The DFW-Arlington metro area is leading the nation in population growth, according to the latest U.S. Census Bureau population estimates.
With a 146,000 increase in population just last year, Dallas-Fort Worth-Arlington has seen the largest growth in the entire United States. Most of the other large metro areas reported on by the U.S. Census Bureau see their increases originate from international migration and natural growth (birth over death rates). The DFW-Arlington metro area is unique in that, “historically, the Dallas metro area attracts large numbers from both international and domestic migration,” says Molly Cromwell, a U.S. Census Bureau demographer. So, while comparable metro areas see influx due to only two drivers, DFW-Arlington has a long history of experiencing growth from all three key drivers; natural growth, as well as international and domestic migration.
Sustained Growth Predicted
Indeed, the population growth of the entire state of Texas is proving exceptional. The population of Texas has grown by over 5 million in the last decade. And, in the coming years Texas will see sustained growth, according to the Dallas Fed Chief, Robert Kaplan, president of the Federal Reserve Bank of Dallas. “Texas is extremely well positioned,” Kaplan says. “At a time where most of the country is challenged by aging populations, slowing workforce growth and a loss of working age population, with the population growth, Texas is bucking a lot of those trends.” Over the next 25 years, the population is Texas is anticipated to increase to more than 40 million.
Population Tied to Health of Economy
Of course, population growth plays an integral role in economic health. It’s people who drive the economy. People provide the workforce that larger companies need, and they are the consumers who keep the economy strong by purchasing goods and services. Population expansion is not only a driver of economic health, but a key indicator. People go where the jobs are. In the DFW metro area, where Fortune 500 companies are moving in droves, those new jobs are attracting highly skilled workers. Because of the robust employment growth in DFW and Texas, the Federal Reserve Bank of Dallas is predicting that the state’s economy could increase by a minimum of 4 percent by the end of 2018, over 1 and a half percent higher than the estimated economic growth for the U.S.
Companies Flocking to DFW
The corporate expansion into DFW and Texas in general shows no sign of stopping, either. Large, medium and small companies are realizing that DFW is where their future lies.
Just last week, Fit Factory, a fitness club corporate giant out of Boston, announced plans to move into the DFW area. Says CEO Matt Genes, “As we looked at the different markets across the country where we wanted to expand, it was clear that the density and growth of Dallas, and the DFW area in general, was going to be our best bet…. We could not be more enthusiastic about expanding expeditiously into DFW!”
TreeHouse, the established environmentally-conscious home improvement store, is also recognizing that Dallas is where the future lies. They announced plans to close their Austin store and focus solely on their new and successful Dallas location. “We’re a little bigger and smarter now…DFW offers the most opportunity for TreeHouse to grow its market share,” says Chairman and CEO Gary Kusin.
The Sanders Trust, a giant healthcare real estate investment company and owners of three rehabilitation hospitals in Austin, Dallas and Houston, has now opened a new office in Dallas, where it will emphasize corporate development, partnerships and acquisitions. “With the…opening of our Dallas, Texas office, we continue to focus on our…growth in the Southwest and Texas,” said President and CEO, Rance Sanders.
Charles Schwab’s Westlake campus will open in early 2019, when it will employ approximately 2,600 workers. “We have already begun to tap into the tremendous talent in and around Westlake, and are eager to ramp up our recruiting efforts as we build our campus,” states Dennis Howard, CIO and Executive Vice-President. The 500,000 square foot project will sit on 700 acres off of Highway 114 in affluent Westlake, Texas in Tarrant County. Says Charles Schwab, founder of the prestigious financial services giant, “Texas is an important part of the Schwab family, and we’re glad to put another stake in the ground here. We’re very optimistic about where we’re headed as a company and our future here in Texas.”
Job Gains Are Off the Charts in DFW
Nearly 100,000 new jobs were created in DFW over the last year, according to a Bureau of Labor Statistics report issued in February of 2018. In terms of non-farm employment, Dallas led the pack at 2.8% in job gains, beating out such metropolitan areas as Boston, Atlanta, Miami, New York, and Phoenix. Many of those jobs are in the higher paying fields of professional business services.
With the DFW-Arlington metro population growing at unprecedented rates, and job growth matching the acceleration, it’s clear that the sky’s the limit for many years to come. As companies across the nation are rushing to get their foot in the door or cement their presence in DFW, there’s never been a more positive outlook for North Texas.