Texas Focus: The Most Fortune 500 Companies, New Medical School Near Palestine
Wednesday, September 07, 2022
Big things are happening in Palestine, Texas. Not only is it a prime spot for business relocation and expansion, but a new medical school is also opening, in Tyler, TX, to help meet the demands of the healthcare industry.
Texas: Most Fortune 500 Companies
It’s no surprise that Texas, which has some of the most business-friendly policies in the U.S., is taking additional market share of corporate headquarters away from other states. Texas now leads the nation in the number of Fortune 500 companies headquartered in the state, reported Forbes. In 2021 alone, 62 corporations relocated to the Lone Star State, 25 of those relocations were from California.
Texas has a low cost of living compared to other states and famously does not levy an income tax on individuals or businesses. Corporate rents are relatively low, and the regulatory environment is decidedly business-friendly. At the same time, Texas offers a highly educated workforce, having a fair share of world-class Tier One universities such as the University of Texas at Austin, Texas A&M, Rice, Texas Tech, Baylor, and more.
Palestine is the best of Texas. Palestine has superior transportation and logistics assets, with its location at the intersection of five major highways. It boasts rail access through the Union Pacific Railroad and three ports are within hours of the city. Palestine has affordable sites that cost less than most properties in nearby Austin, Dallas, and Houston, and the Palestine Economic Development Corporation works with businesses to find solutions and identify incentives to optimize cost-effectiveness for projects.
The University of Texas at Tyler Medical School
The University of Texas at Tyler Medical School, the first medical school in East Texas, is planning for its first class to start in the fall of 2023 to help meet the need for critical healthcare provider shortages projected for the region.
Substantial healthcare factors heavily into economic development both for quality of life and employment opportunities. Palestine, located less than an hour south of Tyler, will benefit immensely from the services and education that the UT Tyler School of Medicine will provide. With UT Tyler, UT Health East Texas, and The University of Texas at Tyler Health Science Center joining forces, shortages in primary care specialties such as family medicine, internal medicine, pediatrics, and psychiatry, and the subspecialty of nephrology, will be addressed before they become critical.
The Perryman Group, a Texas economic research and analysis firm, anticipates that the new medical school could produce an additional $1.9 billion annually and create 18,145 new jobs.
Palestine Economic Development Corporation
Palestine Economic Development Corporation’s mission is to promote and facilitate responsible commercial and industrial business retention and growth that expands, diversifies, and strengthens the local tax base while enhancing local amenities and destination attractions throughout the City of Palestine.
To learn more about incentives and opportunities in Palestine, Texas, contact the PEDC at 903-729-4100 or by email. We are prepared for growth and ready to provide immediate and customized assistance. Explore our available properties here.