Dallas, Texas has recently been in the spotlight as the best city for good jobs. Unemployment has been falling since 2010 and job growth increased 2.1%. Projections for the next 6 years indicate that Dallas will be adding 2.8% more jobs per year. Thus 300,000 more jobs will be added to the increasingly vibrant Dallas economy by 2019. This will have a considerable impact for the Dallas real estate market and will increase the demand for homes in Dallas.
The strength of the Dallas economy can be attributed to a large degree to its diversification. Dallas's economy is quite strong in terms of its financial services, energy, health care and defense sectors. Bell Helicopter and Lockheed Martin both have large manufacturing operations in Dallas, the latter producing the F-35 Lightning II fighter plane. Thus occasional hiccups such as the bankruptcy of American Airlines parent AMR Corp in Nov. 2011 can be easily shrugged off.
In there continuing search to find the best city for new jobs the Forbes group didn't "flip a coin" or draw names from a large President Lincoln look-a-like hat. The answer was pretty much settled after they took into consideration that Texas does not tax individual income, buying a home in Dallas will not be cause for "sticker shock" or migraine headaches.
Earlier in 2013 Texas governor Rick Perry made a quick trip to California armed with a box of brochures on why businesses large and small should close their doors to the insidious, monolithic tax rate, and come join the crowd of others who have finally said: "enough is enough" and opened their doors in the Lone Star State. Of course this promotional trip had California Jerry Brown (aka Governor Moonbeam) laughing up his sleeve as if anyone in their right mind would move their business to Texas and its summer humidity.
So if you're wondering why or how Forbes Magazine came to the conclusion that Texas was the best out of the other 100 cities; think jobs. And even though American Airlines declared bankruptcy in 2011, it didn't phase Texas much. The job growth jumped up to 2.1 percent in 2012, and is projected to continue this growth through 2019. Is there any wonder that homes in Dallas are "hot" properties? And businesses considering to relocate to a home in Dallas,TX are like ants at a lakeside picnic!
Dallas and its Plano and Irving suburbs were able to escape much of the "wrath" in the past financial crisis, but an 8 percent unemployment in 2010 was a shock to the states nervous system. Today it's a comfortable 6.2 percent and heading to the "end-of-the-rainbow" pot of gold. Plus when you compare it with the 14 percent unemployment in Stockton, CA, 11 percent in Vallejo, CA, and 10 plus percent in the sister cities of Riverside and San Bernardino, it's time to breakout the champagne.
So let's do some simple math folks, about real estate in Dallas, Texas and jobs. If you plan to move your business to the area and relocate to a home in Dallas TX, not only will you enjoy living and working in a "right-to-work" state, the Dallas area per-capita income is comfortably above the national average of $37,000, and the pay per hour average is above $16 bucks an hour.
Posted by Kenneth G. Cox on
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