Learn What The Premier Developer of Bentsen Palm Thinks The Rio Grande Valley Will Be Like In 100 Years
November 1st, 2016
The Rio Grande Valley has experienced a tremendous transformation over the past several years and more growth is expected as this area continues to thrive and grow.
The population growth is a key indicator of what can be expected in the future. Growing from 325,000 people in 1969 to well over 1.3 million people in 2014, according to the 2014 report by the U.S Census Bureau. Today McAllen-Edinburg-Mission is now the fifth largest metropolitan statistical area in Texas. A paper published by the University of Houston Hobby Center for Public Policy predicts that the population of the Rio Grande Valley will grow by 129 percent by 2050. 100 years from now that is likely to be 250 percent.
Traditionally, this area has been an agricultural centered economy and still one of the country’s largest producers of citrus. However, the Rio Grande Valley job market is quickly expanding in several areas, particularly in healthcare and education, with trade, transportation and government also experiencing growth.
One of the biggest contributing factors of economic growth, and what is expected to have a significant long term economic impact, was the recent opening of The University of Texas School of Medicine in Edinburg, which is estimated to result in a $172.4 million in direct expenditures. The university indicates that the $172.4 million in direct spending creates 2,578 jobs, generates $75.1 million in labor income and $100.6 million in value added, for a total economic impact of $261.8 million.
With more options for education and advanced healthcare, families are remaining as well as moving to the Rio Grande Valley, which is also impacting the housing market and the number of new homes for sale. The average price of new homes in the McAllen area are on the rise, growing 7.3 percent in May 2016 from a year earlier and new home starts are up 9 percent, according to Metrostudy. According to a study by the U.S. Department of Housing and Urban Development, there were 600 new single-family homes sold in McAllen in 2014. Using just that figure, there could be a minimum of 60,000 new homes just in the city of McAllen in the next 100 years.
It’s exciting to see what is already unfolding here and what will happen in the future with more and more people moving into Rio Grande Valley new homes in the Bentsen Palm Community to enjoy the lifestyle this area affords.