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June 2023 | DFW Market Updates

June 23 Dallas Blog

Why Dallas’ Economy and Population Are Booming 

Dallas has experienced incredible economic growth over the past few years, with notable advances in job creation, rental market prices, population size, and general market activity. 

Dallas Bridge
Texas tops the nation in Job Creation and job Growth

Dallas is proving to be a force in the job market, with recent articles highlighting its strong growth. According to the Dallas Business Journal, Canadian Solar recently opened a manufacturing facility in Mesquite, Texas expected to create over 500 jobs. This facility will contribute to meeting the demand for renewable energy in the United States and the overall economic growth of the Dallas region.

The job market in Dallas has shown consistent growth, as noted by the Dallas Business Journal. Texas led the nation in job growth for May 2023, and Dallas played a significant role in this feat. The region’s diverse economy, along with its skilled workforce, has attracted companies across industries. With companies relocating to the Dallas area, and existing companies expanding their operations, it’s clear that Dallas is a top destination for job seekers.

The Dallas Regional Chamber also noted that the economic indicator for the region remained strong in May, indicating positive job growth in the region. The Chamber noted that the key areas contributing to the growth were education and health services, professional and business services, and leisure and hospitality. This sustained growth across various industries suggests that Dallas has a strong and stable job market.

Overall, Dallas is a top destination for job seekers, with a strong and diverse economy that continues to attract businesses and industries. The recent opening of Canadian Solar’s manufacturing facility in Mesquite, the consistent job growth in the region, and the Chamber’s positive economic indicators are all indicative of Dallas’ thriving job market. It’s no wonder that Dallas is fast becoming a global region, as it continues to attract talent and investment from around the world.

Numbered as one of the fastest-growing cities in the United States this means that Dallas’ housing market has experienced significant growth as well. The city has been experiencing rent growth consistently for several years now, with a staggering 7.4% increase in 2021 alone.  According to a recent report from RentCafé, Dallas-Fort Worth has the largest share of millennials of any metropolitan area in the United States. This demographic is driving the demand for rental properties in the area.

Downtown Dallas Tx

Additionally, with companies like Amazon, Uber, and Toyota moving their operations to the area Dallas has experienced even more job growth. The additional branches of these large corporations means that there has been an influx of workers, particularly in the technology sector, which has created a surge in demand for housing. In fact, according to the Dallas Business Journal, the city is on track to create more than 3.2 million jobs by 2040. This projection indicates that the city’s population growth is not slowing down any time soon, and the demand for rental properties will continue to rise. Dallas remains an attractive location for those seeking a combination of affordable living and job opportunities in a thriving economy.

DFW Bridge
Fort Worth posts nation’s largest population increase in 2022, Census Bureau estimates show

In recent years, the population of the Dallas-Fort Worth area has been rapidly increasing. According to the United States Census Bureau, Fort Worth alone has grown by nearly 30% over the past decade. This growth is expected to continue as the region attracts new businesses and residents seeking affordable housing and a high quality of life.

Dallas is an attractive location for those seeking affordable living and job opportunities in a thriving economy. With its diverse economy, skilled workforce, and consistent growth across various industries, Dallas is well-positioned to remain a top destination for job seekers and renters alike.

Universal Studios selects firm to lead design of new $550 million Frisco theme park

the Dallas Business Journal reports that Universal Studios has selected Gensler as the design firm to lead the creation of its new theme park in Frisco, a move that could greatly benefit Dallas’ growth. The park is set to be built at a cost of $550 million, an investment that could prove to be a catalyst for economic development in the area.

With Universal’s reputation for creating iconic attractions and Gensler’s experience in designing immersive environments, the new theme park is poised to be a unique destination that could draw visitors from across the region and beyond. The park is also expected to create hundreds of new jobs, from construction workers and engineers to retail and hospitality staff.

Universal Studios Green Rollercoaster

Frisco has long been known as a hub for sports and entertainment, with the Star and Legacy West already drawing crowds of visitors to the area. The addition of a world-class theme park will only serve to enhance the city’s appeal and could lead to a boom in the local tourism industry.

But the benefits of Universal’s investment in Frisco go beyond just tourism and job creation. The new park will also have a ripple effect on other industries, such as real estate, restaurants, and retail. As more people flock to Frisco to experience the new theme park, demand for nearby amenities is likely to increase, creating new business opportunities and spurring further growth in the area. With construction set to begin soon, it’s an exciting time for Frisco and a testament to the city’s continued growth and innovation.

Downtown Dallas view over a bed of trees
24 Dallas-Fort Worth companies made the Fortune 500

The Dallas-Fort Worth area has once again proven itself to be a major player in the business world, with 24 companies making the coveted Fortune 500 list for 2022 according to Dallas News. This is one more than the previous year and the fourth most of any area in the country.

The Fortune 500 list highlights the top U.S. companies by revenue, and many of the companies included are in sectors like energy, finance, and healthcare. The presence of these industries in Dallas emphasizes the region’s importance not just to the state, but to the entire country. As the list evolves each year, it will be interesting to see how the area’s business landscape shifts and which industries will dominate.

Of course, it’s not just the Fortune 500 companies that contribute to Dallas’ growth. Small businesses, startups, and entrepreneurs are also key players in the region’s economy. The city’s proximity to other major cities like Austin and Houston, as well as its own diverse population, culture and infrastructure, make it an attractive destination for businesses and investors of all sizes and types.

Since 2019, Rise48 Equity has completed over $1.95 Billion+ in Total Transactions, and currently has $1.51 Billion+ of Assets Under Management located in Phoenix and Dallas.