Continuing drops in unemployment expected
More than 100 leading members of McAllen’s business and civic community, including Mayor Jim Darling and McAllen Economic Development Corp. President and CEO Keith Patridge, were on hand in November to hear Dr. Ray Perryman address the state of the local economy.
The invitation-only event covered trends in U.S.-Mexico trade and the possible effects of NAFTA to economic development patterns in the region to the implications of national and state policy for the Lower Rio Grande Valley. The event was PlainsCapital Bank’s first Economic Outlook Conference at its North 10th Street location.
Perryman, a noted economist and president of Texas-based Perryman Group, was the featured speaker. A question-and-answer session followed the presentation. Perryman spent time engaging with audience members and fielding questions.
In conjunction with the event, the Perryman Group released its economic forecast for the Rio Grande Valley region. It projects the area will see building momentum in the economy. Growth in employment will likely outpace the state and national rates.
According to Perryman, the McAllen area economy has experienced notable improvement over the past year, with a significant drop in unemployment. “I expect that pattern to continue, with broad-based economic expansion,” he said. “The more effectively trade and immigration agreements and issues are dealt with, the more robust the growth in the region is likely to be.”
Remarking on the event’s success, PlainsCapital Bank Rio Grande Valley Chairman Robert Norman said, “Hosting events of this nature with speakers of Dr. Perryman’s caliber is very much in keeping with the level and quality of services we believe our customers want and expect.”