Let’s Talk About the Challenges
Inflation Is Hitting Families Harder Than Ever
Inflation is not a temporary issue—it’s a structural problem. Over the past three years, inflation has surged at its fastest pace since the early 1980s, reaching 9.1% in June 2022—the highest rate in 40 years. Despite the Federal Reserve’s historic interest rate hikes, the cost of living continues to rise.
In Texas, housing costs have increased by more than 40% since 2020, driven by a limited housing supply and high demand. In McKinney, median home prices have soared to over $500,000—nearly double what they were a decade ago—driving up property taxes and making homeownership increasingly out of reach. One client summed it up: “What used to cost $100 now costs $1,000.”
Social Services Are Buckling Under Pressure
Baby Boomers are retiring at a rate of 10,000 people per day, placing enormous strain on Social Security, Medicare, and other support systems. Social Security is projected to be insolvent by 2034 without significant reform.
Meanwhile, autism diagnoses have skyrocketed—from 1 in 150 children in 2000 to 1 in 44 today—creating an unprecedented demand for special education and long-term care that our local systems are ill-prepared to handle. Many families in McKinney are struggling to find adequate support for their children. Additionally, the annual growth rate of the over-65 exemption levy loss in Collin County from 2015 to 2023 is approximately 79.52%, highlighting the increasing financial impact of these exemptions. Without attracting high-income earners, these tax losses will unduly burden those least able to handle them.
What Does This Mean for McKinney?
These aren’t abstract statistics—they are realities we are already experiencing. Rising costs are pricing families out of our city, small businesses—the backbone of our community—are struggling to compete, social services are stretched thin, and our workforce is shrinking just when innovation and adaptation are most critical.
Without bold leadership, McKinney risks falling behind. But I believe in our city’s potential to adapt, innovate, and lead the way forward.
AI is no longer a concept of the future—it’s here. In 2023 alone, AI-powered tools replaced nearly 300,000 white-collar jobs in industries such as law, finance, and marketing. By 2030, McKinsey & Company predicts that 45% of current jobs could be automated, with small businesses hit hardest due to their limited resources.
Already, white-collar unemployment is on the rise with major layoffs in the tech and finance sectors in 2024. McKinney’s economy, which depends heavily on professional services, is particularly vulnerable to this shift.
Artificial Intelligence and Automation Are Changing the Workforce
A Shrinking Workforce Threatens Growth
For the first time in U.S. history, deaths now outnumber births in 25% of counties nationwide, signaling a decline in the working-age population. Immigration, which has traditionally offset this decline, has slowed dramatically. In 2023, net immigration was 50% lower than its peak in 2016, reducing the pool of skilled workers available to sustain our local economy.