Texas has led the nation in recovering from the economic turmoil caused by the pandemic and the Dallas-Fort Worth area is now projected to lead the state in new jobs over the next five years, according to the newest forecast from The Perryman Group.
Dallas-Fort Worth, one of the most prosperous and populous metroplexes in Texas, has flourished economically in recent years. While the rest of the nation struggled with the economic burden curated by the pandemic, the DFW managed to stay afloat economically.
Over the next five years, the DFW area is forecast to create nearly 440,000 jobs. This is the highest anticipated job market growth in Texas and is near the top for the United States as a whole.
The five-year forecast calls for roughly 349,100 new wage and salary jobs in the Houston-The Woodlands-Sugar Land MSA, 129,900 new jobs in Austin-Round Rock-Georgetown, and 122,300 new jobs in the San Antonio-New Braunfels MSA.
Approximately 77.7% of net new jobs in the state are expected to be created in Texas’ seven major metropolitan areas, with almost half of them in Dallas-Plano-Irving and Houston-The Woodlands-Sugar Land alone, according to The Perryman Group report.
Again, despite the economic speedbump placed by the pandemic, Texas continues to blossom and boom financially. Austin has seen its unemployment levels dip to lows not seen since the pre-pandemic era, Dallas is pacing the nation in job growth, and the Lone Star state recently took the throne for the home to the most Fortune 500 companies.
Additionally, from now through 2026, the Houston area is expected to increase their economic output by a whopping $87 billion dollars. Not too far behind, Dallas is projected to bring in an additional $73 billion by 2026.
The Perryman Group report also included an economic highlight for each Texas-based metroplex. I listed a few of the most noteworthy developments below:
Austin: Grocery giant Kroger Co. announced that it will build a 70,000 square foot e-commerce facility. Around 160 hires are planned for the new site.
Fort Worth: Ground has been broken on a rare-earth magnetics and materials manufacturing facility at AllianceTexas. MP Magnet’s 200,000 square foot plant should create 150 permanent and 1,300 indirect jobs.
Frisco: Teachers Insurance and Annuity Association (TIAA) is investing about $58 million in a corporate center at The Star development. The project is expected to bring 2,000 jobs to the area by the end of 2029.
Houston: A 400,000 square foot Axiom Space headquarters is underway at Houston Spaceport. The company will train astronauts and begin work on the world’s f
McKinney: Medical City McKinney recently completed an emergency room renovations of a $64 million patient tower. The hospital is also investing over $17 million and adding 24,000 square feet of space to its women’s services department.
San Antonio: Details have been unveiled for a $2.5 billion project at San Antonio International Airport. The Terminal Development Program along with other upgrades in the works are expected to be complete in 2028.
In addition to generating the most economic output, the Dallas-Fort Worth area is also leading the nation in population growth over the last year. Houston and Austin also ranked in the top three in biggest population spikes.
With so many businesses in tow and even more on the horizon, Texas will likely continue to evolve into an economic juggernaut.