If you are thinking of starting a business in Fort Worth or if you already have a Fort Worth business you are planting in strong “business soil.”
Fort Worth is Experiencing Radical Growth
With all of the rapid growth in North Texas, it should come as no surprise — Fort Worth is now the 15th-largest city in the country.
With a population of 874,168, Fort Worth jumped past Indianapolis, which has a population of 863,002, according to the Census Bureau’s 2017 population estimates. (source)
New Developments
There are new developments on the outskirts of Fort Worth that may soon become their own cities.
One of Fort Worth’s newest and most ambitious residential developments is growing at a brisk pace.
In just a little more than one year, 211 homes have been sold at the Walsh development, which is about 14 miles from downtown on the city’s west side. The sprawling, 11-square-mile piece of land straddles Interstates 20 and 30 (near where the two highways merge) and is in the Aledo school district. (source)
Fort Worth: The New Los Angeles?
Some have even gone as far as to say DFW will become the new Los Angeles.
Like it or not, Dallas-Fort Worth is growing at a pace that strongly resembles what Los Angeles experienced in the 1970s and 1980s.
JLL, a global real estate investment firm with a strong presence in North Texas, reached that conclusion after studying population trends going back about five decades.
The trend signals a boon for construction industries, who likely will stay busy building homes, businesses, roads and other infrastructure to meet demand. But it also may present an additional concern for those who are already worried about growing traffic congestion and rising housing costs in the Metroplex. (source)
FW Home and Offices are Worth More
Even your home and office can be making you money as real estate values soar.
Single-family homes in many markets nationwide — including the Dallas-Fort Worth region — are rising at a rate higher than the minimum wage.
Fort Worth homes are typically worth $190,900, based upon the Zillow home value index. That’s a $16,800 increase from a year earlier.
And, $16,800 is what a person making $8.05 per year would make in a year. A person making Texas’ minimum wage of $7.25 an hour would make $15,131. (source)
Infrastructure Challenges
But this growth doesn’t come without some infrastructure challenges.
The Dallas-Fort Worth-Arlington metropolitan statistical area was the fastest-growing metro area in the U.S. last year, with a combined population of 7.4 million residents, according to the U.S. Census Bureau.
By comparison, Los Angeles County is the largest county in the U.S. with 10.2 million residents, and neighboring Riverside County has another 2.4 million people.
Despite concerns about the impact of such rapid growth, Bialas believes overall the trend is positive for North Texas. The economy will continue to benefit from all the construction and additional retail activity, he said, and there is time to address concerns about issues such as traffic before the Metroplex becomes as gridlocked as LA. (source)
The challenge has started back for some time, with news outlets noticing as far back as 2014….
The sounds of construction echo along Heritage Trace Parkway in north Fort Worth. Shopping centers are sprouting up and quickly filling with businesses, and more are on the way.
Along with all the growth and new businesses comes congestion.
Overcoming Growing Pains
And now plans are being made to counter the growing pains in one of our favorite areas of town.
But plans are being made, including the buzzing West 7th area with walking audits.
Fort Worth asked people for their ideas on how to fix the mix of cars, people and bikes along West 7th Street.
The walking audits, and visual surveys that started Sunday, come a month after a task force met to address issues with safety, transportation and parking in the district.
The street is also in line for up to $12.5 million for rehabilitation, along with University Avenue, as part of next year’s bond proposal.
Global Growth Coming to Fort Worth
And global companies are taking notice of the opportunities to capitalize on Fort Worth’s growth….
North Texas’ booming population was a big reason why a Swiss company decided to acquire a Fort Worth-based concrete business.
Tarrant Concrete Co. will now be part of LafargeHolcim Ltd., a building products company that recorded sales of more than $26 billion last year, the companies announced Tuesday. (source)
Expanding Workforce
These growing businesses require an available workforce…
The unemployment rate has remained at 3.6 percent, a very low level not seen on a consistent basis since the high-tech and telecom boom at the start of the millennium.
While the outlook is for continued rapid growth in the region, it depends critically on a steady flow of workers into the state and on trade-friendly policies.
Fort Worth-Arlington area employment grew 1 percentage point faster in 2017 than in 2016 and is up 2.9 percent so far this year. After slowing during the oil slump years of 2015 and 2016, Fort Worth is back, its manufacturing base buoyed by surging demand in the energy, transportation and defense industries. (source)
Kicking-Back Grows the Economy
Even the growing number of people kicking back is helping the economy boom.
North Texas may garner headlines for its ability to lure major businesses, but a growing part of the economy has more to do with helping folks kick back.
Dining out, staying at a hotel and enjoying museums or the theater accounted for nearly $20 billion in sales in North Texas in 2017, according to figures from the state comptroller’s office.
That’s up from more than $16 billion in 2013. Entertainment districts continue to pop up across the metroplex, each aiming to bolster that total. (source)
You Need a Marketing Agency That Understands This Unique Setting
Your business large or small needs a Fort Worth marketing agency that understands this explosive context and how to capitalize on this unique economic environment to help you grow. We’ve made Fort Worth our home since our inception, with our Dallas born founder being a DFW resident for nearly 50 years(the last 30 in Fort Worth). We understand the city and region, its opportunities, and are well networked to help your Fort Worth business, company, practice, or agency grow. Whether you need digital marketing or traditional marketing, give us a call so we can help you – 817-889-1487.
