The Dallas Business Climate Stays Hot
The Dallas Business Climate Stays Hot
Rene Descartes, a renowned 17th-century French philosopher once noted that cities should provide an inventory of the possible by offering a better life and a transformative experience for those who migrate to them. He was speaking this about the 17th century Amsterdam. This has been achieved by Texas’s fast-growing metropolitan areas of Houston, San Antonio, Dallas-Fort Worth (DFW), and Austin.
Here are a few reasons Dallas Metro Area’s economy is booming.
In the last ten years, these bustling cities have attracted new residents, particularly immigrants and young families, and created jobs at rates that cannot be matched by other coastal metropolitan areas. About 80 percent of the population explosion in the Lone Star State has been in these four metropolises since early 2000. Texas now has two of the largest metros in the US. With its current growth, Texas may replace Chicago as the country’s third largest city by 2030, and DFW may as well be the country’s third largest metropolitan area by 2040.
In the past, many who thought and wrote about urban living, including the mid-century journalist John Gunther, regarded cities in Texas with disdain. They were wrong; nearly 7 million people now call the Houston metropolis home.
Better Quality of Life
Dallas has a robust economy. Even in a cheap oil dispensation, the unemployment rate dropped to 4.6 percent in 2017. One of the reasons is the fostering of a collaborative culture that is aimed at improving lives, not a quest for pet projects. For instance, in 2012, Klyde Warren Park was commissioned over a highway that cuts through the city, which has altered the aesthetics of the Dallas downtown by creating common outdoor space. This park was constructed using $50 million from private donations as well as public funds. Other private donations funded the George W. Bush Presidential Museum (2013), and the Perot Museum (2012). All of these attract hundreds of thousands of visitors annually.
Strong Social Bonds
Dallas’s secret is its spirited social-entrepreneur community. This metropolitan area is home to nonprofit organizations such as the Boy Scouts, AT&T Foundation and the American Heart Association. In total, the area has about 28,000 nonprofits. An assortment of charities in Dallas does everything from aiding veterans through horse therapy to helping local victims of sex trafficking. This culminates to a strong sense of community among the residents.
Availability of Jobs
Although some east and west coast cities have shown vigorous growth, none has been as proficient in creating jobs as the four major Dallas metro areas. Between 2000 and 2015, Houston boosted its net job numbers by 31 percent, and Dallas-Fort Worth increased them by 23 percent. Smaller Austin increased them by 38 percent while San Antonio expanded them by 31. 4 percent. The jobs in Texas aren’t just low-wage employment but middle-class positions that pay between 80 and 200 percent of the national median wage. These percentages far surpass the middle-class jobs in many regions of the country such as San Francisco, New York, Chicago, and Los Angeles, and this has made the Dallas metro area a hub for the youthful, innovative, and tech-oriented individuals.
Texas’s rapidly expanding metropolises are growing Science, Technology, Engineering, and Math (STEM) job opportunities swiftly than the Bay Area, New York, Chicago, and Los Angeles. Since 2001, STEM employment in Austin has increased by 35 percent and Houston by 22 percent.
William Mellor, the vice president of EngelouEconomics, an Austin-based economic development company, says the Austin area is gaining economically due to an exodus of people and businesses from high-cost Northern California. The main reason is that the area is more affordable for businesses compared to Silicon Valley in terms of the taxes, operating environment, and the cost of living.
Scott McPherson, president and CEO of Core-Mark Holding, a San Francisco-based Fortune 500 company that is relocating to DFW, cited lower taxes and operating costs as the main incentive for the relocation of its operations. The executive also noted DFW’s low cost of living as a reason for the firm’s move. He said that this has opened greater opportunities for the company to offer services to their customers in an employee-friendly area with a high quality of life.
Thriving Business Environment
The Dallas-Fort Worth area is home to over 10,000 company headquarters, the biggest conglomerate in the United States. Naturally, people chase after these good jobs. This explains why Dallas is among the leading cities for personal relocation as well. Some of the major business players with their headquarters in Dallas include Toyota, JP Morgan Chase, and Jamba Juice.
Even in the absence of other reasons, The Dallas metro area is an excellent place to live and raise your family. It has lower crime rates than other similar cities, and the average commute time is just 30 minutes round-trip.
The fast growth in jobs, corporations, and amenities helps explain the rapid development that has transformed the metro Dallas. Dallas’s economy is among the most diverse in the US, and it is also among the healthiest in terms of the housing markets, average wages, retails sales, and an unemployment rate that is 17.5 percent lower than the national average. Together with a centralized location and the temperate climate, these factors are the greatest contributors to the rapid growth that has been predicted to continue for many more decades to come.