North Texas - DFW Area Attracting Influx of Businesses
While all of the determining factors are not 100 % clear, the net result IS becoming quite clear. The North Texas Area - and more specifically the Dallas/Fort Worth, Texas area is experiencing a pronounced and significant influx of businesses relocating from other parts of the country. California is commonly understood to be experiencing the biggest outflow. While coastal California is known for beautiful scenery, weather, and the opportunity to interact with nature, climate change seems to be causing destabilizing weather patterns, water shortages, warmer temperatures, and a spate of disastrous wildfires that seem to be accelerating in severity. Combine that with an extremely high cost of living/doing business, and looking elsewhere is something many companies who have been compelled to seriously consider for a while are being pushed over the edge into action. The effects of the COVID-19 pandemic also figure into the equation when it comes to the recent acceleration of the phenomenon.
DFW Checks the Boxes
The DFW area checks a lot of the boxes required to get businesses to relocate to the area. The existing business base is strong and diverse in terms of business type, as is the existing workforce. The potential supply of workers is at least reasonable, and the potential to grow that workforce has few impediments. The selection of colleges and universities in the area is robust. There is land and existing buildings within which businesses can (re-)establish themselves. The housing market is strong and largely un-inflated, and there is space to build more. The tax climate is favorable toward businesses AND even more so toward employees. Communities in the area understand the importance of the growth of their tax base, and are providing various incentives targeting long-term growth. Transportation options for people and goods are reasonable.
The Dallas Business Journal says there are “75 companies from around the country that have moved their headquarters to Dallas-Fort Worth in the last 7 years.” That’s a big number, and doesn’t include regional offices, research and development centers, manufacturing facilities, distribution centers, etc.
Sampling of Community Activities to Attract Businesses
The city of Richardson, Texas has assessed what it needs to do to attract business and re-invigorate growth in the area. They recently announced the creation of the Richardson Innovation Quarter (IQ) - a 1200 acre stretch of the city that they hope will become a hub for innovation. The city expects that changes in zoning and other rules for the area will unleash development and re-development of the area. The city is to the north of the 635 loop encompassing highway 75 north from 635 to the President George HW Bush Tollway. The newly defined Richardson IQ has access to the DART light rail as well as excellent road and highway system.The area is certainly suitable for headquarters, regional offices and research and development facilities. This is one of many areas within Richardson that might be suitable for you.
Frisco, Texas, resides in Collin County, which is just north of Dallas County. The city is bounded to the south by the Sam Rayburn Tollway, which will take you direct to DFW Airport. In the west they are developing toward Lewisville lake, to the north toward highway 380, and to the east McKinney. Frisco is noted to have the highest population growth in the country with a 2019 population of 200,490. The city has also become a business center and is worth considering for your business.
Garland, Texas has been known for a long time as a bedroom community where folks live and work elsewhere. Since 2011, Garland has been making a strong move into the industrial area while also building a much stronger industrial employee base. The city has become a strong magnet for DFW industrial activity. There is still room to grow in Garland, which means there is still room for your business.
There are MANY more communities in the DFW area - most of whom would love a shot at attracting your business. Most of these communities are listed on our DFW Metro Area Home Page Service Area Summary, where you can explore some fun facts about them, among other things.
If you are considering relocating to or within the Dallas-Fort Worth area, please use our “Get Started” link above to fill out our form, call us using the phone number above, or contact us using the chat widget at the bottom-right portion of your screen. We’d love to assist you throughout the process.