Texas has been experiencing business-cycle expansion for nearly a decade, and Big D continues to lead the way. Dallas is not just fueling a business boom in the Lone Star State, but was a top contributor to the entire United States economy. Although it is considerably smaller than New York City, DFW was second only to the Big Apple in term of overall job growth.
A Vibrant Business Environment
Dallas has the talent, the resources, the training centers, and the geographical location that businesses want. The business community is supportive and collaborative, and there are great number of first-rate organizations and professional networks that exist to ensure that entrepreneurs succeed. Dallas also has the dynamic energy that powers businesses to launch, scale-up, and sustainably thrive.
Job, Wage, and Population Growth
Despite being only the third-largest city in Texas, Dallas punches well above its weight when it comes to jobs and wages. The city led Texas in job growth during the first quarter of 2019, and much of that growth occurred within the business sector. The average wage earner in Dallas made $28.83 per hour, too, while the much bigger city of Houston recorded wages a dollar less than that. Meanwhile wages in San Antonio, also a larger metropolitan area, averaged just $24.13 per hour. That’s still a decent wage – but almost 20 percent less that the dollar amount that Dallas can boast. No wonder so many skilled workers are flocking to the city to support local businesses and startups.
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New Office Spaces
Job creation in Dallas actually broke a first-quarter record in 2019, according to data from Texas A&M University. To accommodate that historic progress, Dallas has added much-needed commercial office space, too. That growth has nearly tripled over the past three years. One might expect Dallas to trail Austin, with its impressive tech industry, or Houston which has a huge population and a world-class port. But while those cites rank 14th and 15th in co-working expansion, DFW is number one in the nation. In just a year a half, the presence of these flexible and adaptable collaborative work spaces in Dallas increased more than 100 percent.
Attracting New Business
Another boost for business in Dallas comes from companies that want to move to the city to take advantage of the robust business scene. The Dallas Regional Chamber notes that more than 30 different companies from other regions are contemplating expansion or outright relocation to Dallas. That follows a trend that appears to be gaining momentum as the word spreads that Dallas is a business-friendly hub and incubator for innovation and rapid growth. Since the fourth quarter of 2017, more than three dozen corporations have announced plans to relocate or expand in the Dallas area.
Big Things are Happening
Dallas has been known for generations as the city that lives large and thinks big. That was the city’s tagline for many years. Then, seven years ago, Big D adopted a new motto, “Big Things Happen Here.” Ever since that optimistic slogan was rolled-out the city has been living up to that idea – and the future promises that even bigger things are on the near horizon.