sign in sign up
<<
Home , Dallas

Fort Worth/

Basic Area Information

Dallas-Fort Worth metroplex encompasses 12 counties within the state of . Also referred to as DFW, it is the economic and cultural hub of the Northern region, and is the largest inland in the . It’s accessible by multiple interstates, and highways throughout the country. According to 2018 census data, 7,539,711 residents call DFW home. The economy for this metropolitan area is ranked 10th largest in the world, with a GDP of just over $613.4 billion in 2019. The metroplex overlooks mostly prairie land with several man-made lakes, streams, creeks and rivers which are surrounded by forest land.

POPULATION

Between 2017 and 2018, DFW experienced the largest population growth in the country gaining 131,767 residents in just a year, pushing the population to 7,539,711. Since 2010, the DFW area has gained an astonishing 1 million+ residents in the area. Information provided by the U.S. Census Bureau; it has been determined that the average growth over the past 8 years between all counties within the DFW area was 18.58%.

County 2010 Population 2018 Population Numeric Change Percent Change

Collin 782,220 1,005,146 +222,926 28.5%

Dallas County 2,366,683 2,637,772 +271,089 11.5%

Denton County 662,554 859,064 +196,510 29.7%

Ellis County 149,604 179,436 +29,832 19.9%

Hood County 51,163 60,537 +9,374 18.3%

Hunt County 89,162 96,493 +7331 12.0% Johnson County 150,940 171,361 +20,421 13.5% Kaufman County 103,363 128,622 +25,259 24.4%

Parker County 116,927 138,371 +21,444 18.3%

Rockwall County 78,330 100,657 +22,327 28.5%

Somervell County 8,490 9,016 +562 6.2%

Tarrant County 1,810,655 2,084,931 +274,276 15.1%

Wise County 59,100 68,305 +9,178 15.6%

*Census information obtained from www.census.gov/

The DFW area has seen a population increase in all sectors. This includes and increase in domestic and international migration in addition to the natural increase in population by its current residents.

Dallas-Fort Worth has repeatedly been ranked amount the nation’s fastest-growing metropolitan areas. According to data provided by the U.S. Census Bureau, the population of DFW is estimated to rise to a staggering 16,367,293 residents by the year 2050! In turn, the rapid population increase has ignited growth and expansion for professionals in the region, such as retailers, service providers, and in manufacturing. In addition, the housing and construction industry has increased significantly in an attempt to meet the rising demands of a growing market.

EMPLOYMENT GROWTH

DFW is ranked #1 in the market for number of jobs. It has added 117,900 jobs resulting in a 3.2% growth rate in 12 months, which is 120 basis points above the U.S. rate. Since 2010, 773,300 jobs have been added. DFW is growing in all areas of employment: Leisure and hospitality; trade, transportation and utilities; manufacturing and technology. It has the 7th largest concentration of technology-related employers in the US. Many major companies have been relocating to the DFW area. Companies such as ExxonMobil, AT&T, , Toyota, and many more! Unemployment remains at 3.5%, and employment has increased 2.7% since 2018.

HOUSING

DFW ranks #1 in demand for multifamily housing. The major increase in career opportunities, is causing the housing market to continue expanding. Occupancy in multifamily homes in the DFW area is reported at 94.6%, with 2019 projections to be at 95%+. Demand for multifamily housing has exceeded supply in past years. It is projected that the 2019 year will again not meet demand by approximately 4,500+ units. Alongside sustained in-migration of residents and companies in the DFW area, apartment absorption and rent growth continue to move in a positive direction, both of which accelerated in the four-quarters ending in March of 2019. Renters newly occupied 22,553 apartments, a 20.3% year-over-year increase. Builders concurrently completed 24,467 apartments, 5.8% more than the prior four-quartered period. The metro’s tight housing market enabled accelerated rent growth as effective rent advanced annually to 3.6%, up from 3.1% the prior year.

Looking at historical data as well as taking those trends and applying them to future predictions of demand, between 2019 and 2030 there is expected to be roughly a 28% increase in demand for multifamily housing. Historical data shows that while the market has continued to grow, there have been significantly fewer new builds in the past 19 years in comparison to the 1980-2000 years.