Many financial and real estate industry experts believe that this “mass move” to Dallas is due to the prosperous, booming economy of the city. It is estimated that dozens of new businesses are seeking out Dallas office space and other commercial properties. Even some of Fortune 500’s biggest companies have relocated to the Dallas area. Dallas is “hot” in many different ways.
The Major Industries that are Big in the City of Dallas
The city of Dallas has an extremely broad and diverse climate for business. One of the leaders in the Dallas business circuit is the technological industries. These industries include information technology and data, defense, life sciences, financial services, telecommunications, processing, transportation and semiconductors.
A study performed by the Greater Dallas Chamber of Commerce reported that the city of Dallas is home to forty-three percent of the high-tech workers employed in the state. Plus there are thirteen privately-owned companies that are worth one billion dollars or more in the city. Some of the biggest corporations that are located in Dallas include Southwest Airlines, Advance PCS. Dean Foods, Kimberly-Clark, ExxonMobil, Texas Instruments and Neiman Marcus.
Dallas has been nicknamed the “Silicon Prairie” since the city has one of the largest centers of employment in high technology. Southwestern Bell, Nortel, Ericsson and Alcatel are an example of the large telecom companies that have made the city of Dallas their home. The city is an industry leader in the production of items such as machinery, food products, transportation equipment, chemicals and allied products such as parts for the airline and defense industries and electronic components.
The city of Dallas has one of the best, thriving economies in the entire country. People who relocate to the city can find a higher rate of pay and better employment then in other cities in the United States. This is because there is more competition between employers in Dallas. Dallas homes for sale and new construction projects have increased dramatically as the demand for residential and commercial property has increased triple-fold.
New Incentive Programs
Another reason for the year-long flocking to Dallas is because of all of the incentives that the local government is currently offering residents. Some of these new incentive programs include:
1) Tax Increment Finance Districts – This area is designed to make it less expensive for investors and developers to redevelop certain areas of the city and to make improvements to pre-existing Dallas commercial real estate structures.
2) Enterprise Zone Projects – These projects offer a reduction in state sales tax, or taxes paid, or tax refunds for the purchase of machinery, equipment and building materials in a designated enterprise zone.
3) Development Projects – These are different programs that are designed to generate thirty-four billion dollars in the Dallas Texas economy and to create close to eighty-thousand new jobs within the next decade.
4) Job Training Programs – Are designed to train residents for careers in specific, lucrative career fields. The local government has several different job training programs that one can choose from.
The Dallas economy is predicted to expand for the next twenty years. This is the perfect time to invest in Dallas commercial real estate. Families, professionals, students and businesses are quickly re-locating to the city of Dallas, noted for prosperity and high-earning power. This is a great time to learn more about Dallas Texas real estate opportunities.
An Overview of the Dallas Texas Economy
