Galveston Island is a national model for resiliency and determination. Since September 13, 2008, this community has confronted a natural disaster (Hurricane Ike), a weakening of the regional and national markets, and the impacts of a national recession. True to Galveston’s form, the community stands steadfast in its path with a determination and sense of spirit to not only overcome these obstacles, but to utilize these events in favor of building a stronger and more resilient community.
Galveston today is embarking on a community renaissance reminiscent of those efforts that led to the successful rebuilding of this coastal island community following the devastating impacts caused by the 1900 Storm. Galveston is a city where the business community stood determined in the face of adversity and immediately went back to work focusing on recovery and rebuilding.
Galveston’s Economic Climate
Unlike any time in Galveston’s recent history, currently there are close to $2 billion of local, state and national resources dedicated to making Galveston a better place. Efforts have been led by the Galveston Chamber and the Galveston Economic Development Partnership (GEDP) to facilitate a successful economic recovery strategy for the business community of Galveston Island. Partnering with the City of Galveston, the University of Texas Medical Branch, Galveston County and many other public partners - the Chamber and GEDP have worked tirelessly to enhance the opportunity of engaging local and regional businesses in the recovery process of Galveston Island.
The primary pillars of Galveston’s economic base include the Port of Galveston and maritime businesses, University of Texas Medical Branch, higher education technology research and tourism. In addition to these forces, Galveston also boasts strong governmental, financial, commercial and historical components throughout the community. Galveston established the foundation for an infusion of capital into facilities, housing, infrastructure and economic development unlike any period in our history. These capital injections will be maximized through the leveraging of public dollars with private sector developments and opportunities for true in-fill redevelopment throughout the neighborhoods of our great community.
City of Galveston
Galveston Island is a dramatically different city than it was before Hurricane Ike. However, the spirit and resiliency of Galveston’s business community has never been more apparent or strong. As the city continues along its path of recovery and reconstruction, the rebuilding and diversification of the Island’s tax base remains a priority. Efforts under way to guide the future development include revisions to the Island’s Comprehensive Plan, implementation of the prioritized projects developed by the city’s Long Term Recovery Committee, and a host of other strategic planning efforts currently in process. These plans seek to optimize future opportunities for tax base expansion, job creation opportunities, infrastructure improvements, and an overall enhancement to the Island’s quality of life for residents and businesses alike.
Galveston is a historic city with new economic opportunities for its businesses and residents. For more information about the Galveston economy or to discover the potential for your business growth, contact the Galveston Economic Development Partnership at (409) 770-0216 and the Galveston Chamber at (409) 763-5326.
