US | Metro Economic Forecast: Dallas
Benefitting from a succession of corporate relocations prior to the pandemic, Dallas has recovered 68% of its lost jobs from the nadir of the pandemic, ahead of most of the US. Its net decline of 3.0% from the previous peak of Q1 2020 ranks 9th of the largest 51 metros and better than the US net decline of 5.6%. Dallas is expected to see job growth of 3.8% in 2021, 2.9% in 2022 and is expected to recover all of its lost jobs in Q4 2021. Its expected average annual job growth of 0.9% from 2023 to 2025 ranks 14th of 51 metros.
What you will learn:
- Similar to Austin, Dallas has reaped healthy growth in its tech sector, particularly in computer systems design, which added 9,000 jobs (+9.8%) from Q1 2020 to Q1 2021.
- Like many metros, Dallas’s warehouse and storage sector expanded significantly adding 15,800 jobs, for growth of 30%. This industry has tripled in size since 2015. Air transportation, in contrast, shed 8,500 jobs (-21.3%) from Q1 2020 to Q1 2021.
- GDP surpassed the peak 2019 level in 2021 Q1 and has grown 0.9% since the peak of Q4 2019. GDP is expected to grow 8.5% in 2021, 4.9% in 2022, and 2.2% on average from 2023-2025.
Slowdown in 2023, except for Chinese cities
Growth across advanced Asia Pacific cities is slowing down in 2022's second half, and their full-year growth rates will trend downwards in 2023. In emerging Asian cities, we expect an uptick in growth in 2022, followed by a marked weakening in 2023.Find Out More
European cities face a tough winter as recession spreads
Strong annual GDP growth figures for most major European cities do not tell the whole story in 2022 as the economic environment across Europe has continued to deteriorate in the second half of this year. We expect technical recessions across most major European cities in H2 2022 and into Q1 2023.Find Out More