By just about every economic measurement, Marble Falls had a banner year in 2017. Sales tax growth was unprecedented. Hotel receipts continued on their very strong trajectory. Building permits issued by the City of Marble Falls kept pace with the growth trend established several years ago. The market value of all properties in the city surpassed a billion dollars for the first time ever. In short, Marble Falls is one of the most economically vibrant small towns in the country.
The economy in Marble Falls grew by 9.17% in 2017. This is the highest rate of growth that we’ve seen since 2013, when our overall economy was almost 25% smaller than it is today. In fact, there were only 14 cities in the state of Texas that had larger economies and a faster rate of growth than Marble Falls in 2017. Among Central Texas communities, Marble Falls trailed only Cedar Park (11.03%), Kyle (10.72%), and Leander (10.56%). Among some of our peer communities, the $36.1 million in new taxable sales that Marble Falls added was more than the combined additions of Fredericksburg ($12.3M), Bastrop ($9.6M), Bee Cave ($6.0M), and Lakeway ($4.9M). This economic growth was spread across all major sectors:
The combination of new establishments and expansion of existing businesses resulted in just under 300 new jobs in Marble Falls in 2017. While obvious additions came in the food sector (130 new jobs), about 50 jobs were added in the healthcare sector, another 40 in education, 35 in services, 19 in retail, and 22 across other sectors.
In the hotel market, the growth rate over the last 12 months (November 2016 – October 2017) was up 10.6% over the previous 12 months to just over $9.3 million in receipts. While every hotel and motel in Marble Falls saw gains from last year to this year, the addition of some short-term rentals at Worldmark by Wyndham was icing on the cake.
Just over 800 permits have been issued by the City over the last 12 months (December 2016 – November 2017), with a total valuation of $61.5 million. There are 9 commercial projects—including HEB’s new store, PEC’s new Northwest Operations Center, and two apartment complexes—that are currently under construction and have a total value of $54 million. In addition, we expect to have three Downtown projects, with an estimated combined value of $70 million, break ground in 2018.
With the emergence of a couple of residential developments and continued construction activity, Marble Falls is poised to have another record-breaking year in 2018.
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