for Edinburg and our workforce,” added Salinas.
Edinburg Among Highest Ranking in Hidalgo County for 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 20.57% increase in sales tax allocations in June 2019 compared to the same period last year. This year's sales tax allocation for June was $2,135,276.22.11; the total amount disbursed in June 2018 was $1,770,866.34. These disbursements are based on sales tax collected during the month of April. Edinburg also 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 $93.3 million in commercial ($42,289,531.00) and residential ($51,095,254.00) permits have been issued since January 2019, helping to contribute to Edinburg’s vibrant economy. The city has issued $7,959,599 in residential permits and $5,070,769 in commercial permits for the month of May, a significant increase compared to last year’s (May 2018) numbers of $7,563,183 and $1,983,120, respectively. These numbers reflect the city’s growth and expansion in commercial and residential developments.
Edinburg’s Unemployment Rate Hits Historical Record Low at 3.7%
The Texas Workforce Commission (TWC) released its April 2019 Labor Market and Employment reports and Edinburg has seen a significant decrease in unemployment with April’s rate hitting a historical low at 3.7%, a decrease of .5%. The previous lowest unemployment rate recorded for Edinburg was 4.0% in 2008. According to the report, the primary contributor to the employment gains in our region was the Trade and Transportation sector, with an estimated 700 new jobs. Hidalgo County’s unemployment rate also decreased by .8%, to 5.0%. Per the report, all counties in our region except Willacy accomplished their lowest unemployment rates since at least 1990.
“The Edinburg EDC has created a strong economic foundation by focusing on 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 Mayor and EDC Director Richard Molina. “The City of Edinburg and the Edinburg Economic Development Corporation has been working closely with our regional partners, workforce solutions, and institutions of higher education to identify and strategize on workforce programs aimed towards reducing our unemployment rate,” Molina stated.
“We want to provide our local workforce with the tools, skills, and training that employers are looking for including retaining and recruiting employees,” said Molina. “This report and the numbers speak for themselves; our focus on job skills development and training is showing results for our city and we continue to positive gains reflected across all economic indicators,” Molina added.