Central Texas cities thrive in economic development in 2023

KWTX
By Ally Kadlubar
Published: Dec. 29, 2023 at 1:00 PM CST

WACO, Texas (KWTX) - Some Central Texas cities are reporting success with developments and investments in 2023 despite economic barriers.

The Greater Waco Chamber of Commerce reports that more than 1,800 businesses or industries opened their doors in McLennan County in 2023, according to Kristina Collins who is the Senior Vice President of Economic Development with the chamber.

She said most of the growth are restaurant, hospitality or retail industries.

The chamber reports economic success over the year with more than $1.2 billion in new capital investment announced in the area.

Collins stated 2023 has been “the most successful year of economic investment to date.”

The chamber credits multiple projects for helping with its success including the Waco Regional Airport upgrade completion, the Foster Pavilion almost complete, the Mark and Paula Hurd Welcome Center opening and construction, housing and transportation continuing to grow.

In terms of jobs, Collins stated that the number of people working has expanded in 2023 by more than 3%, or 4,700 people. Helping with growing jobs in the area in the coming years will be the three projects the city announced in 2023.

The projects that are bringing more than a billion dollars worth of investment and hundreds of jobs to the area include Graphic Packaging International, Allied Steel Buildings and Bright Farms.

Despite the economic success of the area, Urban Bliss Boutique moved to downtown Waco from Robinson to grow but has not seen major impacts.

“It’s definitely been a trying year,” Carmen Robinson, who is the owner of the boutique, said. “I just think it’s in general because it’s not just hurting your small businesses. You see big box stores closing as well. Our economy is going through a tough time right now. Everything’s expensive, so the last thing you do is treat yourself.”

She also said 95% of customers in Robinson would come in the door and make a purchase, but she has noticed that tourists in Waco typically browse instead of buy.

However, she said she plans to continue to learn the clientele and appeal to customers and tourists in the downtown area.

“We’re really focusing on growing our local community more than anything, and we’re having to step outside the box and do different things,” Robinson said. “We don’t just sit here and wait for someone to walk through our door for our business to strive, because you can’t do that. You’ve always got to be doing something different.”

The Greater Killeen Chamber of Commerce is also reporting a successful year in economic development in 2023.

“In eleven months, the building departments dealt with $127 million of new commercial investment in the city,” CEO and President of the Greater Killeen Chamber of Commerce, Scott Connell, said. “That’s about the third highest we’ve seen since the mid 90′s.”

Connell said expansion of industries in the area brought in 200 new jobs with above average pay.

“They hire folks, and so there are jobs, new jobs in the market, opportunities for people to move up in their career or take on new roles,” he said.

He expects more accommodations to be made in the city to allow for more industrial growth in the area.

But, Connell also said the city has seen some slow down with developments because of the economy.

“I think the interest rates are really slowing the projects because that’s just an extra cost associated,” he said. “We’re seeing projects take a little bit longer.”

The City of Temple has also seen some economic expansion over 2023. The city said it has worked on four expansion projects this year and created more than 70 jobs.

Collins and Connell expect another great year in economic development in 2024 with projects and plans waiting to be announced.