Galveston charts course for diverse, robust economy
Dallas Fed President Lorie Logan tours the port of Galveston with members of her team and civic leaders.
As Dallas Fed President Lorie Logan toured the Port of Galveston, she was surrounded by new investments designed to return the Texas coastal city to the prominence it enjoyed more than a century ago.
Better known as a vacation destination for Texans looking to escape the heat for the waterfront, Galveston is boosting its contribution to the state’s economy with a variety of projects. One local executive President Logan met on her 360 Listening Tour visit said the objective is building to the historic city “back to what it was.”
The 360 Listening Tour is a recurring series of visits to hear from business and community leaders across the Eleventh Federal Reserve District. President Logan takes this real-time intelligence about the economy into monetary policy discussions at Federal Open Market Committee meetings.
Dallas Fed President Lorie Logan and members of her team and civic leaders watch a cruise ship move through the Port of Galveston.
Port moving up
The Port of Galveston is among the 40 busiest shipping ports in the world and already is the top port for ethanol exports.
But local officials expect that new investments, many financed by local community banks, will push Galveston into the top 20 by 2028.
That kind of growth in three years is unprecedented, one official told President Logan, as a cruise ship leaving Galveston’s bustling terminal passed by.
Wanted: More workers
One challenge for Galveston’s growth plan is finding enough workers.
President Logan heard concerns about the labor market in a place that has long relied on immigration. A Dallas Fed report found that immigration crackdowns are affecting job growth not just in Galveston, but across the state.
And adding new developments is difficult because of Galveston’s limited space bounded by water. So, the area has had to rely on other initiatives to attract college-age workers who need affordable places to live nearby.
A key to Galveston’s resurgence is finding and keeping enough workers.
Local leaders meet regularly with colleges and businesses to connect more recent college graduates to Galveston’s workforce.
Dallas Fed officials heard about what makes the opportunities and challenges for Galveston unique.
President Logan and her team heard from business and civic leaders about Galveston's growth plans and the challenges they face.
Dallas Fed President Lorie Logan and a contingent from the Dallas Fed learned about Galveston's economy and plans for growth during a recent visit with business and civic leaders.
Galveston seeks to break new ice
One of the investments local officials hope will serve as a workforce solution is a billion-dollar shipyard that will soon turn out icebreakers that would depart Galveston for colder waters.
The facility is expected to help the U.S. keep pace with icebreaker fleets around the world.
A new program started with the help of Galveston College is expected to train a local workforce interested in the shipbuilding industry.
“We can offer jobs to people, but can we offer careers to people?” one local official asked during a roundtable with President Logan.
