The economic expansion in the red hot North Texas region persisted through the
fourth quarter as the area experienced its eighth consecutive year of job growth since
the Great Recession. Organic growth and corporate relocations continue fueling this
unprecedented expansion in the region resulting in its lowest unemployment rate since
2000. Despite a shrinking labor pool and housing shortage, the outlook for sustained
job growth through 2019 indicates the expansion period is far from over.
The Dallas-Fort Worth metropolitan statistical area added a net 94,700 new jobs
during the prior 12 months (ending November), representing an annual employment
payroll increase of 2.6%. Every employment sector experienced job growth over the
past year, led by the Professional & Business Services (19,900 jobs or 3.3% growth);
the Trade, Transportation & Utilities (18,900 jobs or 2.4% growth); and the Mining,
Logging & Construction (18,300 jobs or 8.5% growth) sectors. As a result of the
tenacious growth, the unemployment rate in the DFW metroplex ended November at a
remarkable 3.2%, outperforming the state and national unemployment rates of 3.7%
and 3.9%, respectively.
DFW’s comparative ease of national access with close proximity to a port city, its
organic source of educated workforce talent, along with pro-business economic
policies in Texas combine to give the metro area a competitive advantage for attracting
investment. Barring a labor shortage or an unforeseen disruption in the national
or global economy, the North Texas economy can expect to continue its expansion
through 2019. According to Moody’s Analytics, forecasted annual job growth will
average approximately 66,100 per year through 2021.