Elon Musk, chief executive officer of Space Exploration Technologies Corp. (SpaceX), speaks at the unveiling of the Manned Dragon V2 Space Taxi in Hawthorne, California, U.S., on Thursday, May 29, 2014. T
Bloomberg—Bloomberg via Getty Images
By TIME Video
August 5, 2014

Texas Governor Rick Perry announced Monday that private space company SpaceX will build the first-ever exclusively commercial launch site near Brownsville, Texas. SpaceX, owned and operated by PayPal billionaire Elon Musk, received a $2.3 million investment from the state to build its site in Texas.

Brownsville has a median income of $30,000, and nearly 40% of Brownsville’s population lives below the poverty line — the highest percentage in the country. Perry said in his announcement that the SpaceX site will bring 300 new jobs and inject $85 million into the local economy.

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