HVS, a market leader in hospitality consulting and valuation, recently reported on the Corpus Christi, Texas economic climate. The report highlighted the following:
- Corpus Christi’s economy continues to sparkle, with ongoing developments in the tourism, energy, and shipping industries, as well as the healthcare sector. Oil and gas still leads the way, with exploration and production across the vast Eagle Ford Shale formation ramping up every year, and offshore drilling becoming more widespread. Tourism in the city is expanding as well, with a new water park and other improvements under way on North Padre Island.
- The Corpus Christi market continues to benefit from increased oil production from the Eagle Ford shale region 50 miles west of Corpus Christi. That oil is transported to Corpus Christi for processing at multiple refineries with total capacity of nearly 1 million barrels per day (b/d). Significant hospitality demand arises from energy wholesalers, transporters, and service companies such as Halliburton, Baker Hughes, and C&J Energy Services, all of which maintain large operations in Corpus Christi.
- Offshore oil drilling is booming. In July, Shell Oil Co. announced the discovery of an offshore oil reserve containing the equivalent of 100 million barrels of oil. The company already has several well sites in the Gulf of Mexico off the shores of Corpus Christi and plans to conduct further explorations for oil in the area.
- The Corpus Christi market is not solely dependent on energy. Tourism in Corpus Christi is growing as well. Tourism and leisure attractions in the area include a variety of beaches, the USS Lexington museum, the Texas State Aquarium, and the Art Museum of South Texas. Special events also play a role in generating hotel demand during key weekends, such as the Ziegfest music festival and the Texas Jazz Festival.