The economic expansion in the Dallas-Fort Worth-Arlington metropolitan statistical area (MSA) continued through the second quarter as employers expand payrolls and invest in the market. The red-hot region has recorded eight consecutive years of net employment gains, averaging a 2.9% growth rate, and is on pace to complete 2019 in similar fashion. The DFW metroplex added a net 107K new jobs over the prior 12 months (ending May 2019), representing a 2.9% annual increase. The Professional & Business Services (27,400 jobs or 4.5% growth); Trade, Transportation & Utilities (19,300 jobs or 2.5% growth); and Leisure & Hospitality (13,900 jobs or 3.6% growth) industry sectors experienced the largest job gains over the prior 12 months. As a result, DFW’s unemployment rate have declined by 60 basis points to 2.7% year-over-year, outpacing the national and state averages of 3.7% and 3.5%, respectively.
DFW’s comparative ease of national access with a port city in near proximity, its organic source of a well-educated workforce talent base, along with pro-business economic policies in Texas all combine to give the region a competitive advantage for attracting investment. Additionally, the diverse mix of business types add somewhat of a buffer if a recession were to take place. However, barring a labor shortage or a disruption in the global economy, the North Texas economy can expect to continue its expansion through 2019. The employment outlook for Dallas-Fort Worth remains strong with job growth forecasted to average approximately 72,000 jobs per year through 2022, according to Moody’s Analytics.