The Texas economy as a whole is growing on a par with the nation. Indicators of a healthy economy are positive. Payroll employment numbers have kept pace with the U.S. for over a year. Consumer spending indicators are also positive. Sales tax receipts increased almost 8% in the last year, the largest annual increase in six years. Personal income, rising six percent, was higher than that of the nation. A mood of optimism coupled with the existing moderate growth suggests a favorable and expanding economic environment.
The State of Texas has developed a very successful plan to attract big businesses to the state, and the Dallas has greatly benefited from it - the Texas Enterprise Fund (TEF), a $295-million fund established in 2003. In Governor Rick Perry’s address to high-tech industry executives, September 2004, he stated, "Because of the Texas Enterprise Fund, Texas no longer is at a disadvantage when competing for jobs across the country. Now we are the talk of the nation with the largest deal-closing fund that will create the jobs and capital investments that will provide more money for education, health care and other important state priorities that will benefit all Texans.
With a population of 1,188,580, Dallas is the second largest city in Texas and the eighth largest in the United States. Dallas is a thriving and growing business and trade center advantageously located in north central Texas that is positioned as a communications and transportation hub. It hosts some of the nation’s top ranking hi-tech companies and has developed a business plan that enables companies to roost and flourish. Dallas is one of the top four cosmetic surgeries in the country, and one of the three major fashion centers in the nation. A sophisticated town, rich in culture and the arts, and entertainment industries, Dallas draws artists and artisans, tourists, visitors, and businessmen and entrepreneurs alike who contribute to this city’s economic vitality.
The Dallas/Fort Worth area has been called the “Silicon Prairie”. Ranking among the largest high-tech employment centers in the U.S., this vital business Mecca employs 230,000 high-tech workers. The Dallas metro area includes six of the nation's 20 largest telecommunication service companies.
Dallas is ranked "A Top Business Location" in the Country by Forbes magazine. Of the top ten employers (2004) in the North Central Texas Region, six are located in Dallas: American Airlines/AMR, DFW Airport, Texas Instruments, Parkland Memorial Hospital, UT Southwestern Medical Center, Baylor University Medical Center, and Compucom Campus.
Fortune Magazine named Dallas the best city in North America for business, and the Sprint Business Survey identified Dallas as the most productive area in the U.S., with particular emphasis on the fast-growing industries in technology, communications, professional services, banking, and financial services.
Diversification is a key element in Dallas’ economic health. Technology-related products, computers, biomedical products, and electronics rank high in the area’s manufactures. Service industries, including trade, hold a key position in the area’s economic well being. Dallas also remains an important distribution, financial, and insurance center of the Southwest. It is the site of a district Federal Reserve Bank, and the headquarters of many federal regional offices, large insurance companies and oil companies.
Dallas has the largest concentration of trade facilities in the South and Southwest U.S. Besides being strategically located in the north central part of the state, Dallas has a large network of railroads and highways, which enable the city to serve as a transportation hub. Huge truckloads and shipments of agricultural and mineral products from the productive surrounding region pass through Dallas, such as cotton, cereals, livestock, fruit, petroleum, and natural gas. In addition, the Dallas-Fort Worth International is one of the busiest airports in the United States.
The City of Dallas is committed to economic development and offers informed and enthusiastic assistance in the development process.
The City's Economic Development Division provides businesses with information, professional assistance, providing solutions to relocation and expansion problems, accessing services, and providing general assistance to both large and small concerns. A Development Guide is available which addresses as many facets of the development process as possible, such as Business Development, Property Development, Construction Review, Special Review Processes, and Development Coordination in the City of Dallas, as well as directories for business and property development, fee schedules, and an index to codes, ordinances, resolutions, and manuals.
The Bill J. Priest Business Incubation Center is both a process and an environment to support young companies during their first four years of business. The center provides professional business services and management assistance/training to enhance the success rate of its occupants.
On the state level, the Texas Capital Access Fund has provided financing to businesses statewide that otherwise might not qualify. It was established to increase the availability of financing for businesses and nonprofit organizations that face barriers in accessing capital. Through the use of the Capital Access Fund, businesses that might otherwise fall outside the guidelines of conventional lending may still have the opportunity to receive financing. The essential element of the program is a reserve account established at the lending institution that acts as a credit enhancement, thus inducing the financial institution to make a loan.
In 2002 the city of Rowlett adopted the Economic Development Strategic Plan, which has created some impressive results to date. Nearly 1,000 new local jobs and $6,412,626 in sales tax revenues have contributed to Rowlett’s economy since then, and year-to-date sales tax revenues have indicated a 23.5 percent increase from the prior year.
Since January 2004 more than 25 independent businesses have opened their doors in the Rowlett business district. The popular Starbucks will open a second site in Rowlett, Goodyear Tires is looking into opening a site, and Wendy’s is considering a second location in the Rowlett area, and there are more in the queue. In addition to businesses, the number of new medical centers and office buildings are increasing rapidly.
Another aspect of this burgeoning development is the aesthetic appeal. Attention is being given to attractive landscaping, and interesting building materials, such as brick and stone. The attractive appearance of these new buildings enhances the environment and sets a new standard for the community.
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