Texas

By Randy Summers, vice president, CCIM, CPM, Davis Equity Realty “Y’all come” is the message being sent to developers, retailers, franchisees, quick-service restaurants, corporations and manufacturers from the Rio Grande Valley (RGV) region of Texas — and all these users seem to be heeding the call.  The local economy seems to be hitting on all cylinders, albeit with constraints on labor and supplies, as well as rising costs. The four counties that statistically make up the RGV — Hidalgo, Cameron, Starr and Willacy — combine to produce a regional population of over 1.4 million and a workforce population of over 485,000. While COVID-19 continues to have lasting effects on labor, the Small Business Administration reported that the Lower Rio Grande Valley District, which serves 14 counties, had 44,471 Paycheck Protection Program (PPP) loans approved totaling $2.4 billion.  Of that, 71 percent were loans for the RGV’s four counties representing 59 percent of the dollar amount, or $1.4 billion.  That is a considerable amount of money that was pumped into the local economy and doesn’t include the $64.6 million in grants provided to restaurants through the Restaurant Revitalization Fund out of the American Rescue Plan Act. Year-to-date sales tax revenue provided …