Is strong job growth on the horizon in Dallas?
The next five years could be pivotal for the Dallas economy, as some experts are predicting significant job growth throughout the area. The Dallas Morning News reports that the Dallas-Fort Worth region could see 12.8 percent employment expansion between 2012 and 2017. If experts' expectations hold true, the economy and homes for sale in Dallas could be impacted by the area's job increases.
Top growth industries in Dallas could include professional and business services, educational and health services and trade, transportation and utilities. However, the city could also see noticeable increases in its construction, natural resources and mining sectors.
Job growth in Dallas
The U.S. Bureau of Labor Statistics notes that the Dallas area has seen its civilian labor force increase recently. Between March 2012 and July 2012, the total number of workers in the civilian labor force rose from 3,310,500 to 3,359,400. Additionally, the Dallas region saw a 2.1 percent increase in its nonfarm employment from August 2011 to August 2012.
Job growth could also be fueled by new companies that come to Dallas. When businesses relocate to this city, they may seek local residents to fill vacancies, which could further enhance the area's workforce.
Xtreme Consulting Group comes to Dallas
Xtreme Consulting Group, an international business and IT firm that specializes in project management and consulting services, illustrates the value of relocating a business to Dallas. This company recently opened a Dallas location, and this Texas site could help the business expand its profits.
"Having an office in Dallas provides an excellent opportunity for Xtreme to serve our Texas clients locally and seek new opportunities for the company," said Greg Rankich, Xtreme's CEO and Co-Founder. "Dallas has a strong regional economy and is recognized as a global leader in the technology sector. This is a market that has vast opportunities for Xtreme to drive new business that will support our national expansion initiatives."
In fact, local entrepreneurs can receive support if they decide to launch new companies in Dallas. The Dallas Morning News notes that nonprofit organization Austin Street Center and Plano-based Benchmark Bank are offering small business loans through a program called Banking on People. This initiative gives financial assistance to people who might otherwise be unable to obtain it from traditional lenders, as the criteria for loans is more relaxed.