Record-breaking year for economic development sets stage for 2021
In a year defined by the COVID-19 pandemic and the economic impact it brought, there is no doubt this year has been one of unexpected change and challenges. Thankfully, for the Greater San Marcos Partnership (GSMP), our mission still remained the same: focusing on improving the quality of life for the residents of Hays and Caldwell counties by facilitating the creation of new and good paying jobs.
Even with the circumstances that 2020 presented, I am delighted to report that Fiscal Year 2020 (defined as Oct. 1, 2019 to Sept. 30, 2020) brought a record-breaking amount of economic development interest to our region, the Texas Innovation Corridor.
During that fiscal year, GSMP responded to potential relocation and expansion projects worth $6.6 billion in potential capital investment — more than double any prior year in the history of the organization. This potential capital investment, meaning the speculated value of facilities, equipment, supplies, infrastructure and funds that a company would invest in the region, represents the strongest economic pipeline and business interest our region has ever seen.
Results have followed suit. In FY20, GSMP announced seven company relocations or expansions, representing a minimum estimate of 550 new jobs for our region. Additionally, as a direct result of the collaborative support our investors and stakeholders, there is now an estimated economic output of more than $2.8 billion getting pumped into our region every single year, a continued sign of sustained growth for our region.
All of this success has certainly been a high-water mark for our organization. However, when this year is put in context with the last decade, it’s been clearly demonstrated that sustainable economic growth is here to stay.
Since the establishment of GSMP in 2010, 44 projects have relocated or expanded in the Greater San Marcos region, creating 5,452 direct jobs and $537.5 million in capital investment. According to a recent economic impact study by Impact DataSource, those direct jobs have created a ripple effect, generating an additional 3,819 indirect and induced jobs. That translates to an estimated total payroll of $1.9 billion for the residents of Hays and Caldwell Counties.
On top of that, these locations and expansions stimulated nearly $796 million in local taxable sales, as well an estimated addition of $462.6 million to property tax rolls in industrial and commercial property. The local taxing jurisdictions are projected to add nearly $16 million in sales tax revenue and more than $51 million in property tax revenue over the next ten-year period, which helps fund your roads, your community services and your public dollars at work.
The future of the region is bright. As we begin the next chapter of strategic growth in the Greater San Marcos region, the importance of our institutions and the power of sustainable economic opportunity has never been clearer. In fact, we will be discussing the future economy of the region today at the 2020 Greater San Marcos Economic Outlook. Virtual tickets are still available online at https://www.eventbrite.com/e/122417914277/ through 10 a.m. this morning.
I look forward to telling you about what we can expect in 2021 in my next column. If you have questions about the success of our last fiscal year, or what our long-term strategic plan for sustainable growth looks like, I welcome them. I can be contacted at email@example.com or on Twitter @JasonGiulietti.
The 2010-2020 Economic Impact Report is available for review in its entirety at greatersanmarcostx.com/2020economicimpactreport.
The 2020 GSMP Annual Report is also available at greatersanmarcostx.com/2020annualreport.