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March 2024 DFW Market Updates blog post cover image

Dallas-Fort Worth: A Thriving Market Poised for Continued Growth

The Dallas-Fort Worth metroplex shines with economic opportunity in Texas. Fueled by a robust job market, a surging population, and a commitment to innovation, DFW is solid market in the United States. This blog post will delve into the key metrics that solidify DFW’s position as a market primed for continued growth. 

Employment Growth on The Rise in DFW 

Wells Fargo and KDC have reached the “topping out” phase of a massive new 22-acre campus in Irving’s Las Colinas district. With a $455 million investment and a focus on creating 650 new jobs, the project is slated to open by the end of 2025 and bring together most of the company’s 3,000 local workers. The development was made possible in part by a $5 million grant from the Texas Enterprise Fund and significant incentives from the Irving City Council (Dallas Innovates). 

Downtown Dallas Tower

Beyond Wells Fargo’s expansions, Community Impact reported that Bell Textron, a major aerospace manufacturer, is considering establishing a new, large-scale advanced manufacturing facility in the Alliance area of Fort Worth, Texas. The proposed facility would focus on the production of aircraft components.  

The project represents a significant investment, with an estimated $157 million dedicated to real property improvements and an additional $272 million for advanced manufacturing equipment. Total investment could reach $429 million. Bell Textron is considering purchasing an existing 447,373 square foot facility located at 15100 N. Beach St., which was previously occupied by Stanley Black & Decker. 

Bell Textron aims to secure financial incentives for the project. They are applying for a 10-year property tax abatement, $2.7 million from the Texas Enterprise Fund, and $1 million in grants from the city of Fort Worth. In return, the company expects to create a minimum of 75 new jobs averaging $69,784 per year. Projections estimate the project could generate up to 411 jobs over ten years, with an average salary of $85,000 annually. If Bell Textron selects the Fort Worth site, construction would take approximately five years to complete, finishing in 2028. The company’s investment underscores the attractiveness of DFW for major corporations seeking to expand their operations. 

DFW Metroplex Population is Soaring to New Heights 

The Dallas-Fort Worth (DFW) metroplex experienced the fastest population growth in the US during 2023. Over 150,000 new residents moved to the area, solidifying it as the largest gain in population among all US metro areas. The total DFW population now stands at 8.1 million. Houston closely followed in growth, while Austin also saw significant expansion. 

Texas dominated the list of fastest-growing counties nationwide, with eight out of the top ten located within the state. Harris County (Houston area) took the top spot, with Collin and Montgomery counties (DFW area) ranking second and third respectively. Collin and Denton counties, also part of the DFW metroplex, saw substantial gains in population (Local Profile). 

H-E-B Fort Worth
H-E-B Announces New Store in Fort Worth 

Community Impact reports on the upcoming opening of a new H-E-B store in Fort Worth. Scheduled to open its doors in April 2024, the 128,000 square foot store will offer a wide range of products and services, including a full-service pharmacy, an outdoor essentials department, and a bakery. This significant investment by H-E-B reflects the company’s confidence in the DFW market and the growing consumer base in the area. The new store will cater to the needs of the community and further solidify the attractiveness of Fort Worth as a place to live. 

Fort Worth Attracting National Attention

Fort Worth, the fastest-growing city in the US, is experiencing rapid development fueled by a booming population and a strong business environment. The city is strategically investing in its future, aiming to cement its status as a world-class destination while honoring its Western heritage. 

Downtown Fort Worth is undergoing a $2 billion transformation, with a focus on innovation. Texas A&M University’s new urban research campus is designed to foster collaboration with major companies. Meanwhile, Fort Worth is also partnering with Main Street America to revitalize the Historic Northside and Polytechnic communities through tailored strategies. 

Fort Worth boasts two key innovation districts. The Mobility Innovation Zone (MIZ) in AllianceTexas has proven to be a major economic driver and a testing ground for cutting-edge transportation solutions. The Medical Innovation District (MID) is a hub for health care and life sciences, with hospitals, startups, and major academic institutions such as TCU Burnett School of Medicine and UNT Health Science Center driving research and innovation (Boston Business Journal). 

These innovation districts, along with Fort Worth’s business-friendly environment, are attracting top companies and startups. The city continues its legacy of commerce and collaboration, while embracing a future defined by innovation and growth. The result is a dynamic city proudly positioned as the center of the Modern West. 

Texas’ Continued Business Dominance 

Texas has once again secured the coveted Governor’s Cup from Site Selection magazine. This marks the 12th consecutive year the state has led the nation in attracting new businesses and corporate expansions. 

Texas significantly outpaced other states in securing business development projects. With 1,254 projects, it more than doubled the number of projects achieved by the closest competitor, Illinois (552). The top five states were rounded out by Ohio, California, and Georgia. This achievement marks a record high for Texas this decade. 

Downtown Dallas surrounded by buildings

Governor Greg Abbott celebrated Texas’s win, praising the state’s economic development leaders and the hard-working men and women who contribute to the favorable business climate. He also acknowledged the supportive role of the state legislature in maintaining Texas’s business-friendly environment (Dallas Morning News). 

Ruiz Foods’ New Texas Headquarters 

Ruiz Foods, a major producer of frozen Mexican food, has opened a new headquarters in Frisco, Texas. The 25,000 square foot facility is part of the Hall Park mixed-use development and is expected to employ over 125 people by 2026. Ruiz Foods, formerly based in California, relocated to Texas to be more centrally located for better access to customers and its own production facilities. Frisco’s talent pool in IT, marketing, and consumer products was also a major draw for the company. 

The city of Frisco provided Ruiz Foods with a $250,000 economic incentives package based on the company creating 125 local jobs. So far, around 90 positions have been filled. Ruiz Foods is actively involved in the local community through volunteer efforts and charitable contributions. 

Frisco’s strategic location was a key factor in Ruiz Foods’ decision to relocate. The city’s thriving economy and business-friendly environment continue to attract businesses. Ruiz Foods, a family-owned company founded in 1964, is known for its popular El Monterey and Tornado brands. It operates a packaging plant in Denison, TX and employs over 4,000 people across the country (Dallas business Journal). 

Soccer World Cup
World Cup Comes to North Texas 

The 2026 World Cup is headed to North Texas, with Arlington’s AT&T Stadium hosting nine matches, including a semifinal. This is the most games assigned to any single site and represents a major opportunity for the region. 

The economic impact is expected to be significant. Previous estimates put the boost for the DFW area at $400 million and 3,000 temporary jobs, though those figures may be revised upward with the additional matches. Hospitality, travel, and entertainment sectors stand to benefit the most. Arlington anticipates increased revenue to support city services. 

While Arlington is the focus, the impact will spread throughout the area. Tourists are expected to explore Dallas, Fort Worth, and the entire state. The World Cup offers a chance to elevate the region’s reputation as a global destination. North Texas leaders see this as a step in attracting more major events and investments. 

Dan Hunt, chairman of the organizing committee for D-FW’s 2026 World Cup bid, said he believes the impact of the World Cup could last a long time. “We believe there will be more visiting national teams that pick the metroplex as their home training center. We’re also waiting for the referee headquarters to be designated here,” he said. “Our legacy of this 2026 World Cup will last not only generations but much further than that.” 

Economists predict a major economic win but stress the importance of seizing the momentum. Building off the World Cup’s exposure, the region must work to become a more compelling long-term destination for global tourists and businesses. “I think that’s one of the most important things that we need to talk about,” says Dallas Sports Commission executive director Monica Paul. “This isn’t about Frisco, Dallas or Arlington. This is going to require all of us coming together to win. Every time we’ve hosted an event like this, we’ve gotten bigger and better. That’s what we’ll keep doing.” (Dallas Morning News). 

North Texas a Top Sports Event Hub 

Sports Business Journal (SBJ) recognizes Fort Worth as the top city without a major league sports team for its success in attracting and hosting sporting events. This achievement is a direct result of the investment in Dickies Arena. Fort Worth residents approved the construction of Dickies Arena in 2014, and its opening in 2019 has transformed the city’s ability to host major events. It has attracted the Xfinity U.S. Gymnastics Championships, NCAA Women’s Basketball, and even the CrossFit Games. 

Dickies Stadium Fort Worth at sunset

Dickies Arena is a major economic driver, responsible for 40% of sports-related tourism revenue. Events like the 2021 USA Wrestling Olympic Team Trials have brought additional tournaments to the city. The Professional Bull Riders World Finals relocated to Fort Worth in 2022. Dickies Arena’s financial success recently earned it a #1 ranking by Billboard. 

Outdoor events like NASCAR at Texas Motor Speedway and the Lockheed Martin Armed Forces Bowl at TCU’s stadium also contribute significantly. Events like the Bassmaster Classic draw large crowds and high hotel occupancy. Fort Worth’s robust events calendar is projected to reach 200,000 room nights this year. 

Fort Worth’s commitment to the sports and entertainment industry earned an AA tax revenue bond rating from Fitch Ratings. An upcoming vote could increase the lodging tax to further expand the convention center, building upon the city’s successful track record in hosting major sporting events. 

Sports Business Journal (SBJ) has also recognized Frisco, Texas, as a city “to watch” for its growing ability to attract and host major sporting events. Frisco’s rapid growth (23% population increase from 2017-2022), access to two major airports, and diverse venues (including four stadiums) are key elements in its success. The city is becoming a major sports event destination. 

The opening of the $500 million PGA Frisco development positioned Frisco as home to eight pro and college sports organizations. The versatility of venues like the Dallas Cowboys’ headquarters, The Star (which will host the ATP Tour Dallas Open in 2025), further solidifies Frisco’s status. SBJ also highlighted Frisco as one of several cities to watch in the future for attracting major sporting events. Other cities on the list include Austin, Detroit, Fort Lauderdale, Milwaukee, Nashville, Orange County, Pittsburgh, Portland, and San Diego. 

Dallas Downtown lit up at night
FreshRealm Moves to DFW 

FreshRealm, a meal kit production company, is relocating its headquarters from California to the Dallas-Fort Worth area. Construction on a new Lancaster facility began last year. This move aligns with a trend of California companies relocating to Texas. 

Since 2005, numerous companies have left California due to its regulatory and taxation environment with over half relocating to Texas. Recent examples include Boingo Wireless to Frisco and Psychemedics to Dallas. 

FreshRealm produces meal kits for popular brands like Blue Apron and Amazon Fresh. The move to DFW will create new job opportunities. Company president Snow Le cited Texas’s positive business environment and skilled workforce as reasons for the relocation. 

“As someone who has raised my family in Texas, I know the rich heritage of hard work and incredible food this state offers, and Lancaster provides an ideal location for expanding our Texas-based workforce. We are especially excited to be doing business in a dynamically growing region that is actively investing in its people and businesses.” said Le. 

FreshRealm recently acquired Marley Spoon, gaining additional facilities including one in Dallas. The new 88,000-square-foot Lancaster facility positions the company for growth within the burgeoning meal kit market (Dallas Express). 

From major corporations setting up new headquarters to the influx of new residents fueling growth, DFW is a dynamic force in the national landscape. The commitment to innovation, strategic investments, and a collaborative spirit ensure a bright future for the region. Whether it’s world-class sporting events like the World Cup or the continued expansion of industries across sectors, the DFW metroplex embodies the very essence of economic growth and opportunity. With its diverse and thriving communities, DFW is a region well worth watching. 

Since 2019, Rise48 Equity has completed over $2.15 Billion+ in total transactions, and currently has $1.71 Billion+ of Assets Under Management located in Phoenix and Dallas. All of the company’s assets under management are managed by Rise48 Equity’s vertically integrated property management company, Rise48 Communities.