New Funding for Texas Seaports: What It Means for International Business
In September, the Texas state government approved a historic funding measure for seaport and infrastructure development. This funding is meant to bolster the state economy and foster trade, representing new opportunities for Texas international businesses.
The Historic Seaport Funding
On September 29, Governor Greg Abbott announced that the Texas Transportation Commission had approved a $240 million funding package for Texas seaports and state highway infrastructure. The funding includes $200 million for port development through the Maritime Infrastructure Program and $40 million for state highway development through the Seaport Connectivity Program.
This funding is being applied to 31 projects as recommended by the Port Authority Advisory Committee. Through the seaport funding, the projects include the expansion of rails and docks, dock rehabilitation, and the development of truck queuing areas. The highway funding will go toward projects to relieve congestion near ports, improve safety, and boost connectivity between the ports.
The Importance of Texas Ports for the Economy
As Governor Abbott stated in his announcement, Texas’s seaports play a major role in the state’s economy, representing a key part of international trade. According to the Texas Department of Transportation (TxDOT), Texas is home to three of the largest seaports in the country by tonnage, meaning this new funding will impact the national economy, as well.
“The unprecedented funding commitment by Governor Abbott, the Texas Legislature, and the commission benefits the entire Texas port system and serves as a catalyst for job creation, business development, and a more resilient supply chain,” the TxDOT said in an announcement.
New Opportunities for International Business in Texas
The entire justification for the new funding rests on boosting the Texas economy, and that means new opportunities for businesses like yours. As the funding flows into Texas ports and highways, performance will improve, with boosted efficiency and safety. This all means more affordable transportation and faster deliveries. Getting products and supplies where they need to go is a key part of running a successful business, and this new funding makes that job easier.
Prepare for Growth With Financial Planning From a vCFO
In the coming years, Texas businesses can expect to start seeing the benefits of the seaport and infrastructure funding. You can start preparing for that growth now with help from an experienced McAllen vCFO.
Don’t wait for opportunities to pass you by; start planning for the future. A capable vCFO can help you identify potential areas for growth, target key weaknesses, and optimize your tax planning. As your business grows, we can help you adapt and navigate the financial process.
When it comes to your finances, don’t settle for less. Get insights and guidance from capable McAllen vCFO, Abigail Young Murray, PLLC.