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August 2023 Dallas Market Update blog

The Growing Environmental Progress of North Texas and How DFW Airport is Paving the Way for Sustainable Travel

As North Texas continues to flourish as a franchise and business hotspot, an array of exciting developments is on the horizon. The region’s expansion is exemplified by DFW Airport’s pioneering stride towards eco-friendliness, driven by its quest to achieve net-zero carbon emissions by 2030. Read about new businesses to look forward to in the region and why Texas is positioning itself to be a global leader in the technology industry.

DFW Airport breaks ground on new renewable energy plant in continued quest for net-zero emissions

Dallas, the city that never stops growing, is set to receive a major boost thanks to DFW Airport’s recent announcements. The airport is committed to becoming a trailblazer in eco-friendliness with its goal of achieving net-zero carbon emissions by 2030, and a new electric Central Utility Plant to replace the old natural gas-powered one is the perfect starting point.

Large sign spelling DFW Outside Dallas Fort Worth Airport

The new plant, fueled by 100% renewable sources, primarily wind turbines, is a significant industry advancement by DFW Airport CEO Sean Donohue. The existing plant, which is a major contributor to the airport’s carbon footprint, will soon be a thing of the past. With this ground breaking move, DFW Airport will significantly reduce its greenhouse gas emissions, leading to improved local air quality, and a 29% lower water usage compared to the current system. The new plant is sure to have a ripple effect on the local environment, providing residents with cleaner air, water, and a healthier planet.

Furthermore, the project’s timing coincides with DFW Airport’s ambitious growth plans, which include adding a sixth terminal and renovating Terminal C. With a cost of $234 million, and 50% funding from federal sources, the new plant is an investment that the airport is committed to seeing through to completion. The plant’s construction is estimated to create 1,400 jobs, providing an economic boost to the community, and creating opportunities for its residents.

Alliance Texas Aerial View
Manufacturer to create 250 jobs with new AllianceTexas hub

Southwire Company’s expansion in north Fort Worth through leasing Alliance Westport 25 and occupying 1.18 million square feet, means great news for Dallas. The manufacturer’s specialization in wires and cables for electricity distribution ensures that the area’s power needs are met efficiently. The expansion brings in 250 new jobs, creating opportunities for locals and increasing the city’s workforce. Fort Worth Mayor Mattie Parker welcomes Southwire’s investment and modernization efforts, ensuring a stronger economy for the region. Southwire’s various products, including building wire, utility products, and electrical components, will meet a diverse range of customer needs.

Moreover, the announcement of Alliance Center North 4 alongside Alliance Westport 25 highlights Hillwood’s investment in the Westport sector, aiming for future growth, and offering over 17 million square feet of distribution space. Dallas will undoubtedly benefit from Southwire’s expansion, furthering the region’s growth, economic stability, and progress.

New report names Dallas-Fort Worth as the top emerging technology market

A new report has shown that Dallas-Fort Worth is rapidly emerging as a top-tier technology hub in North America, with numerous factors contributing to this trend. Perhaps most significantly, the tech labor pool in the region has grown by 28.1% from 2017 to 2022, making it the sixth-largest pool in North America. North Texas also saw net job growth of 59,440 tech jobs from 2018 to 2022, making it the top market in the United States for tech job growth.

The region’s tech employees also earn an average annual wage of $91,051, making it a highly attractive option for talented professionals.  Additionally, the region has witnessed a 10.5% increase in tech-related degree completions in 2021, thanks in large part to institutions like the University of Texas at Dallas and the University of Texas at Arlington.

Dallas City View at night

What makes Dallas-Fort Worth especially unique, however, is the region’s affordability and thriving business climate. The report notes that this combination of factors could retain tech talent in the area, especially given the growth of hybrid work options. Furthermore, indicators like Austin Circuit Design relocating its headquarters and TBK Bank’s investment in tech company Trax are clear indications that North Texas is poised for continued growth and prosperity in the tech industry. With its talented labor pool, high earning potential, and supportive business environment, Dallas-Fort Worth is undoubtedly a leader in the North American technology scene.

Flags on a building in Fort Worth texas
Chinese auto parts supplier picks Fort Worth for EV operations

Dallas has a lot to celebrate with Junchuang North America’s new operation in South Fort Worth. The China-based automotive parts supplier, a subsidiary of Suzhou Junchuang Auto Technologies, is creating 120 new job opportunities in the area. Junchuang is a key player in the electric vehicle parts market and supplies major auto manufacturers such as Jaguar, Land Rover, Ford, and Mazda. With a spacious new facility spanning 55,000 square feet in the 46 Ranch Logistics Park near Interstate 20, this location is set to serve as Junchuang’s North American research and development center.

Junchuang North America President and CEO, Vinson Yang, highlighted Fort Worth’s strategic location, business environment, and skilled workforce as key reasons for choosing the city. This speaks to Dallas’ reputation as an attractive location for international businesses looking to invest in the US market. What’s more, this development is aligned with the city’s commitment to technological advancements and sustainable solutions – two factors that will only continue to be increasingly important to businesses in the coming years.

The development of Junchuang’s new facility was handled by Jackson-Shaw, a Dallas-based real estate firm, with property marketing managed by Stream Realty Partners. Fort Worth’s economic development director, Robert Sturns, sees the North Texas region as a hub for sustainable energy, particularly in the electric vehicle and related technology industry. All in all, this development represents a significant opportunity for Dallas to build upon its reputation as an attractive destination for international businesses, while contributing to the growth of the sustainable energy sector in the region.

Dallas Deep Ellum sign in front of large builings in Downtown Dallas
How Dallas-Fort Worth became America’s boomtown

Dallas-Fort Worth is undoubtedly a bustling metropolitan area. The region has been experiencing exponential growth in population, adding the highest number of residents among all U.S. metros between 2021 and 2022, proving its desirability as a place to live. Furthermore, despite the rising climate change risks, growth in Dallas and other vulnerable cities remains unaffected, signaling that this region has found innovative ways to address these risks.

One of the factors driving this impressive growth in the area is business expansions, relocations, and the central location that has excellent airport, highway, and rail access. The region boasts several major universities, contributing to a skilled and diverse workforce, while its lack of natural barriers allows for further expansion. It’s noteworthy to mention that a healthy Dallas positively impacts the surrounding areas as well.

Dallas-Fort Worth has attracted around 265 businesses that relocated or expanded to the area since 2020, with both Dallas and its suburbs like Irving experiencing significant activity. The region’s distinct character has caught the attention of companies, and Fort Worth, with its manufacturing and transportation focus, has attracted numerous businesses while adding 19,000 residents.

It’s projected that Dallas-Fort Worth will become the only metro area with two cities surpassing one million in population within the next five years. The growing number of residents will further propel economic growth, making Dallas-Fort Worth an attractive place to invest, work, and live.

How North Texas helped drive the state’s economy and job growth

Texas’ outstanding job growth is not just a national leader, but also great news for Dallas. With 542,500 new jobs created since last June, it’s exciting to see that Dallas-Fort Worth had the most significant growth in the entire state, ranking second nationally in year-over-year job increases.

With Texas continuing to attract new industries and investments, it’s no surprise that economic expansion is also a leader. As migration accounts for about 75% of population growth, Dallas stands to benefit from diverse growth in service, retail trade, leisure hospitality, and professional services, amongst other sectors.

Dallas Texas Skyline at sunset

For Dallas, being the fastest growing part of the Sunbelt is fantastic news, serving as a dynamic transportation, financial, commercial, and trade center. Its status as a hub for Fortune 500 corporations and growth in life sciences only strengthens its outlook as a thriving center in the country’s fastest-growing area.

Furthermore, the state has achieved its 28th consecutive month of job growth, and Commissioner Aaron Demerson gives credit to Texas employers for their contributions to this success.

Dallas-Fort Worth also experienced the second-largest year-over-year increase in job numbers, adding to the impressive seasonally adjusted labor force which increased by 30,500 people in June, surpassing 15 million. The number of employed individuals hit a record high of over 14,429,900. Texas Governor Greg Abbott highlights the economic strength of the state and the increased opportunities available to Texans.

Major industries such as private education and health services, construction, and manufacturing saw significant job growth, leading to increased economic prosperity across the state. Furthermore, the Texas Independent Producers and Royalty Owners Association reports strong job postings for the oil and natural gas industry in June, solidifying Texas’ position as a leader in oil and gas production.

Dallas bullet train
Amtrak partnering with a private company to study and advance Dallas-Houston bullet train

Amtrak and Texas Central’s partnership to study and advance the Dallas-Houston bullet train project brings several positive impacts to Dallas. Firstly, the proposed bullet train route spans over 240 miles and aims to offer a travel time of under 90 minutes, replicating the Japanese Tokaido Shinkansen system. This means Dallas residents can travel to Houston quickly and comfortably, making it an attractive option for both business and leisure travel.

Moreover, the partnership between Amtrak and Texas Central brings economic benefits, reduces greenhouse gas emissions, and generates jobs. This is a significant advantage as Dallas residents will benefit from more job opportunities and a boost to the local economy.

DFW’s dedication to green energy, technological progress, and sustainable solutions has seen its economy boom. DFW Airport is leading the charge with its mission to reach net-zero carbon emissions, while Southwire is expanding in North Fort Worth. Dallas is a global hub for technological development and clean energy production, thanks to the partnership between Amtrak and Texas Central that’s increasing connectivity and contributing to economic growth. It’s no wonder that the region’s strategic placement, specialized labor, and nurturing business climate are attractive to businesses and investors alike.

Since 2019, Rise48 Equity has completed over $2.03 Billion+ in Total Transactions, and currently has $1.59 Billion+ of Assets Under Management located in Phoenix and Dallas.