Projects supported by Allen Economic Development Corporation (AEDC) have added $46 billion to the city of Allen and the wider regional economy, according to a recent study by a third-party analytics firm. Since its inception, the AEDC has supported 155 projects that have accounted for 18,542 direct jobs within the city, comprising 51% of the total jobs in Allen.
Insight Research Corporation, nationally recognized for their leading-edge methodologies, conducted the study that examines the economic, employment and tax revenue impact of AEDC projects. As of 2021, AEDC projects represented $2.8 billion in appraised value that has grown over the past 28 years, or 57% of Allen's current commercial tax base.
Coming out of a pandemic year in 2021, AEDC projects continue to produce a growing stable base of jobs and new economic impact to the region.
"Twenty-nine years ago, voters tasked the AEDC with bringing in high quality jobs and increasing the commercial tax base in order to lower the tax burden on Allen citizens,” said Daniel Bowman, AEDC CEO/Executive Director. “We are proud to be accomplishing that objective by supporting projects that enhance the economy and investing in amenities that many of our residents enjoy.”
AEDC projects have helped stabilize not only Allen's tax base, but also that of the Allen Independent School District, Collin County, the Collin County Community College District and the State of Texas. It is estimated that since 1993, AEDC projects have resulted in $2.162 billion in direct taxes paid to all local jurisdictions.
Since the ordinance was approved by voters in 1992, the AEDC’s performance has been measured to track return on investment. This is the tenth impact report conducted by Insight Research for AEDC and provides a consistent measurement of the program’s value to the city of Allen.