Tulsa-based Magellan Midstream Partners LP (NYSE: MMP) has agreed to let San Antonio’s Valero Energy Corp. in on an infrastructure project it’s working on in Pasadena that will cost hundreds of millions of dollars.

The 50-50 joint venture project involves a Houston Ship Channel marine terminal in Pasadena for refined products, according to a press release. The $820 million projected cost of the first two phases — including the price of the land on which the terminal is being built — is coming equally from Magellan and a subsidiary of Valero, and both phases are supported by long-term customer commitments, said Tom Byers, a Magellan spokesman.

September 5, 2017

The state of Texas has had a tight housing market, as the country’s largest homebuilding market, builders and construction workers were struggling to keep up with demand. Added to the strain, will be calls for housing to replace the devastation left by Hurricane Harvey.

“There was not very much extra capacity in the construction market, and now there will be higher strain to repair and replace what got damaged,” James Gaines, chief economist with the Real Estate Center at Texas A&M University told the Dallas Morning News.

Furthermore, after previous Texas hurricanes, laborers from Mexico and Latin America assisted with cleanup. However, the ramping up of border security, combined with a stronger Mexican economy, means those people might not be coming across the border to help out.