McAllen Chamber Economic Profile 2009
Best Places to Launch: The best metro areas for small business startups
MSA: McAllen-Edinburg-Mission, TX
Best places ranking: #16 among midsize metro areas
Located just miles from the Mexican border, McAllen has hardly been immune to the recession. The Rio Grande Valley is historically one of the poorest parts of the country, and its unemployment rate topped 11% in August. But the outlook isn't bleak. McAllen remains the retail center of both south Texas and northern Mexico, and it was the eighth fastest-growing city in the U.S. last year, according to the 2008 Census.
McAllen boasts a low foreclosure rate and cost of living, and city officials are actively working to improve the area's quality of life, including through the development of an entertainment district.
McAllen and its neighboring cities are poised to capitalize tremendously on cross-border commerce. Thirty-five percent of McAllen's retail market, which sees more than $3 billion in annual sales comes from Mexican nationals who cross the border to shop, dine and entertain. The cross-border trade provides a cushion when the local economy slows down, although business leaders encourage entrepreneurs to maintain their focus on long-term growth on the American side. -Tina Peng Read the full story at CNNMoney.com
Forty Strongest U.S. Metro Economies
The Brookings Institution's MetroMonitor
McAllen-Edinburg-Mission, TX: Overall rank: 12
The fast-growing and affordable McAllen area is about 10 miles from the Mexican border. Employment in the McAllen metro peaked in the third quarter of last year. Gross metropolitan product peaked in the second quarter. Home prices grew 0.6% in the second quarter compared with the same period a year earlier. And the unemployment rate in June was 11%, up 3.4 points from a year earlier. (Please see below for the various criteria used by the Brookings Institution to determine the overall ranking.)
Job growth (since peak) rank: 1
Gross Metro Product (since peak) rank: 1
Unemployment change (year over year) rank: 43
Home price change (year over year) rank: 41
McAllen, Texas Community Profile
The City of McAllen is the fourth fastest growing MSA in the nation according to the U.S. Census Bureau. McAllen was ranked #1 in Mid-sized cities for growth and development by "Southern Business and Development Magazine". It is also number one in percentage of jobs created for the nation according to the U.S. Census Bureau. "Forbes Magazine" ranked McAllen #5 in population growth, job growth, and high-tech growth. "Entrepreneur Magazine" ranked McAllen #4 in mid-sized cities to build a business. McAllen has a very proactive business climate and a very young and abundant workforce. The McAllen MSA is the retail, cultural, financial, medical and educational center of the Lower Ri Grande Valley.