Business
Business news from McAllen and the Rio Grande Valley.
BusinessSpaceX posts loss in first report as a public company but less than expected
SpaceX reported a loss of $541 million, or 9 cents per share, in its first quarterly report as a public company, which was less than analysts expected. Revenue surged to $7.8 billion, a 90% increase compared to the previous year, driven by its Starlink satellite service, which doubled its subscribers to 12 million. Despite the loss, SpaceX's stock rose 9% during regular trading, although it later dropped. The company plans to continue heavy spending on infrastructure and AI, with expectations of reaching $1 trillion in revenue by 2030. SpaceX aims to test the reusability of its Starship rocket soon, with plans for lunar missions by 2028.
BusinessEnergy Secretary Chris Wright visits Port of Brownsville for investment talks
U.S. Secretary of Energy Chris Wright visited the Port of Brownsville to discuss investment opportunities with local leaders and industry representatives. He announced that the Trump administration has approved a loan exceeding $3 billion aimed at enhancing power infrastructure in the region, which is expected to reduce electricity costs and improve reliability. Wright emphasized that Brownsville exemplifies the administration's commitment to significant job creation through major projects. Although Vice President JD Vance was set to join the meeting, he had to cancel due to a scheduling conflict.
BusinessEdinburg hopes to revitalize downtown with new food hall in development
EDINBURG, Texas (ValleyCentral) — Edinburg is slated to be the next Valley city to tackle plans to revitalize its downtown area. Renovations are underway in a building on E. Cano St. to transform it into what will be called the Las Almas Food Hall. The Edinburg Economic Development Corporation said in a release that the
BusinessTexas Upstream Energy Jobs Extend Growth Streak to Four Months
In June 2026, Texas’ upstream oil and natural gas sector experienced its fourth consecutive month of job growth, adding 400 jobs, according to the Texas Workforce Commission. This follows a significant increase of over 4,000 jobs in May. The Texas Oil & Gas Association noted that this growth reflects the skilled workforce supporting the industry, which remains resilient despite global tensions. Since February, the sector has seen a total increase of 40,700 jobs, nearly a 26% rise since September 2022. The upstream sector also supports approximately 231,000 indirect jobs and 418,000 induced jobs across the economy.
BusinessBurlington Stores Announces New Location coming to McAllen
Burlington Stores, Inc. is set to open a new location in McAllen later this year, marking the 159th store in Texas. The store will offer a wide range of discounted branded merchandise, including apparel, beauty products, and home decor, with savings of up to 60% off regular retail prices. The new store will feature a modern design aimed at enhancing the shopping experience, with organized aisles and clear signage. Located at Parke At Nolana, 3116 Nolana Avenue, Suite 180, the store is expected to open in fall 2026. Burlington is also hiring for various positions as it expands its operations.
BusinessAlamo Advances 17-Acre Commercial Development to Expand Tax Base and Create Jobs
Alamo Mayor J.R. Garza announced the city's acquisition of a 17-acre property near Tower Road and Interstate 2 for future commercial development. This initiative aims to expand the tax base, generate jobs, and enhance retail and dining options for residents. The project, managed by the Alamo Economic Development Corporation, will require infrastructure improvements before construction can begin. Garza emphasized the importance of attracting various businesses, including national retailers and restaurants, to strengthen the local economy. While discussions with potential developers are ongoing, no specific agreements have been finalized yet. The project is expected to significantly boost Alamo's financial position.
BusinessTexas Business Group Backs Abbott Proposal to Expand Affordable Health Coverage Options
The Texas Association of Business (TAB) has endorsed Governor Greg Abbott's Essential Health Benefits plan, which aims to provide affordable health insurance options for Texas employers. This proposal would allow businesses to offer federally compliant health plans without additional state mandates that increase costs. TAB estimates that typical Texas families could save approximately $1,145 annually, while small businesses could reduce health insurance costs by over $3,400 per employee each year. With 16.6% of Texans uninsured, the plan seeks to improve access to health coverage and support small businesses in a challenging economic environment.
BusinessOpening Soon: Locally Owned Las Almas Food Hall to Energize Downtown Edinburg
Las Almas Food Hall, a new locally owned food hall, is set to open in downtown Edinburg at 225 E. Cano St. in Fall 2026. Developed by the Garcia-Kalifa family with a capital investment of over $1.6 million, the food hall will create more than 30 jobs. It will feature diverse cuisines, including pizza, tacos, and sushi, along with a full-service bar. The venue will also host retail spaces, live music, and community events, aiming to enhance the downtown experience and support local businesses. The project is seen as a key element in revitalizing Edinburg's downtown area.
BusinessGlenn Hamer Says U.S.-Mexico Economic Integration Is Accelerating After Mexico City Visit
Glenn Hamer, president and CEO of the Texas Association of Business, recently visited Mexico City, where he emphasized the accelerating economic integration between the U.S. and Mexico. During his July 2026 trip, he met with government officials and business leaders, discussing the significance of the U.S.-Mexico-Canada Agreement (USMCA). Hamer highlighted Mexico City as a major international hub, noting the presence of both U.S. and Chinese companies. He stressed the importance of energy cooperation and the growing demand for electricity, particularly in relation to artificial intelligence. Hamer also praised efforts to connect Israeli technology with Mexico and the U.S.
BusinessTexas Economic Development Office Marks World Cup Success and Relocates Headquarters
The Texas Economic Development & Tourism Office has announced its relocation to a new headquarters in Austin after over 20 years at its previous location. Executive Director Adriana Cruz expressed gratitude to partners statewide for their contributions to the successful hosting of the FIFA World Cup 2026, highlighting the positive impact on Texas. The office also participated in the Great American State Fair in Washington, D.C., celebrating Texas' historical significance. The new office address is 400 W. 15th Street, 12th Floor, Austin, Texas 78701, while contact information remains unchanged. Stakeholders are encouraged to stay connected through the office's website and social media.
BusinessApollo Global Management Selects Austin For New Strategic Hub
Governor Greg Abbott announced that Apollo Global Management will establish a new strategic hub in Austin, aimed at fostering innovation and emerging technologies. This hub will support new businesses within Apollo's asset management and retirement solutions, promising significant capital investment and job creation. Abbott emphasized Texas's status as a financial capital, highlighting the state's favorable business climate and talent pool. Apollo CEO Marc Rowan noted that Austin's environment is ideal for developing the next generation of their business. Austin Mayor Kirk Watson praised the city’s creative workforce and cultural offerings, reinforcing the local commitment to innovation.
BusinessWorkforce Solutions Jobs Update, 8-3-26
Texas Workforce Solutions is hosting several job events this week across the Rio Grande Valley. On August 4, there will be hiring events at Workforce Solutions in Weslaco and South McAllen, as well as at a location on S. 16th St. in McAllen. On August 5, job seekers can attend events in Edinburg and Weslaco. The week concludes with hiring events on August 6 in Weslaco and on August 7 in Mission and Edinburg. These events are great opportunities for those looking for employment in various sectors. More details can be found at workintexas.com.
BusinessGovernor Marks Successful Trading Launch of Texas Stock Exchange
Governor Greg Abbott announced the successful launch of full trading operations on the Texas Stock Exchange (TXSE), marking a significant milestone for Texas as a financial hub. The TXSE, based in Dallas, is the first national securities exchange fully integrated and incorporated in Texas, having received SEC approval on September 30, 2025. Abbott emphasized the exchange's role in showcasing Texas' economic strength and enhancing competition in capital markets. The phased rollout began on July 6, 2026, and was completed by July 31, allowing all National Market System symbols to be traded.
BusinessU.S. Energy Secretary to Visit Brownsville Port to Discuss Economic Development
BROWNSVILLE, Texas — U.S. Energy Secretary Chris Wright will visit the Brownsville Port this Tuesday, August 4, to meet with local leaders and industry representatives. According to the U.S. Department of Energy, the visit will focus on analyzing how the development of the energy sector drives economic growth and strengthens the country's competitiveness. After the meetings, the official will be available for media inquiries. The visit comes at a time of increasing economic activity in the region, where infrastructure projects, international trade, and industrial development continue to enhance the strategic importance of the Brownsville Port.
BusinessTexas businesses bracing for a financial hit from U. S.- Mexico-Canada trade limbo
Texas businesses are facing uncertainty as the U.S. renegotiates the United States-Mexico-Canada Agreement (USMCA). With Mexico and Canada as Texas' top trading partners, the state's economy heavily relies on smooth trade relations. In 2024, Texas-Mexico trade reached $281.2 billion, while Texas-Canada trade was $69.2 billion. The imposition of tariffs by President Trump on Mexican and Canadian imports has raised concerns among manufacturers, particularly in the automotive sector. Companies like Air Tractor, which depend on tariff-free imports, fear significant job losses and price increases if the USMCA is not renewed. The situation remains precarious for many Texas industries.
BusinessWould you like to get paid for telling the internet to chill? Snickers is hiring
Snickers is on the lookout for its first 'Chief Online Chill Officer' to help cool down the internet for two weeks. The position, based in the Chicago area from August 24 to September 3, involves tracking online drama and providing witty responses, along with free Snickers Ice Cream coupons. While the exact pay is undisclosed, the company promises a 'not mini' salary. Applicants must submit a video explaining why they are the right fit by August 4 at 11:59 p.m. ET. Everyone who applies will receive a digital coupon for Snickers Ice Cream Minis.
Business'A $200 repair turns into thousands': New plan could help Valley homeowners fix roofs sooner
MCALLEN, Texas (ValleyCentral) — A new proposal from Texas Gov. Greg Abbott could help homeowners across the Rio Grande Valley strengthen their homes against severe weather while lowering insurance costs. Abbott is asking state lawmakers to approve a $400 million grant program that would provide qualifying homeowners with up to $10,000 to retrofit or replace
BusinessEfrain Gomez Jr. Calls for Legal Workforce Solutions and Construction Training
Efrain Gomez Jr., treasurer of the South Texas Builders Association, emphasized the need for legal workforce solutions and enhanced construction training during a recent forum addressing labor shortages and housing affordability. With 24 years in the industry, Gomez highlighted the importance of practical legal pathways for workers. He linked the labor shortage to rising construction costs, making homeownership increasingly difficult for young residents. U.S. Rep. Henry Cuellar noted that insufficient labor drives up prices. Gomez urged ongoing collaboration between local employers and officials to support workforce initiatives, including the South Texas Builders Initiative, which aims to provide accredited construction training starting in fall 2026.
BusinessFelida Villarreal Guides VIDA Into a New Era of Workforce Development
Felida Villarreal, who became the president and CEO of the Valley Initiative for Development and Advancement (VIDA) in 2022 at just 27 years old, is leading the nonprofit into a new era of workforce development in South Texas. With a focus on education and community support, VIDA assists residents in overcoming barriers to higher education and employment. Villarreal emphasizes the importance of listening and collaboration while honoring the organization's legacy. VIDA partners with local colleges to improve completion rates and offers programs in various fields, including healthcare and technology. Under her leadership, VIDA has seen significant economic impacts, with every dollar invested generating $15.69 for the regional economy.