Monday, April 15, 2013
IBC Bank Commissions Groundbreaking Research Study On Economic Impact of Mexican Nationals
Results show 2011 and 2012 spending levels
by visitors in excess of $5.1 billion
Left to right: Dr. Steve Nivin, SABER Institute Director and Chief Economist; Ramiro Cavazos, San Antonio Hispanic Chamber of Commerce President; Eddie Aldrete, IBC Bank SVP; Gerry Schwebel, IBC Bank EVP; Geronimo Gutierrez, North American Development Bank Managing Director; Honorable Antonio Garza, U.S. Ambassador (Ret.); Michael Marx, VISA, Inc. Senior Business Leader.
(April 15, 2013) SAN ANTONIO, Texas – A comprehensive research study has revealed what many have been witnessing – the spending by Mexican nationals is boosting the economies of South and Central Texas. The combined spending total by Mexican nationals in a 20-county region in 2011 and 2012 was in excess of $5.1 billion. The economic impact of the spending was also substantial, generating an output of $2.6 billion in 2012, which supported nearly 30,000 full-time equivalent jobs in the region. IBC Bank was instrumental in the development of the groundbreaking research study, with results presented April 12 at a San Antonio Hispanic Chamber of Commerce luncheon.
With an influx of Mexican tourists, shoppers, and entrepreneurs to South and Central Texas having increased in recent years, the need for quantifiable data was obvious. However, while economists can formulate key economic information, transactional data is more difficult to obtain. Understanding the challenge, IBC Bank Senior Vice President Eddie Aldrete suggested a partnership with VISA, Inc. and was instrumental in gaining the credit card company’s participation in the study.
“What we have been able to achieve is to get a clearer picture of the exact impact in our communities,” Aldrete said. “South Texas communities have greatly benefitted from this economic activity, but it wasn’t until this study that we knew how big it really was. IBC Bank is proud to have partnered with VISA, Inc. to highlight the important link between the economies of the U.S. and Mexico,” Aldrete said.
The SABER Research Institute conducted the research in a collaborative effort between IBC Bank, the San Antonio Hispanic Chamber of Commerce, Asociación de Empresarios Mexicanos, and VISA, Inc. It was estimated 2012 spending by Mexican Nationals brought $108.3 million in indirect business tax revenues and $6 million in taxes and fees to the 20- county area.
“It took vision, determination, and a lot of hard work to bring this story to life,” IBC Bank International Division Executive Vice President Gerry Schwebel said. “This study lays the foundation for what business opportunities lie ahead. We hope this is the first in a series of studies that will dive deeper into key industries such as real estate." IBC Bank is a member of International Bancshares Corporation (NASDAQ: IBOC), an $11.9 billion multi-bank financial holding company headquartered in Laredo, Texas, with 215 facilities and 339 ATMs serving 88 communities in Texas and Oklahoma. More information is available at www.ibc.com. Visit us on our YouTube Channel, IBCBankWeDoMore. MEMBER FDIC / INTERNATIONAL BANCSHARES CORPORATION.