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The state of Texas’ economic dynasty has reached yet another level.
For the 13th consecutive year, Texas is the winner of the coveted Governor’s Cup, awarded to one of the 50 states for total capital investment in economic development projects over the course of a year.
Business is still boomin’ in Texas. At this rate, the streak might reach Oklahoma University’s 47 consecutive football wins. If that were to happen, I wouldn’t be the one telling you about it.
So, that Texas has won again is more yada, yada, yada than a news item worthy of breaking into As the World Turns to tell you about it
However, what is news is who is driving the growth.
It’s Dallas-Fort Worth, a region full of decades-long rivalries but which has recently collectively amplified its status as one of the nation’s leading economic powerhouses.
Dallas-Fort Worth ranks as the No. 2 metro in projects, behind only Chicagoland. DFW had 489 projects to Chicago’s 582. And Fort Worth is more than pulling its weight for the team.
In the past two years, Fort Worth has generated $3.7 billion in capital investment, powered by investments from companies like Embraer, Dick’s Sporting Goods, and, more recently, Fort Worth-based Bell, which in December announced that it would make a $632 million investment in a new factory in its hometown in AllianceTexas to build the Future Long Range Assault Aircraft.
The investments have all resulted in more than 6,000 new jobs across Fort Worth and Dallas, according to Site Selection Magazine.
“Texas is still the belle of the ball,” said Robert Allen, CEO of the Fort Worth Economic Development Partnership. “And for Fort Worth, it's a pretty strong statement that we're here, we're winning, and we're not going anywhere anytime soon. We've got a great package.”
The great package includes Dallas Fort Worth International Airport — the most significant economic development project in our city and the region — a pro-business political environment, a good education foundation in TCU, UT Arlington, Texas Wesleyan, Texas A&M-Fort Worth, and Tarrant County College, as well as a stable political landscape. If the governor or the mayor makes a commitment, it’s a good one. Neither are going anywhere anytime soon.
“That kind of stuff matters to CEOs,” Allen said. “They want to know that the goalposts aren’t going to change in the middle of the game.”
With all that, believe it or not, is the psychological phenomenon of the fear of missing out — what the youngsters have turned to text shorthand: FOMO. Company leaders read the news headlines on news platforms and the social forums.
“They see all these corporate HQs [relocating or moving plants here], they see all these advanced manufacturing projects,” Allen said. “There’s a little bit of fear missing out for those that are in other states — that are not real friendly to business, that don't want 'em — kind of scratching their heads going, ‘Man, what is going on over there in Texas? What is going on in Fort Worth? Why does Bell Helicopter choose to locate their most advanced manufacturing project that will service the United States military for the next several decades? Why do they land that critical component manufacturing in Fort Worth?’
“They start asking questions. And that's exactly what we want them to do. We want them to inquire. We want them to call their friends and say, ‘What's up in Fort Worth? Is it really that good?’ Because the answer is yes.”
Robust population growth is another major factor for corporations who want to move here, Allen said.
Fort Worth, the fastest-growing big city in America, is quickly approaching 1 million in population. According to the latest figures from the U.S. Census Bureau, Fort Worth has more than 978,000 people. Some forecasters have already put us over 1 million or a smidge under.
“I heard a comment one time that when a triple seven [Boeing 777] lands at Dallas-Fort Worth International Airport. Everybody gets off and they never get back on,” Allen joked.
He also noted that Dallas and Fort Worth will soon become the only American metro with two cities with 1 million in base population within 30 miles of one another, Allen said.
“I’ve been asking a lot of people to disprove me on” the assertion, Allen said. “Nobody’s been able to do it.”
Currently, the metroplex has a population of 8.1 million.
To use a sports analogy, DFW is like Aledo or Southlake — big towns with just one high school, one football team, and a deep talent pool to draw from.
Fort Worth, the 11th biggest city in the country, two slots behind Dallas, is growing its able and willing workforce faster than anybody in the country. If companies can’t find them here, all they have to do is turn their binoculars east.
We’re the busiest ant mound going.
“We can prove to directors of HR COOs and to CEOs that we can deliver your workforce needs today. We can deliver them in five years, and then we've got a pipeline that can continue to deliver workforce needs for you down the road,” Allen said. “We've got it all.”