QUALITY of LIFE City of Dallas Economic Profile 2017
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City of Dallas Economic Profile 2017 QUALITY OF LIFE City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org ABOUT THE ECONOMIC DEVELOPMENT PROFILE 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. City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org QUALITY OF LIFE OVERVIEW Cultural The Dallas Arts District, the largest in the country, is home to museums, performance halls, restaurants, and residences. A recent $338 million expansion greatly enhanced the District with new performing arts venues. Fair Park is a cultural and entertainment center on 277 acres of landscaped grounds two miles from Downtown. This National Historic Landmark has the largest collection of Art Deco architecture in the world and hosts the largest state fair in the country, the State Fair of Texas. Dallas Festival of Ideas House of Blues Dallas also has numerous cultural centers, independent museums, galleries, arts groups, and festivals. Entertaining Hometown to Neiman Marcus, Dallas is well-known for its abundant shopping opportunities, with 82 million square feet of retail space. The Dallas area has more restaurants per capita than any other U.S. city. The Dallas park system includes 43 community and neighborhood recreation centers, 4 dog parks, 202 playgrounds, 154 miles of hiking and Credit: Kauwuane Burton Photography biking trails, and six 18-hole golf courses. The Great Trinity Forest, with Dallas Trails System Dallas Museum of Art 6,000 acres, offers additional natural trail experiences. The Dallas Zoo and the Dallas Arboretum and Botanical Gardens also provide outdoor recreational opportunities. Professional sports teams include the Dallas Cowboys (NFL), Dallas Stars (NHL), Dallas Mavericks (NBA), Texas Rangers (MLB), and FC Dallas (MLS). Comfortable Average annual temperature: 67° Credit: Kauwuane Burton Photography Credit: DCVB Average precipitation: rainfall (37.4 in), snowfall (2 in.) Galleria Dallas American Airlines Center Annual number of sunny/partly sunny days is 232. City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org COST OF LIVING The C2ER Cost of Living Index consistently reports that it is comparatively less expensive Dallas Cost of Living to live in Dallas than in many other cities in the U.S. The total cost of living in Dallas is 0.4 percent higher than the U.S. average. Item U.S. Avg=100 Dallas’ Comparative Advantage: Total 100.4 Grocery Items 108.5 No personal or corporate income tax Housing 88.0 Texas is the fifth lowest among states in total state tax burden (Source: Tax Foundation, 2016) Utilities 98.7 Transportation 101.5 Median home sales price: DFW $207,300 — 7th lowest price of top 20 largest U.S. metro areas (2016p) Health Care 106.3 U.S. $235,500 (National Association of Realtors, 2016p) Misc. Goods & Services 106.6 Source: C2ER 2016 Annual. Cost of Living Index: Top Ten MSA Core Cities 2016 Cost of Living: Top Ten MSA Core Cities 2016 State Tax Collection Per Capita Atlanta 98.7 Cost of Living Index: Top Ten MSA Core Cities 2016 Area Per Cap Value Houston 98.8 U.S. (average all states) $2,677 Dallas 100.4 Texas $2,085 Source: Tax Foundation, “Facts & Figures 2016." Miami 111.0 Location Affordability Index (LAI) Chicago 118.5 (Percentage of Income) Philadelphia 118.6 Area Percent of Income U.S. (metro average) 57% Los Angeles 142.3 City of Dallas 45% Boston 148.1 Source: U.S. Department of Housing and Urban Development. Washington, DC 149.2 The LAI estimates the percentage of a family's income dedicated to the combined cost of housing and New York 228.2 transportation, based upon a typical annual income of $58,190, household size of four and two commuters Source: C2ER 2016 Annual. per home (both rent and own). City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org CULTURAL ARTS Cultural The Dallas Arts District is a collection of renowned performance halls and museums, restaurants, and residences. A $338 M expansion culminated in the 2009 grand opening of the Winspear Opera House, the Wyly Theater, Performance Park, and the Annette Strauss Artist Square. Moody Performance Hall (formerly known as Dallas City Performance Hall) opened in 2012. These new additions joined the Dallas Museum of Art, the Nasher Sculpture Center, the Meyerson Symphony Center and the Crow Credit: Dallas Symphony Orchestra Collection of Asian Art. The Bowler Hat by Keith Turman Dallas Symphony Orchestra The largest arts district in the country is just the beginning of the arts offerings Dallas has in abundance. Additionally: Over 300 works of public art are showcased in the city. The Love Field Art Collection at Dallas Love Field Airport features 12 new commissions and 5 previous installations. Cultural centers—such as the Bath House Cultural Center, the Latino Cultural Center and the South Dallas Cultural Center—provide intimate venues for performing and visual arts. Credit: Urban Fabric Photography Credit: Kauwuane Burton Photography The $185 M Perot Museum of Nature and Science opened in 2012. Perot Museum of Nature & Science Dallas Design District Modern art lovers appreciate the Dallas Center for Contemporary Art, the McKinney Avenue Contemporary and the Museum of Geometric and MADI Art. The Meadows Museum at Southern Methodist University holds one of the largest collections of Spanish art outside of Spain. Fair Park is home to several museums and gardens, including the African American Museum and the Texas Discovery Gardens. The Museum of Biblical Art focuses on biblical art themes. Credit: Iwan Baan Dallas has dozens of private art galleries that feature works ranging Latino Cultural Center Wyly Theater from 19th century European paintings to 21st century street art. City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org SPORTS AND RECREATION The City of Dallas Park and Recreation System includes 13 lakes, 154 miles of hiking and biking trails, 43 recreation centers, 875 sports venues, 202 playgrounds, 17 pools, 11 spraygrounds, 1 family aquatic center, 6 18-hole golf courses, and 4 driving ranges. In total, Dallas parks cover over 23,000 acres. One of the most popular places for jogging, bike riding, and sailing is White Rock Lake. The Dallas Arboretum is on the shores of the lake and hosts numerous annual events. Credit: Glenn James/ NBAE/Getty Images The Santa Fe and Katy Trails connect walkers, runners, and cyclists Dallas Mavericks White Rock Lake Credit: DCVB north and east of Downtown through in-town neighborhoods, connecting White Rock Lake to Downtown. Off-road biking trails wind through creeks and woods minutes from Downtown at the Oak Cliff Nature Preserve and others. The Trinity River Corridor Project includes the development of numerous trails, athletic fields, lakes, the Trinity River Audubon Center, and the Texas Horse Park along the Trinity River through the heart of the city. In total, the Trinity will create a 10,000-acre park including almost 6,000 acres of forest. Dallas Fair Park is a cultural and entertainment center on 277 acres of Credit: Edith Alcantar landscaped grounds just two miles from Downtown. This National Trinity River Audubon Center State Fair of Texas Historic Landmark has the largest collection of Art Deco architecture in the world and hosts the largest state fair in the country, the State Fair of Texas. Several museums and performance venues call Fair Park home. The Dallas area is home to teams in all five major professional sports: Dallas Cowboys (football) Dallas Mavericks (basketball) Dallas Stars (hockey) FC Dallas (soccer) Credit: Trey Hill Credit: DCVB Dallas Stars Dallas Zoo Texas Rangers (baseball) City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org SHOPPING AND DINING Major Shopping and Entertainment Districts Galleria Dallas, a unique urban shopping destination with attached hotel and office buildings, has nearly 200 nationally and internationally recognized shops and restaurants surrounding an impressive ice rink. It hosts 19 million visitors annually. NorthPark Center is 2.3 million sq. ft. with over 235 distinctive stores and restaurants. It features museum-quality modern art pieces. Downtown Dallas is home to Neiman Marcus’ flagship store as well as boutiques, restaurants, clubs, and a growing farmers market scene. Nearby West Village, Deep Ellum, the Cedars, and Uptown are popular mixed-use destinations for shops and restaurants. The Asian Trade District along Harry Hines Boulevard and Royal Lane is known for its Asian flavor and affordable retail and wholesale goods. The Dallas area has more restaurants per capita than any other U.S. city. Clusters of unique restaurants and shops are scattered throughout the city, notably in destinations in Downtown, Uptown, Bishop Arts District, Deep Ellum, Greenville Avenue, Knox-Henderson, and Lakewood. The newest center of dining is Trinity Groves, an evolving 15-acre restaurant, artist and entertainment destination in West Dallas. Credit: Kauwuane Burton Photography The Shops at Park Lane Cake Bar at Trinity Groves The Island Spot Knox-Henderson Apple Store Credit: Urban Fabric Photography Credit: Kauwuane Burton Photography The Kessler Theater Neiman Marcus Alamo Drafthouse Cinema Dallas Ruibal’s Dallas Farmers Market City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org COLLEGES AND UNIVERSITIES Higher Education in Dallas There are 26 colleges and universities in Dallas-Fort Worth, including three universities that have received “Tier 1” Carnegie Classification status, a designation reserved for universities with the highest levels of research activity in the country.