Experts discuss economic impact of SpaceX's relocation plans to Cameron County
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Starbase — the SpaceX facility located near Brownsville — will likely expand after Elon Musk announced plans to move SpaceX headquarters there.
UTRGV economics professor Salvador Contreras says if the move happens, the economic impact could be large.
Contreras says he is questioning if the Rio Grande Valley is ready for the boom in tourism.
READ MORE: Local reaction to SpaceX moving headquarters to Brownsville
“Do we have the hotel infrastructure, do we have the restaurants, do we even have the roads or bridges so we have the necessary infrastructure,” Contreras asked.
Contreras says it's likely cities will have to pitch in to cover the cost of upgrading local infrastructure, but a plus with the move is an increase in job opportunities.
“Employment for our graduates, for example, engineers, scientists and even an auxiliary type industry, will help the company maintain its presence here,” Contreras said.
Local broker and realtor Daniel Galvan says with all the new jobs, a higher demand for housing will come.
According to Galvan, that means people's property values may see a spike
“Naturally, property values going up in taxes will increase as well, but that is to be expected,” Galvan said. “It's reasonable expectation to continue to see the growth at the coastal region.”
SpaceX has made a total of four launches from their Boca Chica facility. A Wednesday news release from Cameron County says over 20,000 tourists visited South Texas for a single launch.
The local economic impact report also states that SpaceX has already generated over $800 million n state and local income.
Channel 5 News reached out to SpaceX via email for official confirmation about the potential move. We’re still waiting to hear back.
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