Dallas-Fort Worth Area Continues a Meteoric Rise
The Dallas-Fort Worth Metroplex is experiencing an unprecedented economic boom, rapidly transforming into a multi-industry powerhouse. Its rise as the “Wall Street of the South” within the finance sector, combined with a surge in tech and manufacturing jobs, fuels a dynamic expansion. This growth is further propelled by an influx of young professionals drawn to the region’s opportunities. Additionally, strategic investments in healthcare, construction, and a commitment to supporting women-owned businesses solidify DFW’s trajectory of sustained growth and prosperity.
DFW Emerges as “Wall Street of the South”
According to WFAA, Dallas-Fort Worth is experiencing a boom in the financial industry, becoming the second-largest hub for financial jobs in the country. This growth is attributed to several factors, including a business-friendly environment, a large and growing population, and a skilled workforce. This trend is expected to continue as the North Texas economy expands.
Since the end of 2019, DFW has added 59,200 financial jobs. The growth has occurred at banks, wealth management firms, private equity firms, and corporations, through both organic growth and relocation. This influx of financial jobs is bringing new talent to the area. Titans of finance such as Goldman Sachs Group Inc. and Wells Fargo & Co. are building large campuses in North Texas that they plan to fill with thousands of employees, pointing toward future growth in the DFW Metroplex.
Population Boom Driven by Young Professionals
According to a new analysis by real estate marketplace Zillow, Texas is the leading state attracting Gen Z movers, with nearly 80,000 in 2022 alone. This is likely due to job opportunities and a lower cost of living, as Gen Z adults are more likely to have college degrees and work in tech than other interstate movers.
The substantial influx of Gen Z movers that Texas has attracted due to its booming economy will likely result in an increased demand for rental properties. This demographic often prefers renting over home ownership due to financial flexibility and a desire for mobility (Dallas Innovates).
Healthcare Expansion Attracts New Talent to DFW
Earlier in February, The Children’s Health and UT Southwestern Medical Center announced their plans for setting up a new $5 billion pediatric health campus in Dallas’ Southwestern Medical District this month. The pediatric campus covers more than 33 acres and will offer a patient-centric design to meet the rapidly increasing need for more pediatric services in the DFW area. The new campus will result in an increase of medical jobs in the area.
According to the President and Chief Executive Officer of Children’s Health, Christopher Durovich, “For more than 110 years, Children’s Health has served the children of North Texas, adapting and growing with the needs of our community.” He continued, “This new pediatric campus, a joint investment with UT Southwestern, enhances our shared capacity to provide comprehensive care for children, including those with the most complex medical and surgical needs. It enables us to continue pioneering academic research, lifesaving treatments, and industry-leading technology for pediatric patients for generations to come.”
Furthermore, Daniel K. Podolsky, M.D., President of UT Southwestern Medical Center said, “The pediatric campus is the next chapter in our more than 60-year partnership with Children’s Health and will elevate clinical innovation and transformative science that will benefit pediatric patients and their families for generations to come.” He continued, “The expertise on our campus, supported by state-of-the-art technologies and facilities, will enhance our commitment to excellence and compassion in providing the very best care for children and position us to accelerate the future of pediatric medicine together.” This improvement in health facilities will deeply strengthen the DFW community in terms of new jobs and economic stimulation.
Tech and Manufacturing Fuel Job Growth
The Dallas-Fort Worth Metroplex is proving to be a magnet for tech and manuafacturing investments. Sysgration America Corp., a Taiwanese technology company specializing in automotive electronics, is expanding to Plano with a commitment to create over 150 jobs by 2029. The move comes with significant backing from the city, including a $2.4 million economic incentives package. This development underscores the area’s appeal to global tech enterprises drawn by the region’s thriving business environment.
The DFW Metroplex is also establishing itself as a hub for advancements in electric vehicles. Hexagon Purus ASA, a Norwegian innovator in battery and power systems for electric vehicles, is transforming a 216,000-square-foot facility in Mesquite. The project, estimated to cost $12 million, is expected to create around 250 jobs. Hexagon Purus intends to use this facility to fulfil substantial contracts aimed at accelerating the adoption of zero-emission trucks in North America.
“We are very happy to announce our plans for a new vehicle integration facility in Dallas,” Hexagon Purus CEO Morten Holum previously discussed in a statement. “The facility marks yet another important milestone for Hexagon Purus in building a strong position in the North American zero-emission heavy-duty trucking space. We continue to experience solid demand for our vehicle integration offering and the new facility will enable us to deliver on recently won customer contracts. The current footprint of the facility also allows for further expansion to support continued customer growth in the US.”
The expansion of Sysgration and Hexagon Purus highlights the potent combination of technology and advanced manufacturing propelling job growth in the DFW Metroplex. These developments, alongside the area’s welcoming business climate and skilled workforce, signal that the region is poised to become a leader in these cutting-edge industries, drawing further investment and bolstering its economic dynamism for years to come.
DFW – A Leader in Construction Job Growth
The Dallas-Fort Worth metroplex is experiencing a construction boom, leading the nation in construction job growth during 2023. According to the Associated General Contractors, the Dallas area added a remarkable 12,300 building sector jobs last year, reflecting an 8% increase. Fort Worth also saw significant growth with 2,500 additional construction jobs (Dallas Morning News).
Other major metropolitan areas are also seeing construction expansion, with Phoenix and Riverside, CA, following Dallas in job growth. Austin ranked fifth nationally with an impressive 8,100 new jobs added.
Continued Growth Potential in The Region
Furthermore, as part of its significant branch expansion over the next three years, JPMorgan Chase & Co. intends to extend its presence into Collin County, north of Dallas, in response to the region’s burgeoning growth.
The head of Chase branches in North Texas and Austin, Liz Molina, said the bank will build about 15 branches in Texas as part of the expansion. This includes five in DFW. “Some of our local branch growth will match the strong development north of the city, as we add locations in Melissa and near Celina, both in Collin County,” Molina said in a statement.
JPMorgan Chase (NYSE: JPM) is the largest retail bank in the U.S. Its presence is significant in DFW. At the end of last June, it ranked as the second-largest bank in the region by deposits. There were more than $91 billion held, according to Federal Deposit Insurance Corp. data.
DFW Named #2 for Growth of Women-Owned Businesses
Women-owned businesses are surging nationwide, with growth rates significantly outpacing businesses owned by men between 2019 and 2023. The Dallas-Fort Worth metroplex is a key contributor to this trend, ranking second in the country for the growth of women-owned businesses according to the 2024 Wells Fargo Impact of Women-Owned Business Report. This ranking is second only to the Miami-Fort Lauderdale-West Palm Beach metro area.
Key findings in the report show that women-owned businesses continue to fuel the economy representing 39.1% of all businesses with about 12.2 million workers generating a staggering $2.7 trillion in revenue. The report also highlights the impressive strides made by Black/African American and Hispanic/Latino women-owned businesses, with average revenues surpassing the overall average for all women-owned businesses.
Val Jones, Wells Fargo Women’s Segment Lead for Small Business, commented, “The impact that women-owned businesses make on the economy is undeniable. Even more impressive is that growth in women entrepreneurship—whether it was their workforce or revenue—grew during an extremely difficult time.”
The Wells Fargo report emphasizes that sustained support from government entities, financial institutions, corporations, and philanthropic organizations is crucial to fostering the continued growth and success of women-owned businesses (Dallas Innovates).
Dallas Regional Chamber Unveils Strategic Plan
The Dallas Regional Chambers (DRC) recently unveiled its 2024 to 2026 strategic plan during annual meetings at Fair Park. This proposal aims to capitalize on the achievements of their recently concluded 2021-2023 plan. According to the chamber, the previous plan led to notable successes, including being honored as the National Chamber of the Year in 2022.
The 2024 annual meeting emphasized urgency and unresolved matters. Petroskey, DRC President and CEO, highlighted North Texas’s appeal, noting that 243 companies relocated their headquarters to the region since 2010, alongside the creation of 600,000 new jobs in the past five years, the highest among all U.S. markets.
“This pace of prosperity has never happened here before, and it’s not going to last forever,” Petroskey told the 1,200 attendees. “We happen to be in a sweet moment in time, and we must use that sweet moment in time to close the opportunity gaps that exist here so that everyone has a chance at this prosperity.”
In pursuit of this goal, chamber officials introduced their strategic plan for 2024-2026, aiming to build upon the achievements of the recently concluded 2021-2023 plan. During the latter period, the chamber, honored as the National Chamber of the Year in 2022, made significant progress in four pivotal areas: Economic Development, Education & Workforce, Public Policy, and Diversity, Equity, & Inclusion.
The implications of this annual strategic plan meeting promise to promote continued economic growth that is aimed at making Dallas-Fort Worth more attractive to businesses and individuals. There is also a focus on quality of life that could boost desirability for potential residents.
In conclusion, DFW continues to invest in infrastructure projects to support its growing population and economy. Major initiatives include transportation upgrades, airport expansions, and utility improvements aimed at enhancing connectivity and facilitating economic growth. Dallas-Fort Worth’s economic growth is characterized by its diversity, innovation, and resilience. The region is predicted to continue to evolve and expand over the next several years. As it does, strategic investments in infrastructure and innovation will be essential to sustain its economic vitality and prosperity.
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