#9 Fastest Growing U.S. Market for 2007
July 1, 2000: 5,197,315
July 1, 2006: 6,003,967
Percent change: 15.52 percent
* Population statistics from the U.S. Census Bureau
Percent change: 3.53 percent
* Job statistics from the Bureau of Labor Statistics
|Table of Contents|
|The Top 10 Fastest Growing Markets in America|
|1.||Las Vegas, Nevada|
|7.||Charlotte, North Carolina|
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Although Dallas makes up a large percentage of the population in the MSA, it was not the center of growth; the population of the city grew by just 0.33 percent from 2000 to 2006. Declines in the population age group from 10 to 34 years were outweighed by double digit percentage growth in the 55 to 64-year-old age group.
In contrast, Fort Worth saw significant growth of 19.17 percent, with growth in every age group except those older than 75. The age group from 45 to 64 experienced particularly substantial growth, as did the population under five.
The city of Arlington, located between Dallas and Fort Worth, grew by 7.33 percent, with particularly significant growth in the age group of 55 to 74. The 55 to 59-year-old age group grew by nearly 50 percent, while the 60 to 64-year-old age group increased by approximately 45 percent. The 65 to 74-year-old group grew by roughly 33 percent.
Most of the growth, then, took place outside of the Dallas metropolitan area and was concentrated in Fort Worth, Arlington and other suburbs throughout the metroplex.
Part of the draw away from Dallas may be caused by housing prices; Dallas was ranked the most expensive housing market in Texas by the 2006 Coldwell Banker Home Price Comparison Index, while Arlington and Fort Worth were ranked the third and ninth most affordable markets in the nation, respectively.
Within the city of Dallas, substantial job growth of 51.19 percent occurred in construction, but other sectors did not see particularly large growth.
Fort Worth saw job growth of 25.70 percent in construction; 19.92 percent in manufacturing; 28.06 percent in wholesale trade; 38.73 percent in transportation and warehousing, and utilities; 51.99 percent in finance and insurance, and real estate and rental and leasing; 36.54 percent in professional, scientific, and management, and administrative and waste management services; and 33.01 percent in arts, entertainment, and recreation, and accommodation, and food services.
Major job growth in Arlington was concentrated in construction, with a 63.18 percent increase.
Construction employment did well through 2006, but residential building permits in the MSA declined at a greater rate than the national average decline from August 2006 to August 2007, according to the National Association of Home Builders (NAHB), indicating that construction employment may decline in the future. Single family permits dropped by 37 percent, while multi-family grew by 5 percent, for an overall total decline of 28 percent—a little more than the national average of 24 percent, according to the NAHB.
The overall MSA had minimal job growth or declines until 2004, after which the market recovered more each year, with 1.22 percent growth in 2004, 2.53 percent in 2005 and 3.41 percent in 2006.