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September 2023 | DFW MARKET UPDATES

Sept 23 Dallas BLOG

Dallas on the Rise: Latest Job and Population Growth Updates

Downtown Fort Worth colorful building strip

The city of Dallas is on the rise. With job and population growth continuously on the up, the city is making a name for itself as one of the fastest growing cities in the United States. Recent market updates show that Dallas has seen a surge in job growth, employment opportunities, and expansion, leading to a booming population.

It’s no surprise that the city of Dallas has been ranked among the top cities nationally in terms of growth and prosperity. So, if you’re looking for an exciting new opportunity, this could be the perfect place for you. Read on for the latest news on Dallas job and population growth updates.

Fort Worth named top pro-growth city in the country

Fort Worth has been crowned the top pro-growth city in the United States, according to a study by the Pacific Research Institute. The city claimed the coveted spot in the Free Cities Index, which evaluated the 50 largest U.S. cities based on their pro-growth policy implementation. Not only did Fort Worth secure first place, but Austin and Colorado Springs also made it to the top three.

In contrast, New York, Los Angeles, and Oakland were identified as the least pro-growth large cities in America. The study assessed cities across seven policy categories, including economic incentives, tax and regulatory burdens, business environment, affordability, quality of life, and homelessness and poverty rates. The findings reveal a clear correlation between population growth and cities with pro-growth policies.

Fort Worth, in particular, experienced a significant population increase, with an estimated 19,000 new residents between 2021 and 2022. By the end of the decade, it is projected to surpass one million residents. This study underscores the fact that people are opting to live in cities that prioritize pro-growth initiatives, while cities with anti-growth policies are losing residents.

Additionally, the article mentions the fastest-growing counties in Texas, emphasizing the positive impact of pro-growth policies on local communities. As one quote from the study aptly states, “People have voted with their feet and expressed support for pro-growth policies.” The recognition of Fort Worth as the top pro-growth city further solidifies its reputation as a vibrant and thriving hub for opportunity and innovation.

Google commits at least $600 million to build out new Dallas-Fort Worth data centre

Google is making a significant investment in Texas, and Dallas-Fort Worth is set to benefit. The tech giant has announced a $330 million investment in the state, which includes the construction of a new facility in the Dallas-Fort Worth area. This investment is part of Google’s plan to spend at least $600 million on a new data centre site in Red Oak, just south of Dallas.

Google neon office sign

The new facility will create 1,200 construction jobs and 30 full-time jobs, boosting the local economy. Google’s data centres support various products and services, including Google Cloud, Workspace, Search, and Maps. This investment highlights Google’s commitment to Texas and its recognition of the state’s growing tech sector. With Google’s expanding presence in Dallas-Fort Worth, the region is poised for even more technological innovation and job growth.

Downtown Dallas skyscraper
Gulfstream to add 100 jobs following expansion of Fort Worth location

Fort Worth City Council recently nominated Gulfstream Aerospace Services Corporation’s facility as an enterprise project under the Texas Enterprise Zone Act. This move will result in the addition of one hundred new jobs in the area. Gulfstream is investing approximately $21.9 million to build out an existing industrial building, which is expected to be completed by June 2026. The company plans to retain its current five employees and hire one hundred new employees, each with an average annual salary of $75,448.

As part of its commitment, Gulfstream will hire 35% economically disadvantaged individuals or enterprise zone residents. The facility will focus on the repair and overhaul of aircraft parts, including structural, wheels and brakes, batteries, avionics, and composites. With the addition of these jobs, the Fort Worth area is positioned for further economic growth and opportunities for local residents.

Gulfstream’s commitment to hiring economically disadvantaged individuals reflects their dedication to fostering diversity and inclusion within the workforce. This expansion is not only a significant development for Gulfstream but also for the Fort Worth community as a whole.

University of North Texas
Dallas neighborhood booms as 6th fastest-growing U.S. college town

Denton, Texas, has earned the impressive title of the 6th fastest-growing college town in the United States, according to a study by BrokeScholar. Since 2000, Denton’s population has nearly doubled from 84,412 to 160,564 in 2023. This growth is not only due to increased university enrollment but also the vibrant cultural scene that college towns offer. Denton boasts local Texas bands, an active arts scene, and outdoor recreational activities like the Denton Community Market.

The city is projected to continue expanding, with a population of over 195,000 by 2030 and around 342,000 by 2050. Other Texas college towns, including San Marcos and College Station, also made the top ten list. It’s clear that these college towns thrive on the influx of new residents who seek a blend of music, culture, and youthful energy.

Dallas logs on as one of best U.S. metros for remote workers in 2023, Forbes says

Dallas-Fort Worth-Arlington has emerged as one of the top metro areas for remote workers in 2023, according to Forbes Advisor. In a study assessing 100 U.S. cities and metro areas, Dallas secured the 15th position, highlighting its appeal to remote professionals. The evaluation considered factors such as earning potential, internet access, lifestyle amenities, worker friendliness, and living costs. Dallas performed particularly well in the category of lifestyle amenities, earning it the fourth spot for “cities with the best access to arts, entertainment, and dining establishments.” This recognition highlights the city’s vibrant cultural scene and its abundant opportunities for leisure and entertainment.

Dallas coffee shop

Among other Texas metro areas, San Antonio-New Braunfels claimed the top spot, ranking sixth in the country for remote workers. Miami-Fort Lauderdale-West Palm Beach, Florida, was crowned the best metro area for remote work, followed by Indianapolis, Indiana, and Omaha-Council Bluffs, Nebraska-Iowa. As one quote from the study aptly states, “Remote work saves workers time and money on commuting and office clothing, while keeping their morale and productivity levels high.” Dallas is undeniably a favorable destination for those seeking a flexible work-life balance and a thriving urban environment.

Downtown Dallas Texas Slyline
Texas Among Top 5 States for New Business Growth

A new report by Yelp has revealed some exciting news for Texas. The Lone Star State is among the top five states for new business growth in the country. With over 50,000 new businesses opening in Texas so far in 2023, it’s clear that the state is a hotbed of entrepreneurial activity. Keith Hall, President and CEO of the National Association for the Self-Employed, based in Texas, emphasizes the role that the state plays in driving this growth. The pandemic has sparked a desire for financial freedom and flexibility, leading to an increase in individuals starting their own businesses. 

As Keith Hall eloquently puts it, “People recognizing that they have more flexibility, they have more control, there’s this intangible value, that you’re building something for your family, for your own legacy, as opposed to generating corporate profits for a bigger company.” Texas is certainly a place where dreams can be turned into reality, and the surge in new business growth is a testament to that.

McMaster-Carr announces $360M regional HQ, distribution center in north Fort Worth

McMaster-Carr, an e-commerce industrial distribution company, is making a massive investment of $360 million in a new regional headquarters and distribution center in north Fort Worth. This exciting development will occupy a sprawling 117-acre site in the thriving Alliance, Texas community. The Fort Worth City Council has approved an economic development program agreement, which includes an $18 million incentive package for McMaster-Carr. To qualify for the economic development incentive, McMaster-Carr must meet specific requirements for construction costs, assessed property value, and employment commitments.

McMaster-Carr employee

Known for its extensive range of over 700,000 parts and supplies, McMaster-Carr ensures rapid delivery to industrial and commercial facilities worldwide. This new regional headquarters will join their existing locations in Atlanta, Chicago, Cleveland, Los Angeles, and Robbinsville, New Jersey. In Dallas, the company is dedicated to creating a minimum of 150 full-time jobs at the new facility, with an average annual salary of at least $85,000. This investment is expected to generate significant tax revenue, with projections of $56.8 million in new incremental property and sales tax revenue. This exciting development not only highlights Fort Worth’s status as a prime destination for business growth but also reinforces McMaster-Carr’s commitment to expanding their operations and contributing to the local economy.

It is clear that Dallas-Fort Worth is experiencing remarkable growth and development. From Fort Worth being named the top pro-growth city in the country to Denton’s rise as a thriving college town, the Dallas area is attracting residents, businesses, and remote workers alike. With Google’s significant investment, Gulfstream’s expansion, and the surge in new businesses, the economic landscape in Dallas is thriving. We are looking forward to seeing how Dallas will continue to prosper and evolve.

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.