McKINNEY (March 19, 2014) — The City of McKinney could be poised to become better than Silicon Valley. McKinney’s many favorable characteristics such as low cost of living, affordable home prices and pro-business economy, position the city to be a hub for startups and well-established technology companies.
Silicon Valley is 87 percent more expensive to live in than anywhere else in the United States. According to an article by The Associated Press, Silicon Valley is entering a fifth year of unfettered growth. This has driven housing costs to double in the past five years while wages for low-and-middle-skilled workers are stagnant. Those earning $50,000 a year in Dallas would need to make $77,000 a year in the Silicon Valley to maintain the same quality of life, according to the Council for Community and Economic Research.
NerdWallet, a consumer advocacy website, recently named McKinney one of the best places for homeownership. The study based its rankings on the following criteria: homeownership rate, selected monthly homeowner costs, monthly household income and population growth.
The City of McKinney continues to build its reputation. Realtor.com found it to be the second most searched for places to live. Adding to the list, CNN Money named the city the second best place to live in the nation, citing plenty of housing options; low taxes; abundant job opportunities in technology, energy and medicine; as well as a new conference center and hotel complex in the works. Realtor site Movoto.com also named McKinney the second best place to live in the country among mid-sized cities.
Curious Complex CEO Jason Adams spearheaded the effort to develop the startup hub, The Collide Center, in McKinney and be part of the region’s growing entrepreneurial ecosystem. “Our goal was to initiate a movement within McKinney. Now the city has stepped up and is leading the charge,” said Adams. For McKinney Economic Development, The Collide Center is an expansion of its existing emerging technology program, which provides rental assistance for startups.
“One of the toughest challenges for a new business is to identify potential investors to fund their growth,” John Valencia, Director of BREP & Emerging Technology for the McKinney Economic Development Corporation. “The Collide Center offers the opportunity for investors to meet with our startup companies and provide advice and potential capital to move these businesses to the next level.”
Businesses are moving to McKinney for a number of reasons, including a great education system, a large and qualified talent pool and a relatively low cost of living. Programs at the state and local level are inherently pro-business. Economic development is a central component to our city’s strategic plan.
The city has attracted companies like Raytheon, Wistron GreenTech Corp., Torchmark, Emerson Process Management, Tong Yang Group, Simpson Strong-Tie, Tenant Tracker, Manner Plastics and Traxxas. Home-grown companies like Encore Wire, RMCN and Brandon Industries have also thrived here. McKinney has led in sustainable developments and its historic business district is one of the largest and most successful in the state.
McKinney, Texas, is unique by nature. As one of the fastest-growing cities in the United States, McKinney has a current population exceeding 149,000. Incorporated in 1848, the city is located 30 miles north of Dallas and is the county seat of Collin County. McKinney offers rolling hills, lush trees, a historic downtown square and unique neighborhoods and developments. The city ranks No. 2 on the Money Magazine Best Places to Live list for 2012. Visit the city’s website at mckinneytexas.org.
About the McKinney Economic Development Corporation
The McKinney Economic Development Corporation (MEDC) was created in 1993 to support the development, expansion and relocation of new and existing companies. The MEDC is an organization with a mission to work to create an environment in which community-oriented businesses can thrive. The MEDC is actively pursuing investments in Aeronautics/Aviation, Corporate headquarters, Emerging technology, Healthcare and Medical Device Manufacturing, Professional services, and Renewable energy. For more information, visit mckinneyedc.com.
About the Collide Center
The Collide Center aims to support emerging technologies and to develop innovative industries within the City of McKinney by providing a range of services to entrepreneurs and start-ups. Curious complex with McKinney’s Economic Development Corporation developed The Collide Center as a hub designed to provide workspace, education, support, events and workshops to businesses in McKinney. The Collide Center is a co-working space with Incubator and Accelerator programs geared toward fostering success for entities. Additionally, the center provides a “Collide Corridor” area for anyone to come to, meet up, work and otherwise collide with other innovators to spur new ideas and collaborate on possible ventures. For more information visit collidecenter.com.