Dallas Fort Worth Metro Area Top 5 in Economic Growth in U.S Says Latest Report!

by | Oct 25, 2022 | Uncategorized

A new report puts the Dallas Fort Worth Metro Area at the number five spot in the U.S. for Economic Growth. The report originates from, American Growth Project https://kenaninstitute.unc.edu/american-growth-project/ a think-tank at the University of North Carolina at Chapel Hill.

The ranking validates what people have been saying about the Dallas area becoming more desirable to outsiders who want a good quality of life without having to spend all their income to get it.

The Reasons Behind the Rankings

Each area making the list are hubs for both tech and innovation.

“More intense innovative activity leads to higher rates of economic progress,” researchers for an international conference noted last year.

The report also says DFW’s attractiveness helps bolster its existing “diversity and strength across industries,” while noting that health care is a “major driver of economic growth” in the region.

“During the peak months of the COVID-19 pandemic, no metro area’s population grew more than Dallas-Fort Worth,” states a new report. And that’s helped propel the region into having one of the fastest-growing economies in the country.

“While national statistics tell a story of averages, they fail to account for the true drivers of economic expansion and contraction,” the report states. “It is only upon examining America’s microeconomies—our cities, towns, suburbs, and rural communities—that we can begin to appreciate the myriad and complex determinants of broader U.S., and sometimes even global, economic trends.”

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Based on gross domestic product growth—which the report calls the standard measure of economic activity—at the county level, the DFW region came in behind only the Raleigh-Durham, Seattle, Austin, and San Francisco areas. Overall, the report says DFW saw 3.1% GDP growth this year, representing $682 billion. That means DFW makes up 2.7% of the country’s GDP, the report notes, ranking it No. 7 among other major metros. When coupled with its population of 8.1 million, about 2.5% of the U.S. total, the report places DFW at No. 5 in terms of economic growth. Noting that DFW added more than 97,000 new residents between June 2020 and July 2021.

The American Growth Project plans to release additional rankings, insights, and forecasts during the coming months to include factors that are “fundamental drivers of growth,” like education and capital spending.

The report’s authors say their goal is to help government officials, business leaders, and other decision-makers navigate economic transformation, along with aiding in things like site planning. “We will examine measures such as industry growth potential; labor flexibility and readiness; skills levels and gaps; and the urban/rural economic divide,” the report states. “The project will explore both longstanding business, economic and labor issues along with timelier topics, such as the effects of pandemic-related migration and work-from-home policies.” The findings highlight the U.S. population’s shift toward the South and the West, the power of tech hubs and the recovery of the leisure and hospitality sectors.

By the numbers: Over 97,000 people moved to the Dallas area from June 2020 to July 2021, per the report.

The counties around Dallas have grown significantly, too. Collin County had the second-largest population growth of any U.S. county in 2021, per U.S. Census data.