Waco’s business community thrives on partnerships, trust
A surge in business relocations has served as a foundation for Waco’s growth in recent years, bringing new jobs and increased investment. Waco’s central location in the geographic triangle formed by Texas’ five largest cities has attracted companies from as far away as Europe.
On a recent visit, Dallas Fed President Lorie Logan heard from organizations and community and business leaders about how economic development is thriving thanks to partnerships, trust and a shared commitment to the community.
President Logan’s visit, which also included opening remarks for a conversation at the Greater Waco Chamber of Commerce, was part of her 360 Listening Tour, a recurring series of trips to engage business and community leaders across the Eleventh Federal Reserve District. The tour provides President Logan real-time insight into the state of the regional economy, and she takes information about local economic conditions back to Washington as she participates in Federal Open Market Committee monetary policy discussions.
UpSkill Waco supports workforce and education collaboration
President Logan visits WorkSITE, an UpSkill Waco partner that offers training designed to help people qualify for in-demand jobs.
While Waco’s recent growth has led to more permanent and better-paying jobs, the median household income lags the state average due in part to persistent challenges in workforce development.
Dallas Fed Advance Together participant UpSkill Waco is working to address the issue. The nonprofit initiative, coordinated by Prosper Waco, is working to increase availability of postsecondary education and accessible skills training for key industries through community partnerships in workforce and education.
“It often takes time to hire skilled labor or train current employees, so companies in or locating to the area partner with UpSkill Waco to train their workforces, in some cases even before doors ever open,” a local business executive said during a tour at WorkSITE, an UpSkill Waco partner. “UpSkill Waco is really giving us a leg up.”
UpSkill Waco credits participation in the Advance Together initiative with increases in several key areas:
- Applications for its program within the past year.
- Student internships and program funding.
- Externships that help teachers create lesson plans focused on workplace skills.
Trust between large and community banks anchors economy
Another catalyst for Waco’s growing economy is the trust between community banks and national and regional banks to help fund projects of all sizes. The larger banks primarily work with larger companies seeking funding for multimillion-dollar projects, while the smaller banks collaborate to work on financing for community projects and addressing local needs.
“When it comes to rolling up your sleeves and being a part of boards and community initiatives, we see leaders from our banks stepping up,” a roundtable participant said.
President Logan and Dallas Fed Regional Executive Donald Bowers met with business and community leaders during a recent visit to Waco.
The visit included a roundtable discussion about Waco's growing economy, including manufacturing, banking and finance and other sectors.
President Logan also delivered opening remarks at a Greater Waco chamber event, where she gave an overview of the Federal Reserve's role and shared her perspective on current economic conditions.
President Logan and Dallas Fed Regional Executive Donald Bowers met with Waco business and community leaders at an industry roundtable, a Greater Waco Chamber event and other gatherings.
Distillery expansion indicative of Waco’s thriving economy
President Logan and her team tour the Balcones distillery.
Named for a fault line that runs through Central Texas, Balcones Distilling shook up the spirits industry in 2009 with the release of what would be the first Texas whiskey legally sold since before Prohibition. The distillery has grown from its beginnings in an old welding shop under a bridge to occupying the former Texas Fireproof Storage Co. building in Waco’s bustling downtown. And the company’s growth coincides with whiskey distilling growing into a multibillion-dollar industry across Central Texas.
During a tour, President Logan learned about the award-winning distillery’s operations and contributions to the local and regional economies. The company, which generates half its sales in Texas, employs 50 people at the distillery—40 in production and another 10 in its visitor center—and another dozen offsite who work in sales across the country.
It's Bear country
President Logan and her team meet with the Baylor University President’s Council.
President Logan also met with the President’s Council at Baylor University, Texas’ oldest continually operating higher education institution. During the meeting, she learned about Baylor’s contributions to its hometown, including:
- Providing 10,000 hours of community service from students each year.
- Producing alumni who become permanent residents. Some 15,000 alums call Waco home, accounting for about 10% of the city’s population.
- Pulling in 50,000-60,000 visitors annually, including event attendees, new admissions and prospective students.
When in Waco ...
President Logan and Dallas Fed Senior Economist Emily Kerr take in the view from Magnolia Market’s rooftop deck during a visit to The Silos at Magnolia, part of the Fixer Upper empire that has helped drive Waco’s recent growth.
The Fixer Upper phenomenon has been a major part of Waco’s growth story over the past decade. President Logan’s visit included a trip to Magnolia Market and The Silos at Magnolia, where Chip and Joanna Gaines reincarnated the long-abandoned Brazos Valley Cotton Oil Mill as a shopping and dining complex. In a recent Southwest Economy Podcast interview, former Waco Mayor Malcom Duncan talked about the HGTV hit’s impact on the city and its economy, as well as the challenges faced in building a commercial hub squarely between Dallas–Fort Worth and Austin.
