The performance by Valley cities in a down economy will no doubt be the topic of conversation when the City of McAllen holds its annual economic summit next week.
The McAllen Chamber of Commerce, the City of McAllen and the McAllen Economic Development Corporation will host the 2010 Economic Forecast Summit on Tuesday, March 30, at the McAllen Country Club from 8:00 a.m. to 1:15 p.m.
Dr. M. Ray Perryman of The Perryman Group will be the keynote speaker and will provide information relating to the current economic conditions in the US, Texas and the McAllen community. There will also be a presentation by John Heleman, Chief Revenue Estimator of the Texas Comptroller of Public Accounts and Jesus Canas, Associate Economist for the Federal Reserve Bank of Dallas - El Paso Branch, who will provide a border economic outlook.
The event will include a local Bank Presidents' Roundtable discussion and a brief local economic overview by Steve Ahlenius, McAllen Chamber CEO and Keith Patridge, MEDC CEO.
“With all of the challenges communities have faced this past year, we are happy that the McAllen market remains strong," Patridge said. "The recent Brookings Institute report ranks McAllen in the top 20 and that is good news for us. But we must continue our vitality and we are hoping the 2010 Economic Summit with Mr. Perryman will offer us insight about our economic future. The MEDC strives to find innovative ways and strategies to create jobs and attract new investment.”
The McAllen, Edinburg and Mission MSA continues to lead the nation in overcoming the national recession, according to a report released by the Brookings Institute last week. The region is one of five in Texas that made the Top 20 "Strongest Performing U.S. Metros" list, according to Brookings' MetroMonitor Quarterly Report whose goal is to identify the economic pulse of the country.
The report examines the trends in America’s 100 largest Metropolitan Areas, and focused on employment, unemployment, economic output, home prices and foreclosure rates. The McAllen, Edinburg and Mission MSA is the only area that made a complete jobs recovery by the fourth quarter of 2009, finishing the year at 0.7 percent, according to Brookings. The area is also ranked 3rd in decreasing home prices, 10th in the area of lowest real-estate-foreclosures and 10th in the total value of goods and services produced in the region.
"These testimonials are a valuable marketing tool for those who are seeking to invest in a thriving community," said Edinburg EDC executive director Pedro Salazar. "We are ranked and listed among the larger communities, so in a sense we are now on the same playing field."