Dallas metro resilient in the face of wider US downturn
Enjoying the bounty of numerous corporate relocations and robust population growth, Dallas’s net growth since the start of the pandemic of 7.1% ranks 2nd of 50 metros, behind Austin. The industries that have added the most jobs over the last two years include employment services, finance and insurance, and warehousing and storage. We forecast job growth of 0.9% in 2023 along with an average annual growth of 2.2% for the 2022-2026 period. Restaurants, finance and insurance, state and local government, and the tech sector are expected to add the most jobs.
What you will learn:
- Dallas has seen GDP growth of 9.3% from Q1 2020 to Q3 2022. This ranks in the top 10 of 50 metros. GDP growth has been led by finance and insurance and real estate.
- Benefiting from a number of corporate relocations over the last few years, including Liberty Mutual, Caterpillar, and engineering firm, Aecom, which is working on its hyperloop/high-speed rail project, Dallas has one of the most diverse economies in the US.
- Dallas has a large tech sector, including the headquarters for Texas instruments, but it has more traditional tech firms and not as many software and data processing companies that Austin has. Still, the broader sector has enjoyed job growth of 22% and GDP growth of 16% since the prepandemic peak.
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