Tyler's Economy Outperforms National and State Averages, Again

The economic growth in Tyler and Smith County continued to outpace state and national performance in 2005. That from the annual report of the Tyler Economic Development Council.

Unemployment fell from 5.3 percent in 2004 to 4.8 percent in 2005. That's better than the state average.

Retail sales are helping to drive the economy. Sales in 2004 were $2.79 billion.  Last year, they jumped more than six percent to nearly $3 billion.

Total property valuation rose to $9.98 billion, a jump of about 8 percent.

"We've been fortunate. Contary to national trends, we've held our own in terms of manufacturing, we have a lot of our major companies investing in new plant and facilities here. Carrier has completed a big investment. Kelly-Springfield a new production line, and Tyler Pipe has over $100 million in new investment," said Tom Mullins, President and CEO of the Tyler Economic Development Council.

In the next year, growth is expected to continue and health care and retail sectors. With new construction around town, especially on the far southside with new shopping centers along Broadway.

Reported by Morgan Palmer.