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  • 11/27/2018

    What’s So Great About DFW?

    Making it to the short list of top finalists in the Amazon HQ2 site selection reaffirmed that Dallas-Fort Worth has much to offer even the world’s largest companies.
     
    Recent major corporate relocations and population statistics are proof positive that companies and their employees continue to want to call DFW home, and the reasons for that are many and varied. Where to begin?
     
    DFW’s Location Is Ideal for Business
    It always begins with location and everything that entails, and DFW has it all. Our central location within the U.S. places us within about a three-hour flight of either coast, not to mention our impressive global connectivity. DFW International Airport’s extensive daily flight schedule will get you anywhere in the world quickly, and Love Field provides a convenient option for domestic flights near downtown Dallas.
     
    Being in the Central Time Zone, another DFW perk, reportedly was an important factor in last year’s Toyota North America relocation from California.
     
    Our desirable location also allows us to enjoy freedom from coastal weather issues and other weather extremes, and places us at low risk of natural perils such as large-scale flooding or seismic activity.  Companies and their employees — especially those who have experienced such disasters in other locations — appreciate this peace of mind.
     
    A great location is an important foundation for a company’s home, but there’s so much more to DFW’s long list of business advantages …
     
    Site Selection in DFW: Options All Around
    Unlike many of the country’s most populated and developed major metro areas, the
    DFW region possesses an abundance of attractive real estate options to meet a wide range of workforce, transportation and other needs and preferences. With dozens of sites currently available for large corporate users and hundreds more large land tracts available for commercial development, companies are far from limited in their site selection choices here. North Texas still has wonderfully situated pockets of green space ready for companies to design their own campuses. The Dallas Regional Chamber notes that this plethora of site options is a top selling point for DFW.
     
    In addition, our area benefits from some of the nation’s most favorable power costs and dependability, thanks to the ERCOT power distribution grid.
     

    DFW is Business-Friendly
    It has been said that DFW is an area where companies come to grow. With such significant corporate relocations as Toyota North America, State Farm, FedEx and Liberty Mutual bringing more than 60,000 jobs in just the last four years, DFW has earned its reputation as a corporate mecca and e-commerce hub.
     
    North Texas boasts a robust business environment, with a lower cost of doing business than many of the areas that companies have left to come here. We’re also fortunate to be doing business in a right-to-work state and one of only four states without a corporate income tax.
     
    Our healthy, diverse economy has been the envy of other regions as we have withstood national downturns and largely avoided the housing bubble of a decade ago. Perhaps this can be attributed, at least in part, to the fact that, rather than relying on our once-primary industry, oil and gas, DFW and the state of Texas have shared the vision to invest in strategic economic development initiatives designed to attract many large corporations in a diverse range of industries including technology, healthcare, finance and professional services.
     
    As a result of this vision and these economic development efforts and policies, our economic growth continues to be healthy. In fact, CNBC named Texas the best state for business in 2018, distinguishing it as the only state to win four times since the network began this ranking.
     
    It’s All About the People
    The nation’s fourth-most populated metro area, DFW has added nearly a million people since 2010, according to Colliers International. That’s 85,000 new residents annually — 235 daily! We expect another half-million in the next five years, and as we all know, concentrated population translates to potential employees. While the entire DFW area is experiencing population increases, Denton and Collin counties are seeing even more rapid growth, including younger as well as more established members of the local labor pool.
     
    But, as our economic figures indicate, we’re not just increasing head count; Colliers reports that DFW has gained 786,700 jobs in that same period, adding new jobs at a rate of 12.7% faster than the rest of the nation. During the year ending in July 2018, we added the second-highest number of jobs of any Metropolitan Statistical Area, outranked only by New York, whose labor market is almost three times the size of DFW’s.
     
    Quality of Life Shines in DFW
    Workforce is the backbone of any organization, and in order to attract a strong workforce, a company must consider factors beyond its benefit package. Quality of life is as, if not more, important to many employees. They want to work in an area supported by a stable economy, a relatively low cost of living, great housing options, strong schools and higher education, and reasonably easy access to work as well as leisure activities. DFW offers all that and more, having demonstrated over and over that it is attractive to the people arriving daily from all over the country.
     
    Also appealing to our newcomers as well as our long-time residents are Texas’ lower unemployment rates, lack of state income tax and highest personal income growth among all 50 states.

    Quality of life is where DFW shines brightest when employees are asked to consider relocating — and that speaks volumes for companies looking for a new home base.

    Sure, Amazon’s HQ2 would have been nice, but the bid process was a valuable reminder that DFW is well positioned for the next big deal.
     
    —Ray Dunlap, Fairview Economic Development Corporation

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