ECONOMIC INVESTMENTS COME TO THE COASTAL BEND
In this week’s article, I want to continue to discuss the economic development that we are experiencing in South Texas and the Coastal Bend. Over the past couple of years, our area has seen significant investment from domestic and foreign based companies. This is important because these investments are creating jobs for us here at home. In last week’s article, I talked about the effect the Eagle Ford Shale has had on our area as well as the effect of the oil and gas industry on the State of Texas.
In 2011, a Chinese-owned high quality seamless pipe company (TPCO) broke ground in the Coastal Bend. According to the United States Chamber of Commerce 2012 report “Faces of Chinese Investment in the United States”, the $1 billion dollar investment by the TPCO company represents one of the largest amounts which has ever been invested by a Chinese company in the U.S. manufacturing sector. Based on the company’s own information, the construction of the 1.6 million square-foot facility will take roughly 34 months to construct and will provide jobs for many American workers. Once the facility is completed, it will produce approximately 500,000 metric tons of seamless steel pipe every year, which will be used in the United States and shipped around the world.
Based on the Corpus Christi Regional Economic Development Corporation’s fact sheet, once this manufacturing facility is completed then the company will create at least 300 new direct jobs in its first year and will add approximately 100-300 additional jobs within years two and three thereby accounting for 400-600 jobs in the Coastal Bend. Jobs that this company will bring to our area include equipment operators, instrumentation technicians, office/clerical, and other skilled crafts and managers. Over a ten-year period the project is expected to bring in an estimated $2.7 billion in economic impact and $327 million in salaries to the local economy, as well as $37 million for local taxing districts which include school districts and local sales taxes.
As our area continues to be discovered, companies all over the United States and around the world are starting to recognize what many of us have known for a long time and that’s the Coastal Bend is a great place to do business. Not only have we seen one of the largest investments ever made by a Chinese company in the manufacturing sector come to the Coastal Bend, but we have also seen investments come from other foreign based companies and even some companies located within the State of Texas. Next week, I will continue to highlight other economic investments that our area and communities have been experiencing over the past couple of years.
If you would like to learn more about the economic investments in our community you can go to Corpus Christi Regional Economic Development Corporation or you can go to U.S. Chamber of Commerce to learn more about national investments that may impact us here at home.
If you have questions regarding the giving opportunities mentioned in this article, please do not hesitate to call my Capitol or District Office. As always, my offices are available at any time to assist with questions, concerns or comments (Capitol Office, 512-463-0672; District Office, 361-949-4603.
– State Representative Todd Hunter, District 32
Rep. Hunter represents Nueces (Part) County. He can be contacted at todd.hunter@house.state.tx.us or at 512-463-0672.
