Report estimates Waco economy to double by 2040

Posted at 4:27 PM, Mar 14, 2017
and last updated 2017-03-14 23:50:29-04

An economic research report by the Perryman Group found the Waco economy has the potential to double in size by 2040. 

In the analysis, they found Waco is a destination for tourists, businesses and transplants alike. City Manager Dale A. Fisseler attributes some of the city's success to one couple.

"I thank Chip and Joanna for a lot of it. I think it brought national attention to the things that the people in Waco always knew. Now, we are neat on a national scale," Fisseler said.

Fisseler said that attention is translating into more dollars, businesses, and improvements for the city.  The City of Waco has made improving water and water systems, as well as construction projects around town, a priority. "We plan to spend 320 million over the next ten years on water, sewer, and things that are not real exciting."

Those improvements mean some exciting things for the city. The study found that for ever dollar in infrastructure that the city has spent, they bring in $3.13 in local spending. They estimate this will bring in $470.5 million in gross product.

The study estimates that the population of the city will increase by 44.6 percent or roughly 59,000 people. The potential growth is attributed in part to steps the city made toward investing in infrastructure. "If you don't have good infrastructure, you'll never get to a point of bringing a company in that will want to move to Waco or even residents to Waco," Fisseler said.

Researchers said the elements that make Waco an attractive area are an educated workforce and incentives like tax abatements, grants and bond financing. 

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