New Report: Attracting New Businesses, Focusing on Infrastructure, Growing
Tax Base Are Key to El Paso’s Economic Well-Being and Future
New report highlights importance of economic development for the Borderplex
El Paso, TX – A new report, commissioned by the Woody and Gayle Hunt Family Foundation, outlines the economic realities facing El Paso and the economic development opportunities that public, private and philanthropic sector leaders can pursue in order to create economic prosperity for the El Paso region in years to come.
“The call to action from the report is clear: we simply can’t be playing catch-up in El Paso because so many cities are way ahead of us when it comes to recruiting businesses, talent, and offering a great quality of life for its residents,” said Andrea Hutchins, CEO, El Paso Chamber. “We need to be more aggressive about becoming a leader within Texas and establish El Paso as the place where businesses, college graduates, and families want to set roots and call home. And it should take everyone in the community working together to arrive at this goal,” Hutchins added.
In terms of the some of the challenges that El Paso must overcome when it comes to economic prosperity, the report outlines:
- The median household income and housing values in El Paso are among the lowest when compared to the largest 15 cities in Texas.
- El Paso has lower workforce participation, and there is lower availability of high-income career opportunities compared to other metropolitan regions.
However, the report outlined that there are significant assets and unique qualities in El Paso that can be leveraged to grow El Paso’s economy and spur economic development, including the presence of a research institution and proximity to the border and ports of entry.
“We have seen steady progress over the past two decades when it comes to economic development, but we know we have more work to do and this report can help us identify areas where the public, private and philanthropic sectors can focus in the decade to come to ensure El Paso is well-positioned to be an economic leader in Texas and beyond,” said Woody L. Hunt, Chairman of the Woody and Gayle Hunt Family Foundation.
The economic development strategies that The Perryman Group identified for El Paso include:
- Attracting new businesses to the region, especially those that pay higher wages, which can help increase El Paso’s tax base as well as the purchasing power of employees.
Strengthen the social infrastructure needed to attract businesses and talent by investing more in a strong education system, transportation, public safety and health system.
Being aggressive in using tax incentives as a tool to encourage expansion and new business growth, but to do so in a manner designed to maximize the expected return on the investment of public resources.
“This report is a helpful reflection of the local economy and is a roadmap for the investment decisions we must make. We have a tremendous opportunity with the middle-skill ready workforce, working adults with a high school diploma, some college, and work experience, that are ripe for upskilling. When we lift them up, they will lift up our economy,” said Leila Melendez, Chief Executive Officer, Workforce Solutions Borderplex.
“As business owners and local philanthropists who have dedicated our lives to improving economic opportunities for residents and business alike, this report affirms that our investments in education, workforce development and quality of life are the right ones to make if we want to create a globally competitive region,” said Josh Hunt Executive Vice President of Hunt Companies, Inc and President of the Woody and Gayle Hunt Family Foundation.
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About the Woody and Gayle Hunt Family Foundation
The Woody and Gayle Hunt Family Foundation is one of the Borderplex’s private family foundations focused on creating a globally competitive region. Since 1987, it has made grants and commitments of over $147.9 million to institutions working to transform education, improve healthcare, advance regional economic and cultural development, and create a greater quality of life for all Borderplex residents. Almost 89% of the Foundation's total giving has supported organizations and initiatives in the Borderplex region.
