In recent years, Dallas-Fort Worth has been named one of the best places to live in the country — word has since gotten out. Earlier in 2017, Dallas News reported, “Dallas-Fort Worth leads [the] nation in people relocations”, with an estimated “246 people arriving daily”, according to Census data. Uprooting your life and moving to a new city is a tall order, so what makes the city such an attractive destination for transplants? According to the latest data, the answer is jobs — plenty and counting.
Growing economic opportunity in Dallas-Fort Worth
As of 2018, Business Insider identified DFW’s economy as the seventh-best in the country. Several Fortune 1000 companies have stationed their headquarters throughout the metro area, including giants like AT&T and Southwest Airlines. The city’s GDP consistently ranks within the top 10. What does this mean for residents? There’s no shortage of job opportunities. When there’s no shortage of job opportunities, that means wages are generally more competitive. Current market conditions certainly bode well for anyone migrating over to kickstart their career.
Favorable unemployment rates
According to John Burns Real Estate Consulting, the unemployment rate in Fort Worth is recently trending in a positive direction month-over-month; January to April 2019 saw a modest decrease, dropping from 4.1% to 2.8% unemployment. While short-term data suggests Fort Worth is making strides to provide more residents with job opportunities, year-over-year change is impressive. DFW’s current rate sits below the national average, making it a favorable place to seek work.
Unemployment rates in Dallas follow a similar trend as Fort Worth — dropping from 3.9% to 2.8% from January to April — while year-over-year change decreased by -0.5%. On a related note, employment growth in Dallas exhibited an impressive year-over-year increase — March to April employment growth went up from 89.1k jobs to 94.9k.
High-wage sector growth
The data indicates that nearly 27% of the jobs added year-over-year in Dallas could be attributed to high-wage sectors. Professional and business services experienced the most growth, adding 19,100 jobs, a 9% increase from the prior year. Fort Worth experienced a similar trend, as 14% of the jobs added year-over-year were attributed to high-wage sectors. Sectors including trade, transportation, and utilities added 8,400 new jobs from the prior year, increasing by nearly 8%.
The economic forecast for Dallas-Forth Worth is positively sunny, giving people another compelling reason to take up residence here. Whether you’re relocating across town or the across the country, Offerpad makes the journey a little easier. Browse our available homes for sale in Dallas-Forth Worth and start plotting your next move. Looking to sell your home in Dallas? We can help with that, too. Contact us today and learn more about your options.