Diverse Economy Fuels Growth Throughout Region
Published Oct 29, 2009
If it’s catching on in the rest of the country, chances are it’s already up and running in the Heart of Texas.
The area is home to traditional industry sectors such as manufacturing and distribution and continues to see successes in those areas. But it’s also a thriving – and growing – center for green ventures of all kinds, everything from wind-turbine construction to biofuel generation. And then there’s the aerospace industry, which is building on more than a half-century of success to lure the next generation of rocket builders and more.
“There’s a lot of development going on as far as Texas is concerned, and we’re even busier from downtown Waco and out through our entire region,” says Kenneth Simons, executive director of the Heart of Texas Council of Governments. “We just have not felt the effects of the recession like the rest of the country has.”
A broad and very diverse economy is one reason for that, but Simons also points to assets ranging from quality of life to workforce availability as reasons the regional economy continues to grow.
“We have the workforce, which is very important to bringing new ventures into our area, but we also have a very strong group of universities and community colleges,” he says. “Our higher education institutions are working separately and together to develop programs that improve our workforce, and that’s continuing to be a very important plus for our region.”
As an example, Simons points to how the schools have been particularly effective in helping train and retain employees for the burgeoning aerospace industry.
“We have the facilities here to provide the infrastructure for these new industries, and with the aviation programs being developed by Texas State Technical College and the other institutions, we can continue to have a significant impact with those companies,” he says.
Another growth area that’s being successfully cultivated is the health-care sector, with local hospitals expanding their facilities and coverage areas, thus creating more jobs throughout the region.
The region also offers financial advantages, including tax abatements and incentives, employee training, recruitment assistance and more. These and other programs are often jointly supported by city and county governments throughout the Heart of Texas. In fact, the strong regional cooperation here is probably behind all of its successes, Simons says.
“Regionalism is essential when we’re trying to bring business and industry here,” Simons says. “We have created the Heart of Texas Economic Development District, a separate corporation with representation from all six counties in our service region. They are constantly working to put together lists of potential prospects for new business, and they market our region as a group. Everybody has something they can offer.”
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