Regional and State Policymakers Have Molded a Plan to Keep Dallas-Fort Worth Area on an Even Keel.
The Dallas-Fort Worth area undeniably relies heavily on the oil industry for its economic health and well-being, but regional and state policy-makers have spent more than a decade designing programs, incentives and policies to ensure that the local area continues to grow and evolve regardless of gas prices.
Here are a few of the reasons that Dallas now boasts a diverse business climate with major industries including defense, financial services, information technology and data, life sciences and more.
1. Property Values Are Under Property Owners’ Control
Property owners of residential and commercial properties can request that their areas be targeted for development, redevelopment, improvements and even marketing. One such program allows rising real estate values to naturally fund such enterprise by allotting increased property tax revenues to these programs without raising tax rates, while another allows property owners to voluntarily pay a supplemental tax to improve services in their area.
2. Tax Refunds for Enterprise
The state of Texas offers businesses in designated areas, including portions of the Dallas-Fort Worth area, to receive tax refunds for building materials, machinery and other equipment used in “enterprise zones.” Businesses that move into these zones are also eligible for reduced utility rates.
3. The Capital Development Program (DFW Airport)
DFW invested $2.7 billion into a five-year development program that, although largely concluded, is projected to have yielded a total of
77,000 new jobs by 2022, generate an estimated $34 billion impact on the region’s economy and further increase DFW’s international cargo shipping presence and, by extension, its trucking industry.
As a self-proclaimed “business-friendly” region in a business-friendly state, Dallas boasts a number of organizations dedicated to promoting the city as the best place for “progressive” and “innovative” companies and then assisting those companies with the transition from their current locations to the Dallas-Fort Worth area. For example, the Dallas Regional Chamber specifically targets corporate headquarters, while other organizations work to keep locally educated talent local after graduation.
Bureau of Labor Statistics: Economy at a Glance :: www.bls.gov/eag/eag.tx_dallas_msa.htm
The City of Dallas :: www.dallascityhall.com
The City of Fort Worth :: www.fortworthtexas.gov
Corelogic :: www.CoreLogic.com | 866-873-3651
City-Data.com Dallas Economic Breakdown :: www.city-data.com/us-cities/The-South/Dallas-Economy.html
Local Market Monitor :: www.LocalMarketMonitor.com | 800-881-8653
Dallas/Fort Worth Real Estate Investors Associations (REIAs) & Landlord Associations
DFW REIA :: www.reiadfw.com
Dallas Real Estate Investment Association (Dallas REIA) :: www.reiadallas.com
North Texas Association of Real Estate Investors (NTAREI) :: www.ntarei.com
Zillow :: www.zillow.com
Greater Dallas Chapter of the National Association of Residential Property Managers (NARPM) :: www.dallasnarpm.org
Texas Apartment Association (TAA) :: www.taa.org
Dallas Regional Chamber of Commerce :: www.dallaschamber.org
Fort Worth Chamber of Commerce :: www.fortworthchamber.com
Kay Bailey Hutchison Convention Center :: www.dallasconventioncenter.com
Discover Fort Worth: City of Cowboys and Culture :: www.fortworth.com
Dallas Official Visitors Guide :: www.visitdallas.com
RealtyTrac :: www.realtytrac.com | 800-550-4802
TRULIA :: www.trulia.com
U.S. Census – Dallas :: www.census.gov/quickfacts/table/PST045215/4819000
U.S. Census – Fort Worth :: www.census.gov/quickfacts/table/PST045215/4827000