Mission rung up $27.5 million in retail sales taxes in Fiscal Year 2024 - a record high for the city and a 9% increase over Fiscal Year 2023. New national brands, a strong small business community and a robust job market are just some of the factors contributing to sales tax increases.
FY24 is the fourth-straight growth year for Mission. In FY 2020, retail sales tax collections bottomed out at $16.6 million with COVID in full effect. However, Mission bounced back strong in FY21 with an astounding 22% increase in sales taxes. Next year, cash registers heated up with 18% growth, and in FY23 sales climbed 5% to $25.3 million.
The four-year growth trend represents a 65% improvement in tax receipts since 2020! Olive Garden, Murdoch’s, Starbucks, WSS, Burlington, Harbor Freight and Schlotzky’s have led a bevy of new restaurants and stores to open doors in Mission. We are expecting to announce more in 2025.
Mission issued close to $650 million in new construction permits over the last four years - demonstrating substantial and stable growth as it barrels toward opening the Anzalduas International Bridge to cargo traffic and welcoming more retail.
Any city with just 90,000 residents would love to have those kind of numbers. In Fiscal Years 2021-2022-2023-2024, Mission issued nearly 1,700 permits for new homes worth an estimated $361 million + an additional 2,250 permits worth some $65 million for residential remodeling - with 2021 and 2022 being banner years exiting COVID.
Apartment/duplex building came in at $40 million buoyed by $25 million in 2024. Commercial construction posted $71 million in new permits over the four years and remodeling added $78 million.
It’s difficult to predict what will happen next, but we are currently responding to numerous major commercial projects requests, the city has continued to plat new subdivisions, Killam is about to go vertical on its first major residential community and Rhodes continues to build. Momentum.
A Texas-sized thank you to Pittsburgh-based PNC Bank for inviting the Mission EDC to its annual 2024 Community Leadership Symposium in the Steel City. It was an honor to represent the Mission EDC at the informative conference, and it was fun to catch up with old friends and meet so many new people from around the country. Insightful and frank remarks from PNC CEO William Demchak were icing on the cake.
PNC is a generous and strategic supporter of the Mission EDC and small businesses in Mission through programs such as our Ruby Red Ventures - The Competition and the Downtown Assistance Program. Many thanks to our PNC friends and leaders Robert Hernandez, Juan Lora, Sam Lopez, Susana Melendez Valencia, Rosa Cruz and MEDC Board member Estella Saenz. Much appreciation to PNC, a great community and economic development partner.
The Anzalduas International Bridge posted record passenger vehicle and truck crossings in Fiscal Year 24 continuing a recent rapid growth trend and increasing revenues as the crossing looks to cargo traffic utilization early 2025.
About 1.6 million non-commercial vehicles ventured southbound (estimated about the same crossed northbound), a 15% increase over FY23. Although federal inspection facilities will not be complete until Spring, southbound empty trucks use the Anzalduas, located in Mission.
Although still relatively small number, truck traffic was up 22% in FY24 over last year. That’s about 1,000 trucks a week without inspection facilities - that number may double, triple or more soon. Much appreciation to bridge partner City of McAllen for leadership and heavy lifting and our federal partners on both sides for doing great work. Onward!
Editor’s Note: The above four pieces of commentary were posted on LinkedIn in recent weeks by Mission Economic Development Corporation CEO Teclo Garcia.
