The story of Dallas-Fort Worth has been one of rapid growth for the better part of the past decade. And new figures from the Federal Reserve Bank of Dallas prove that story is not likely to change anytime soon.
The Dallas-Fort Worth economy has been growing at a “blistering pace,” with a net growth of 55,000 jobs during the first five months of 2018, according to Laila Assanie, a Senior Business Economist for the Federal Reserve.
“Employment expansion is broad-based, across all sectors,” Assanie said, noting that the local area is seeing jobs added in the construction industry, health services, IT services, transportation and logistics and financial services.
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In addition, Assanie emphasized that for this rapid rate of growth to continue local employers must rely upon what has been a long trend of migration – people moving to DFW from other states and countries.
“Our unemployment currently is near historical lows for both the state and the metro area, and so for us to keep on growing we need an influx of people,” Assanie said.
Six in 10 new North Texans came as a result of migration: 40 percent from other states and 20 percent from other countries. The rest of the newest local residents either came from other parts of the state, or from being born.