Businesses in Temple are no strangers to growth. The city’s economic vitality has flourished over the past decade, and its pro-business climate means companies have continuous access to robust, reliable infrastructure. With a prime location in the heart of Central Texas, Temple opens the door to more than 28 million potential consumers within a 2.5-hour drive.
Companies seeking a one-stop shop for business development need look no further than the Temple Economic Development Corporation (Temple EDC), which collaborates closely with community partners to promote Central Texas’ next frontier. This year, Temple EDC is celebrating Economic Development Week, an opportunity for economic development professionals to showcase the local career development opportunities, quality of life improvements and business development resources that make their communities top-notch.
Here are six reasons economic development in Temple helps this Central Texas region shine.
An established base of health care professionals
Central Texas has become home to an impressive lineup of health care companies since Baylor Scott & White’s arrival the early 1900s, including McLane Children’s Medical Center and the Central Texas Veterans Health Care System (CTVHCS).
Due in part to Temple’s proximity to medical colleges, the city has grown into a hub for life sciences industry activity. The healthcare and life sciences industries employed more than 17,000 people in 2019 — more than 30% of the city’s population. Texas A&M University-Central Texas, Temple College and its STEM-focused college preparatory program, the Texas Bioscience Institute, are pillars within Temple’s healthcare industry. Additionally, Baylor College of Medicine’s new medical school campus is slated to open in late 2023.
A growing place for young talent and fresh ideas
Temple’s population grew 10.6% between 2015-2020, giving way to new perspectives and fresh ideas to drive the local economy forward. The city has a median age of 34.6 and eight universities and colleges in the region provide a convenient pipeline of talent. Businesses can also access upskilling resources from local colleges, helping them to cultivate a workforce built for success.
Over 300 military personnel separate from the nearby Fort Hood monthly, and more than 35% indicate a preference for remaining in the Central Texas area. This veteran community offers an impressive source of uniquely skilled employees for growing businesses in the Temple-Killeen MSA.
Available space for Temple Economic Development
In 2020 the Temple EDC purchased nearly 147 acres of land inside Temple’s Industrial Park. The site is supplied by water, sewer, road and railroad access, making it ideal for manufacturing, logistics and distribution expansions. More than 1,600 acres of shovel-ready land, Class A office space, and existing industrial facilities are available in the city at competitive real estate costs.
Temple is also less congested than larger Texas cities and offers one of the lowest commute times for employees at only 23.7 minutes, facilitated by the fast-growing I-35 corridor.
Reasonable pricing for new and existing companies
With a cost of living 20% below the national average, it’s no wonder Temple businesses maintain dependably lower bottom lines. Companies also benefit from the state of Texas’ 0% corporate income tax and one of the best enterprise funds in the nation.
In 2022, Texas tied with Idaho for the lowest commercial energy rates in the nation. Technology companies like Meta and Rowan Green Data recognize Temple as a strong partner for their new Hyperscale Data Centers because of the city’s robust and affordable infrastructure.
Qualified, professional help for new, expanding or relocating businesses
Temple EDC recognizes the importance of economic development and the programs and campaigns that help communities achieve their goals. From working to expedite the permitting process to helping existing businesses expand, Temple EDC has the necessary experience to get companies the resources they need.
In 2018, the City of Temple and the Temple EDC began a major redevelopment initiative and public improvement project in downtown Temple called the Santa Fe Project. The project led to 300 jobs and a landscaped pedestrian path connecting the Santa Fe Plaza to the Santa Fe Market — a 3.28-acre, $1.5 million investment where workers can enjoy a food truck court, pavilion and an open lawn for event gatherings.
A launchpad for entrepreneurs and small businesses
The recent downtown Temple public improvement project has encouraged multiple businesses to open in the area, like FoxDog and City Eats Food Hall. Organizations like the Temple Small Business Coalition, the Central Texas Business Resource Center and the Temple Chamber of Commerce help maintain a responsive business community for small businesses and entrepreneurs.
Temple EDC has been recognized throughout the years for its economic development achievements, including a 2021 recognition by the Texas Economic Development Council for economic excellence. In the last 12 months alone, Temple EDC has helped attract projects totaling over $1.2 billion in capital investment and 400 new jobs. We look forward to helping many more businesses find success in the Temple community.
If you are looking to start or expand a business in Central Texas, get in touch with our team to get started today.