Corpus Christi economy sails beyond oil and gas downturnCorpus Christi economy sails beyond oil and gas downturnhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=108052015-10-20T05:00:00Z2015-10-20T16:00:00Z

CORPUS CHRISTI - When people come to Corpus Christi, many of them expect to find a community that has been devastated by the downturn caused by the oversupply of cheap oil and gas.

However, Corpus Christi and the Coastal Bend have been experiencing a major transformation of their economy, which is now much more diverse.

The Port of Corpus Christi has always been a driving force and major contributor to the economy of Corpus Christi, according to Matt Cravey, Cravey Real Estate​ in his market overview.

The Port of Corpus Christi is the fifth largest port in the United States in total tonnage.

However, because of the depth of the port channel and the height of the harbor bridge, which crosses over the port, the newer, larger ships could not enter the port.

Port leadership decided to take a 1,100-acre tract located close to the town of Gregory, which is at the end of the La Quinta Channel, to be used for the larger ships and possible container storage.

In 2009, the La Quinta Trade Gateway Terminal Project was born. Permits were received to deepen the channel and development had begun on the project when the first major manufacturer, Tianjin Pipe Co. (TPCO) of China made a commitment to build a $1 billion steel mill to make seamless steel pipe for the energy industry.

The 1.6 million-sf plant is the largest single investment in a U.S. manufacturing facility by a Chinese company.

Because Corpus Christi and surrounding communities have among the cleanest air of any industrial community in the nation, and now because of cheap natural gas, more companies have announced plans to enter or expand in the market. The total investment by these companies currently tops $25 billion.

It is estimated that at the height of construction, these new projects will employ over 15,000 construction workers.

While this activity has generated a need for housing, multi-family projects that have already been built and those that are planned should meet the current demand.

Numerous national and regional restaurants are expanding, including Chick-fil-A and Chuy’s. One site near Rodd Field Rd. and Saratoga Blvd. and another site at FM 1889 and Northwest Blvd. have new grocery stores planned.

The largest recent announcement is for a new 600,000-sf power center at the corner of Rodd Field Rd. and SH 358.

The Corpus Christi office market has been helped by the banks, which have been growing and looking for new space.

The Harbor Bridge, built in 1959, is being replaced with a taller structure which should provide 65 extra feet of clearance for bigger ships. The bridge should be completed by 2020 and will cost close to $1 billion.

This report was compiled by Matt Cravey with Cravey Real Estate.
Texas Real Estate Business
Corpus Christi
http://rebusinessonline.com/port-diverse-economy-drive-growth-in-corpus-christi-real-estate-market/Read more at {Source}

 Search NewsTalk Texas