Chip and Joanna Gaines brought Waco, TX into national prominence on their TV show “Fixer Upper”. The audience that skipped “Fixer Upper” might have instead watched Baylor University win the 2021 Men’s College Basketball Championship. But Cove Capital’s criteria for evaluating cities for acquisitions run a bit deeper. Here are some things that you may not know about Waco, Texas that make it attractive for Cove.
- Inflation-adjusted retail sales in the Waco economic area saw a 21% increase on a monthly basis in 2022 compared to 2021. Those strong retail sales numbers indicate both that there is discretionary income available for spending and that things are ‘back to normal’ post-pandemic.*
- Unemployment in Waco has been pacing the national average, at times even falling below the average.*
- There has been strong population growth in Waco, with the city growing by over 10% since 2010. The growth rate has also increased from 2020-current.*
- No state income tax in Texas.
- Tourism is on the rise in Waco, partially due to Chip and Joanna’s “Silobration” festival and other major events. September tourism numbers in Waco led all metropolitan areas in Texas, according to a recent article on kwtx.com.
Cove acquired Waco’s only Hobby Lobby on December 30, 2022. With strong economic trends in Waco and store sales above the national average, Cove believes strongly in this asset and this location. *
*Past performance does not guarantee or indicate the likelihood of future results.
All private placement and DST property investments involve risk, including illiquidity, and the potential loss of some or all monies invested. Please seek the guidance of a knowledgeable financial professional prior to making an investment decision.
US Bureau of Labor Statistics – https://www.bls.gov/eag/eag.tx_waco_msa.htm#eag_tx_waco_msa.f.1
Waco Tribune-Herald – https://wacotrib.com/business/local/despite-inflation-waco-economy-continues-to-purr/
United States Census Bureau – https://www.census.gov/quickfacts/wacocitytexas
KTWX.com – https://www.kwtx.com/2022/11/02/waco-events-help-boost-economy/
Magnolia – https://magnolia.com/visit/events/