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Dallas Economic Outlook

Like much of the rest of the nation, the Dallas-Fort Worth area has seen its share of ups and downs in the last few years. Although the area experienced a long period of slowing down in the last year there have been strong indications that the area is about to experience strong revival. For the last several years the job growth rate in Texas on the whole has been below the national average. The situation was worsened by job cuts. This dreary situation seems to be dissolving as job growth rate in the area has picked up as well as activity in the manufacturing, energy and construction sectors. While increases in oil prices sell trouble for other areas, in the Dallas areait is actually good news.

The fairly young and rapidly growing population of the DFW area has made the area the largest metro area in the entire state and the fifth largest in the country. This means that the area is able to rely on a large work force as well as a business climate that is friendly and has a low cost of living. Given the resilient nature of the economy, Dallas has traditionally been recognized as a location that is perfect for industry. Due to the fact that the city is able to respond to growth in a fast manner, it has served as a preferred location during times of sudden economic upswings. Lower construction costs, large open spaces and low regulations allow demands for new construction to be met faster in Dallas than in many other areas.

These advantages have assisted the city during times of growth and allowed the city to continue in expansion developments. Recently the city has witnessed a strong comeback in terms of construction activity, particularly in the housing field. The demand for public utilities and infrastructure has also increased as well.

Currently at least 28% of all the jobs in the state of Texas are located in the Dallas area. The GDP in the Dallas area, which averages about $290 billion is as large as many of the countries in the world. Twenty-two Fortune 500 companies are located in the greater Dallas area, providing a wealth of jobs in the metro area and plenty of opportunity for the housing market to expand due to job growth.

Across the state of Texas the economy is picking up strongly. Compared to the national average, the state economy is no longer below and has in fact now surged ahead. As the largest metropolis in the state, Dallas is delivering a strong contribution to the progress the state is achieving. It is expected that the economy in the Dallas area will continue to surge ahead and remain strong through the coming years.