What comes to mind when you hear Dallas-Fort Worth? Longhorn Cattle? Cowboys? Whatever you think of, add growth to that list – in 2018 the Dallas-Fort Worth area grew more than any other metro area in the country, by 142,000 people, now totaling over 7.5 million – the fourth largest metro in the country.
What’s behind the fast pace of growth? Well, one big factor is the healthy economy. Year over year job growth was double the national average, unemployment is below average, and per capita personal income, at almost 54 thousand dollars, is above the U.S. average.
With all that growth, it’s no surprise that the Dallas construction economy is huge in the Dallas-Fort Worth area. According to Dodge Data & Analytics, Dallas construction ranked first in the nation for residential by number of units breaking ground, and fourth for total nonresidential construction by dollar value of construction started.
But 2018 actually wasn’t the best year for nonresidential building starts, as 2017 reached a peak of $11.4 billion. Still, at $8.3 billion, 2018 was still well above the first half of the decade, which averaged about $4.8 billion per year.
So remember, you can visit Dallas-Fort Worth for the Cowboys and Brisket, but beware; with all of its advantages, you may never leave!