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Economic Development Profile 2016

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Economic Development Profile 2016 Economic Development Profile 2016 Credit: Corgan Credit: Urban Fabric Photography Credit: DCVB DallasEcoDev.org (214) 670-1685 Thematic Guide The Economic Development Profile introduces Dallas to prospective investors, developers, businesses and residents. The Profile’s purpose is to support the development process by informing the private sector so that both public and private returns are maximized. The individual pages are also designed so that they can be combined in ways to support each client’s individual needs. All components are available on The City of Dallas Office of Economic Development (OED) website at DallasEcoDev.org. Overview: City of Dallas and DFW Area 30. International Trade Quality of Life 3. Dallas Competitive Advantages 31. Logistics Infrastructure 51. Quality of Life Overview 4. Dallas Is Centrally Located 32. Public Transportation 52. Cost of Living 5. City of Dallas and Dallas-Fort Worth 33. Water Supply 53. Cultural Arts Overview 34. Development Policy 54. Sports and Recreation 6. North America’s Center City 35. Redevelopment Programs 55. Shopping and Dining 7. Dallas-Fort Worth Metro Area Comparisons 36. Business Development Programs 56. Colleges and Universities 8. Dallas and the Texas Economy 37. Taxes 57. Primary and Secondary Education 9. U.S. and Global Context 38. Utility Pricing 58. Health Care Assets 10. Economic Milestones 39. Industrial Rents 59. Climate and Ecology 11. Overview Map 40. Office Rents 60. Environmental Stewardship 12. Dallas City and Metro Demographics Employment in Dallas Economic Statistics 13. Commuting and Labor Shed 41. Career Opportunities 61. Unemployment Rate 14. 2015 Year In Review/Awards 42. Workforce 62. Personal Income Growth Business Environment 43. For Employers 63. Construction Activity 16. Major Dallas Industries 44. Workforce Training 64. Gross Sales 17. Fortune 500 Companies 65. Gross City Product Estimate Economic Development Strategy 18. Dallas-Headquartered Companies 66. City of Dallas Stock Index 45. Catalyst: Downtown Dallas 19. DFW Top 25 Private Employers 67. Comparative MSA Home Prices 46. Downtown Statistics 21. Top Recent Relocations/Expansions in Dallas 47. Catalyst: Expanded Downtown-Uptown 27. Small Business Statistics 48. Catalyst: Trinity River 28. Minority- and Women-Owned Business 49. Major Infrastructure Projects Enterprises 50. Dallas Film Commission 29. Research and Development City of Dallas Economic Development Profile 2016 DallasEcoDev.org (214) 670-1685 City of Dallas Publication: 06/07-84 Dallas Competitive Advantages The Talent. Dallas businesses have access to an almost 3.4 million strong workforce, where 32% of regional workers have at least a college degree. There are over 850,000 professionals in management, finance, computing, architecture, engineering and the sciences and over 415,000 professionals in education and health services. A diverse economy offers many opportunities for dual profession families and assures a strong pool of talent for area businesses. The Companies. The Dallas area is home to 21 Fortune 500 companies. The city is home to 300 corporate headquarters that each employ more than 1,000 people globally. Of Forbes’ largest privately held companies, seven are located in the Dallas area. DART Rail Inland Port The Places. The City is home to 128.9 million sq. ft. of office space, along with thousands of acres of vacant developable land for distribution, office and retail use. The Lifestyle. With the cost of living at 96.1% of the national average and no personal income tax, Dallas offers a wonderful quality of life. A growing transit system includes 62 rail stations, plus two more planned. Area colleges and universities enroll 342,000 students, and Dallas has the largest arts district in the U.S. Thousands of restaurants, 28 libraries, 80.9 million square feet of shopping, 23,000 park acres, 143 miles of trails, plus franchises for all the major professional sports leagues provide endless entertainment. Credit: Urban Fabric Photography Credit: Brian Birzer Photography The World. DFW International Airport and Dallas Love Field put the city less than 3.5 Dallas Love Field Airport White Rock Lake hours from major North American business centers: New York, Los Angeles, Mexico City, Toronto, Chicago and Atlanta. Five interstate highways put over 35% of the U.S. population within 48 hours of Dallas by truck, and three class I railroads put 98% within 48 hours by rail. The Future. Dallas is a growing city with a local market of 7.1 million residents. The Dallas MSA is among the world’s 75 fastest growing economies, according to the Brookings Institute. The Support. Dallas government is pro-development, maintaining a comprehensive plan and economic development strategy to encourage growth. Credit: Tim Hursley All Ways Connected Winspear Opera House Downtown Dallas City of Dallas Economic Development Profile 2016 DallasEcoDev.org 3 (214) 670-1685 City of Dallas Publication: 06/07-84 Dallas Is Centrally Located Centrally located within Dallas-Fort Worth Centrally located within North America City of Dallas Economic Development Profile 2016 DallasEcoDev.org 4 (214) 670-1685 City of Dallas Publication: 06/07-84 City of Dallas and Dallas-Fort Worth Overview DFW Economic Overview DFW Demographic Overview 4th largest economy by output (2014) City of Dallas DFW 5th largest by personal income (2013) Residents 1,281,031 6,954,003 $460.2 Billion Gross Metro Product (2014) Median Age 32.4 34.5 1.59 billion sq. ft. commercial space (March 2015) Bachelor’s Degree or Higher 29.9% 32.4% 96.1% of U.S. average cost of living (2015) Source: U.S. Census Bureau American Community Survey 1-Year Estimates, 2014. 4th largest population in U.S. (2015) City of Dallas and DFW Employment by Industry Dallas-Fort Worth Metropolitan Statistical Area (MSA) Industry City of Dallas DFW Trade, Transportation, and Utilities 20.0% 21.3% Professional and Business 18.9% 16.5% Health and Education 14.4% 12.3% Leisure and Hospitality 10.0% 10.3% Financial Activities 9.8% 8.1% Manufacturing 7.4% 7.7% Government 6.7% 12.0% Resources, Mining & Construction 5.2% 5.9% Other Services 4.5% 3.5% Information 3.2% 2.4% Source: US Census Bureau, 2015; Dallas Office of Economic Development, 2015. Source: Texas Workforce Commission; Bureau of Labor Statistics; Bureau of Economic Analysis; Info USA; Dallas Office of Economic Development; C2ER; CoStar.com. City of Dallas Economic Development Profile 2016 DallasEcoDev.org 5 (214) 670-1685 City of Dallas Publication: 06/07-84 North America’s Center City The City of Dallas is the urban core and largest city in the nation’s fastest- growing metropolitan economy and fourth most populous metropolitan 1.28 Million Residents area with 7.1 million residents. If the City of Dallas were a corporation, it would be #844 on the Fortune 1.13 Million Workers 1000 list. Dallas is the hub of business in North Texas. Thirty-eight percent of all Increase in passengers at businesses headquartered in DFW that employ more than 1,000 people Dallas Love Field since 2014 globally are based in the city. Dallas has over 19,000 micro-businesses, 60% and a quarter of all small businesses in DFW are located in Dallas. Of all DFW headquartered Dallas is the center of the tourism and convention industry in Dallas-Fort 38% business employing 1,000+ Worth. Twenty-seven percent of all hotel rooms in DFW are located in the City of Dallas, more than twice as much as any other city. Dallas is the ninth best convention center destination in the U.S., according to Cvent. Of DFW Office Space 37% Dallas has superior transportation options. With city-owned Dallas Love Field only six miles from downtown, residents have a short and hassle-free trip to and from the airport. Since October 2014, there has been a 20% Of DFW Hotel Rooms increase in flights and 60% increase in passenger traffic. Additionally, 27% Dallas has 44 passenger rail stations and is the hub of the largest transit network in DFW, including a direct link to DFW Airport. Of DFW 27% Dallas is North Texas’ urban lifestyle center, and neighborhoods in Dallas Economic Output are truly diverse. Residents can choose from funky downtown lofts, sophisticated high rises with concierge services, stately historic mansions, charming bungalows, ranch homes that are perfect for families, modern 25% Of DFW Industrial Space style, eco-friendly homes, and even homes with lots of over an acre. Dallas has many options for mixed-use living where restaurants, retail stores and good transportation options are just steps away from your front Passenger Rail Stations door. High-quality apartments are also plentiful, with many near nightlife, 44 light rail, major employment centers and transportation corridors. City of Dallas Economic Development Profile 2016 DallasEcoDev.org 6 (214) 670-1685 City of Dallas Publication: 06/07-84 Dallas-Fort Worth Metro Area Comparisons 2010-2015 Cost of Living 2014-2015 Median Median House Price Unemployment Rate Metro Population (2015 Annual Avg; Employment Household (Q1 2016p) (March 2016p) Growth Rate US Avg.=100) Growth Rate Income Atlanta 8.0% 99.9 $167,800 1.6% $56,166 5.2 Chicago 0.9% 116.2 $208,600 1.0% $61,598 6.6 Dallas 10.5% 96.1 $210,100 1.5% $59,530 3.8 Houston 12.4% 98.2 $208,000 0.1% $60,072 4.9 Los Angeles 4.0% 140.3 $458,900 1.9% $60,514 4.8 New York 3.1% 227.4 $381,000 2.1% $67,066 5.0 Phoenix 9.1% 95.9 $223,100 3.4% $53,365 4.5 Source: U.S. Census Bureau, Cumulative Estimates of Resident Population Change and Rankings: April 1, 2010 to July 1, 2014, Texas Workforce Commission, 2015, C2ER 2014 Cost of Living, National Association of Realtors, Bureau of Labor Statistics - Payroll Employment, U.S.
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