City of Dallas Economic Profile 2017
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City of Dallas Economic Profile 2017 City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org TABLE OF CONTENTS Welcome to The City of Dallas Economic Profile 2017. This Profile introduces Dallas to prospective investors, developers, businesses, and residents. Its purpose is to support the development process by informing the private sector so that both public and private returns are maximized. The Profile’s individual pages are designed so that they can be combined in ways to support each client’s specific needs. All components are available on The City of Dallas Office of Economic Development (ECO) website at DallasEcoDev.org, where you can also stay up-to-date on the latest news, events, and more. Overview: City of Dallas & DFW Area 23. Research & Development 44. Downtown Commuting and Labor Shed 3. Dallas Competitive Advantages 24. International Trade 45. Catalyst: Uptown/Greater Downtown 4. U.S. & Global Context 25. Logistics Infrastructure 46. Catalyst: Trinity River Corridor 5. Dallas is North America’s City Center 26. Public Transportation 47. Dallas Film Commission 6. Dallas and the Texas Economy 27. Water Supply 7. Dallas-Fort Worth Metro Area 28. Taxes Quality of Life Comparisons 29. Utility Pricing 48. Quality of Life Overview 8. City of Dallas & Dallas-Fort Worth 30. Office Rents 49. Cost Of Living Overview 31. Industrial Rents 50. Cultural Arts 9. Dallas City and Metro Demographics 51. Sports and Recreation 10. City of Dallas Overview Map Employment in Dallas 52. Shopping and Dining 11. The Largest City in the Top U.S. 32. Career Opportunities 53. Colleges and Universities Metropolitan Economy 33. Workforce 54. Primary and Secondary Education 34. For Employers 55. Health and Wellness Business Environment 35. Workforce Training 56. Climate and Ecology 12. Economic Milestones 57. Environmental Stewardship 13. Major Dallas Industries Economic Development Strategy 14. Fortune 500 Companies 36. 2016 Year In Review / Awards Economic Statistics 15. Dallas-Headquartered Companies 38. Development Policy 58. Unemployment Rate 16. DFW Top Private Employers 39. Business Development Programs 59. Construction Activity 17. Top Recent Relocations / Expansion in 60. Annual Gross Sales Dallas 40. Redevelopment Programs 61. Gross City Product Estimate 21. Small Business Statistics 41. Major Infrastructure Projects 42. Catalyst: Downtown Dallas 62. Comparative Metro Home Prices 22. Women- & Minority-Owned Business 63. City of Dallas Stock Index Enterprises 43. Downtown Statistics City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org 2 DALLAS COMPETITIVE ADVANTAGES The Talent. Dallas businesses have access to an almost 3.5 million strong workforce, where 33% of regional workers have at least a college degree. There are over 860,000 professionals in management, finance, computing, architecture, engineering and the sciences and over 430,000 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 22 Fortune 500 companies. The city is home to over 250 corporate headquarters that each employ more than 1,000 people globally. Of Forbes’ largest privately held companies, eight are located in the Dallas area. The Places. The city is home to 131.9 million sq. ft. of office space, along with thousands DART Rail Inland Port of acres of vacant developable land for distribution, office, and retail use. The Lifestyle. With the cost of living equal to the national average and no personal income tax, Dallas offers a wonderful quality of life. A growing transit system includes 64 light rail stations. Area colleges and universities enroll 298,000 students, and Dallas has the largest arts district in the U.S. Thousands of restaurants, 28 libraries, 82.1 million sq. ft. of shopping, 23,000 park acres, 154 miles of trails, plus franchises for all the major professional sports leagues provide endless entertainment. The World. DFW International Airport and Dallas Love Field put the city less than 3.5 Credit: Kauwuane hours from major North American business centers: New York, Los Angeles, Mexico City, Credit: Kauwuane Burton Photography Burton Photography Toronto, Chicago and Atlanta. Five interstate highways put over 35% of the U.S. Southwest Airlines HQ Continental Avenue Bridge 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 7.2 million residents. Between 2010 and 2015, The Dallas MSA had the 6th fastest economic growth among the nation’s 100 largest metros, 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 Winspear Opera House Downtown Dallas City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org 3 U.S. AND GLOBAL CONTEXT Population of Similarly-Sized Global Metropolitan Areas: Rotterdam-Amsterdam (7,082,700) Dallas-Fort Worth (6,954,003) Madrid (6,677,300) Toronto (6,036,800) Singapore (5,472,700) Source: Brookings analysis of data from Oxford Economics, Moody’s Analytics, and U.S. Census Bureau. Comparative Gross Domestic Product (GDP) of Global Metropolitan Areas ($Millions*) Source: "Global Metro Monitor 2014: An Uncertain Recovery" (Washington: Brookings Institution, 2014). *Stated in terms of purchasing power parity. City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org 4 DALLAS IS NORTH AMERICA’S CITY CENTER Centrally located within North America. Centrally located within Dallas-Fort Worth. City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org 5 DALLAS AND THE TEXAS ECONOMY The Texas economy is strong and diverse. Major industry sectors include: Transportation Aerospace and defense Financial services High-tech electronics Energy Retail and wholesale trade Benefits of Texas as a place to do business: No personal income tax Affordable land Large labor force of 13.3 million and population of 27.9 million 50 Fortune 500 company headquarters (second in the U.S.) Low unemployment rate (annual 2016 rate was 4.6%, 0.3 percentage points lower than the U.S. rate) 2nd highest real gross state product in the nation ($1.63 trillion in 2015) Dallas-Fort Worth is the largest metro area in Texas and is economically strong: Has 26.0% of the total state population Produces nearly 30% of Texas’ total economic output Has 31% of Texas’ high-tech workforce (Dallas Regional Chamber) City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org 6 DALLAS-FORT WORTH METRO AREA COMPARISONS Dallas-Fort Worth Metro Area Comparisons 2010-2016 Cost of Living Median 2015-2016 Median Unemployment Metro Area Population (2016 Avg: House Price Employment Household Rate Growth Rate U.S. Avg=100) (Q1 2017p) Growth Rate Income (2016 Annual Avg) Atlanta 9.2% 98.7 $182,800 3.9% $60,219 5.8% Chicago 0.4% 118.5 $228,600 0.9% $63,153 6.5% Dallas 12.1% 100.4 $236,500 3.4% $61,644 3.8% Houston 13.9% 98.8 $222,300 0.5% $61,465 5.0% Los Angeles 3.6% 142.3 $485,800 2.1% $62,544 5.6% New York 2.8% 228.2 $386,000 0.7% $68,743 5.2% Phoenix 10.9% 97.0 $237,900 3.5% $55,547 4.0% Source: US Census Bureau, 2016; Cumulative Estimates of Resident Population Change and Rankings: April 1, 2010 to July 1, 2016, Texas Workforce Commission, 2016, C2ER, 2016 Cost of Living, National Association of Realtors, 2016; Bureau of Labor Statistics - Payroll Employment, 2016, U.S. Bureau of Labor Statistics, values not seasonally adjusted. Ten Most Populous U.S. Metro Areas (Millions) in 2016 Metro Area Population New York 20.15 Los Angeles 13.31 Chicago 9.51 Dallas-Fort Worth 7.23 Houston 6.77 Washington, DC 6.13 Philadelphia 6.07 Miami 6.07 Atlanta 5.79 Boston 4.79 Source: US Census American Community Survey 1-Year Estimates, 2015. Credit: Urban Fabric Photography City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org 7 CITY OF DALLAS & DALLAS-FORT WORTH OVERVIEW DFW Economic Overview DFW Demographic Overview 6th largest economy by output (2015) Profile City of Dallas DFW 5th largest economy by personal income (2014) Residents 1,317,929 7,233,323 $485.7 billion Gross Metro Product (2015) Median Age 32.6 34.7 1.64 billion sq. ft. of commercial space (May 2017) Bachelor's Degree or Higher 31.8% 33.4% Source: U.S. Census Annual Estimates of the Residential Population, 2016; U.S. Census Bureau 100.4% of U.S. average cost of living (2016) American Community Survey 1-Year Estimate, 2015. 4th largest population in the U.S. (2016) City of Dallas and DFW Employment by Industry Dallas-Fort Worth MSA Counties Industry City of Dallas DFW Trade, Transportation, and Utilities 19.3% 21.4% Professional and Business 17.0% 16.6% Health and Education 17.0% 12.3% Leisure and Hospitality 10.1% 7.6% Financial Activities 9.6% 8.0% Manufacturing 7.4% 7.6% Government 7.1% 12.1% Resources, Mining & Construction 5.0% 5.8% Other Services 4.9% 3.5% Information 2.5% 2.3% Source: Texas Workforce Commission, 2016; Bureau of Labor Statistics, 2016; Bureau of Economic Analysis, 2016; InfoUSA, 2016; Dallas Office of Economic Development, 2017; C2ER, 2017; CoStar.com, 2017. City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org 8 DALLAS CITY AND METRO DEMOGRAPHICS Dallas-Fort Worth Demographics City of Dallas Share Share Metro Population 2015 Estimate 2015 Estimate Residents