Has Dallas recovered from the economic recession of the late 2000s?
Dallas is one of many cities that was impacted by the economic recession of the late 2000s. However, several areas of Texas stand out for their recoveries from this challenging period, including Dallas. Those who pursue some of the homes for sale in Dallas are likely to see the economic growth continue, which is reflected in various data.
For instance, The Dallas Morning News reports that there were significant declines in home sales during the Great Recession. However, Dallas has more than made up for these losses, and a study by a Florida-based real estate industry data firm shows that home prices in July 2012 were only 2.2 percent lower than they were at the market's peak in 2007.
The Dallas economy appears to be on the right track
Dallas has seen a substantial economic recovery due to its growing workforce. Local companies are hiring workers at rapid rates, which has helped lower the city's unemployment rate.
According to the U.S. Bureau of Labor Statistics, the Dallas area had a jobless rate of 7 percent in August 2012. By contrast, the national unemployment figure was 8.1 percent during the same period.
The total nonfarm workforce in Dallas has increased by 1.9 percent between August 2011 and August 2012. Many companies target the area because it provides a wealth of resources and opportunities, and these could make the city an attractive place for businesses to set up their headquarters in the future.
Bell Helicopter, an aircraft provider that has been based in Hurst since 1935, is just one of many businesses expanding its operations in the area. The Dallas Business Journal reports that the company broke ground on a project to enhance its facilities by investing $1.2 billion into its buildings, business systems and research and development teams.
"It's a substantial investment in engineering, our business systems and now the facilities," John Garrison, Bell president and CEO, told the news source. "In order to win in a hyper-competitive marketplace, you've got to have the best talent on the planet, and the best talent on the planet wants to come to a place that's inviting, that's modern and provides the tools and equipment you need to be successful."
Company officials anticipate modifications will take place through 2014, and the renovations will help the business improve its operations. With these enhancements, Bell could play a major role in the continued success of the Dallas economy.