Economy

Historic City ... New Opportunities

Galveston Island continues with their historic renaissance of a vibrant, growing and diversified economic base. As stated in the Galveston Economic Development Partnership’s Construction Update, more than $2.6 billion in new investment is currently underway or planned for Galveston Island. This growth includes a diversity of industries including health care, life sciences/ biotechnology, tourism/ hospitality, offshore oil, maritime, services, retail, education, and government. More than 800 jobs will be added to the economy in the coming year, and over 6,600 new residential units will be added to the housing stock.

The University of Texas Medical Branch (UTMB) is in the process of investing over $600 million in campus facilities. This investment includes the Galveston National Laboratory, which when completed in 2008, will be one of just two national biocontainment laboratories constructed under grants from the National Institute of Allergy and Infectious Disease. With more than 12,000 employees, the university is the largest employer in Galveston County, and among the largest employers in the Houston-Galveston area. Jobs attributable to UTMB numbered over 16,000 in 2006, and the university’s impact on Galveston County business volume topped $350 million.

The tourism industry is growing with the addition of new hotels and expansion/renovation of existing ones; the large number of cruise ship passengers embarking/disembarking on Galveston Island; and continued redevelopment on the Seawall from east to west and in the historic Strand area. Catering to both the tourists and residents, new retail opportunities are occurring all over Galveston – expansion of the Galvez Mall; construction of Piazza Blanca (70,000-square-foot retail plaza); new high-end stores such as Chico’s on the Strand; and a Marshalls and Ross Dress for Less in the old K-Mart building.

The Port of Galveston now ranks as the eleventh-largest cruise port in the world, the number four U.S. cruise port in world rankings, and the number one cruise port in the Gulf of Mexico and Texas as the port continues its investment in cruise facilities. Currently, Carnival Cruise Lines and Royal Caribbean International offer sailings from Galveston Island. The port’s industrial growth continues at facilities and terminals operated by ADM Grain, Agriliance LLC, Del Monte Fresh Produce, Galveston Railroad L.P., Galveston Terminals, Gulf Copper Drydock and Rig Repair, Holcim Cement, “K” Line, Malin International Ship Repair and Drydock, and Wallenius Wilhelmsen Logistics along the Galveston Harbor.

Galveston’s educational and government institutions are all in the process of expanding and/or renovating their facilities. The Galveston Independent School District passed a $69.45 million school bond in December 2003 for improvements on all the campuses. Galveston College and Texas A&M University have both recently expanded their campus facilities. Galveston County recently completed a $105 million Criminal Justice Center on North Broadway that serves as a base for over 500 county employees. The city’s Scholes International Airport has completed a traffic control tower to accommodate the dramatic increase in air traffic (from 60,000 to 104,000 operations in landing and takeoffs).

Galveston is a historic city with new economic opportunities for its businesses and residents. For more information on the Galveston economy or to discover the potential for your business growth, contact the Galveston Economic Development Partnership at (409) 770-0216.

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