As one of the fastest growing economies in the U.S., Texas is America’s new land of opportunity.
Texas currently ranks second in population and is projected to grow to 33.3 million residents through 2030, ranking second in the United States for total population growth. The estimated increase of 12.46 million residents represents a 59.8% population increase since 2000, ranking fourth in the United States for percentage change. (Source: United States Census Bureau)
0% STATE AND LOCAL INCOME TAX
Drawn by low corporate taxes, the thriving economy, ease of import and export, and the large pool of talent, many companies have relocated their corporate headquarters to the area. As a result, according to the U.S. Bureau of Labor Statistics, the area leads the nation in metro area job growth, including those in the middle-income sector. It has also paved the way for many smaller start-up opportunities, as well as increasing the number of support companies across the state.
“Texas offers a business-friendly environment with low taxes and numerous incentives that encourage continued growth and investments. As a company, instead of being “very good” in multiple markets, we’ve chosen to focus solely on the Texaplex geographic region, which includes Dallas-Fort Worth. “ – Carlos Vaz
According to Forbes, if Texas were a nation, it would rank as the 6th largest oil producer in the world, exceeding 3 million barrels of oil production a day. Texas is also the only U.S. state with its own power grid. A leader in alternative energy sources, Texas is a top producer for most wind power of any state.
FASTEST GROWING STATE
Texas has consistently ranked at the top of the nation’s list for growth. The Federal Reserve Bank of Dallas reported in the 2016 Economic Outlook that Texas ranks at the top of the list among U.S. states for average annual growth. Texas added 171,000 new jobs in 2015 and job growth for the state in 2016 is forecast at 119,000.
THRIVING MULTIFAMILY OPPORTUNITY
As home pricing gradually ascends, new construction lags and lenders continue to abide by stringent underwriting criteria, US home ownership has declined to 63.7%. With increasing demand and soaring property values, multifamily units offer a high growth potential. A survey by CoreLogic Inc. analyzed home mortgages in all 50 states, revealing Texas has the best home mortgage equity standing with only 2.1% of homes with mortgages in negative equity. Data shows that the millennial and generation x prefer the flexibility, amenities and social aspects of multifamily housing. This structural demographic shift of rent-versus-own supports continued investment opportunity in the multifamily sector. Young professionals are increasingly moving into these metros as job openings and hiring increase, creating increased demand for rental housing. The central markets of Texas – Dallas, Fort Worth, Austin and San Antonio have been ripe beneficiaries of these trends.
Why Dallas – Fort Worth?
With a growing population of over 7 million, Dallas – Fort Worth is the 4th largest metro area in the country. By 2030, it is expected to grow to 10 million residents.
There are over 145,000 businesses in the Dallas – Fort Worth area (DFW). The area is home to 21 Fortune 500 headquarters and 41 Fortune 1000 Headquarters. Twenty-five billionaires call the DFW Metroplex home – only three other cities in the world have more. Below is an infographic describing the headquarter relocations to DFW, provided by the Dallas Regional Chamber.
Click image to enlarge.
Only 6% of the economy in DFW is Energy related. The Dallas/Fort Worth (DFW) MSA was featured in Site Selection’s 2015 World’s Most Competitive Cities, with a blueprint projected to cost $98.7 in continued mobility development and regional transportation for North Texas over the next 20 years. DFW was ranked in the top 5 US cities in 10 of 12 categories (Business & Financial Services – #1, Food & Beverage – #1, Energy – #2, IT & Communications – #2, Logistics – #2, Machinery & Equipment – #2, Automotive – #3, Aerospace – #3, Electronics – #5, Chemical & Plastics – #5) (Source: Site Selection World’s Most Competitive Cities 2015)
The Dallas Fort-Worth Metroplex has easy access to travel anywhere in the U.S. and around the world. Dallas is home to one of the largest airports in the world, DFW Airport. It’s location in the Central Time Zone extends both coasts. It is also known as the largest inland port.