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New companies were responsible for creating nearly 47% of all new jobs in Tarrant County in 2022, according to a report.
The analysis, released by Fort Worth-based Sparkyard, found that new businesses under 1-year-old in Tarrant County created 27,021 jobs that year, which accounts for roughly 3% of the total employment and signifies 12.5 jobs per 1,000 residents.
These new firms also paid an average wage of $43,962 in 2022, the most recent year data was available.
The analysis, centered on the concept “Entrepreneurship = Economic Development,” highlights how impactful startups have been in driving economic recovery post-pandemic, showcasing their resilience and adaptability amidst inflation and supply chain disruptions, according to Sparkyard.
"Entrepreneurship equals job creation,” said Tamara Payne, chief ecosystem officer for Sparkyard, in a statement. “Our report illustrates that supporting micro and small businesses is beneficial and essential for the economic health and future of Fort Worth and surrounding cities.”
Cameron Cushman, assistant vice president innovation ecosystem for The University of North Texas Health Science Center and chair of the Entrepreneurship & Innovation Council Committee, presented the findings to the city of Fort Worth’s Entrepreneurship and Innovation Committee in the Old City Hall on Tuesday morning. That committee is comprised of City Council members Carlos Flores, Macy Hill, Charlie Lauersdorf, who is vice chair, and Michael Crain, the chairman.
Payne and Cushman said they both hoped the presentation would serve as an impetus for additional support from the city in terms of funding and policy.
The study notes that data from 2021 was revised upwards in a correction of more than 3,500 jobs. Researchers expect a similar upwards revision to the 2022 data.
Since 2020, companies 1-year-old and under have created 141,000 jobs since 2020.
The report’s centerpiece features the success story of Don Artemio, an innovative local restaurant.
"Opening Don Artemio allowed us to share our cherished Mexican heritage with Fort Worth,” said Adrian Burciaga, co-owner of Don Artemio. “The community’s enthusiastic reception of our concept has enabled us to expand our workforce.”
The job creation ranked fourth among Texas’ big counties. Harris (70,044), Dallas (45,999), and Travis (28,276) ranked one through three. Likewise, Tarrant’s average annual wages for new companies ranked fourth, though Travis led the state with an average annual wage of $60,840, followed by Dallas ($54,048) and Harris ($48,324).
"This research shows the incredible impact new companies have on our city and region,” Cushman said. “Forming new companies, particularly startups, is foundational in our economy. We need to focus more on supporting the makers, the dreamers, and the doers who drive our economic growth in Fort Worth and Tarrant County."