Weslaco sees economic growth, 5 new commercial sites, new housing
WESLACO, Texas (ValleyCentral) — Weslaco city officials see rapid growth in the city’s economy.
Executive director of the Weslaco Economic Development Corporation (EDC), Stephen Valdez, said that there are five commercial sites being built concurrently along Expressway 83.
“Right now there’s five different locations, this one being the first one, and if you travel all the way to 1015, you’ll see a total of five construction sites,” said Valdez.
Valdez pointed to a construction site of what will be a new Ojos Locos bar and restaurant. He added that all five sites are related to retail and dining.
The EDC is working to attract new developers to the city, offering monetary incentives if eligible, Valdez explained.
“If there is a need, to offer them an incentive to come to Weslaco as a part of our recruiting efforts,” said Valdez.
However, Valdez said that there is not just business growth, but also residential growth that is rising in the city.
“We really have seen a lot of growth and development, both in commercial property growth, industrial property growth, and residential growth,” said Valdez. “Right now we have between 15 to 16 hundred lots that are going to be available for sale.”
City officials report a consistent growth in sales tax revenue, noting that:
- 2018-2019 fiscal year saw about $13,300,000 in revenue
- 2019-2020 fiscal year saw about $13,700,000 in revenue
- 2020-2021 fiscal year saw about $16,000,000 in revenue
So far, this fiscal year has an STR of about $11,900,000 in revenue.
Valdez said he attributes Weslaco’s location in the Rio Grande Valley as one reason for the city’s growth.
“Being centrally located in the Valley is really what’s spurred continued growth in Weslaco,” said Valdez