Retail Market Grows in Mission
By Editorial
January 23, 2023
The Mission, Texas retail sector expanded at a record rate in 2022 with sales tax collections recording 15.46% growth compared to last year; this is the largest year-over-year increase among all major Rio Grande Valley (RGV) cities, Laredo and Corpus Christi, according to the Texas comptroller.
He added that brands such as Hilton, Starbucks, Marriott, IHOP, Schlotzky's, Burlington, Dutch Bros, Planet Fitness , among others, will start operations in Mission.
According to the data, despite recording a 5% decline in sales tax revenue in November 2022, the city is still more than $3 million ahead of last year's total, which was of 19.5 million dollars.
Meanwhile, Mission is investing in infrastructure and facilities to keep up, like the new $6 million public safety building.
NEW CONSTRUCTIONS
Mission issued nearly $180 million in new building permits in 2022, one of the best years on record for the city of 90,000 residents.
Of this total, $76 million went to 411 new single-family homes; plus $45 million in residential additions and renovations. Mission also recorded $36 million in commercial construction.
By 2023, commercial construction is expected to continue growing thanks to the expansion of the Anzalduas International Bridge and industrial, residential, and hotel and retail developments.
Teclo Garcia, director of the Mission Economic Development Corporation , disclosed that retail is one of his main economic building blocks.