Moody’s: How Dallas-Fort Worth is beating the nation at the economic recovery
By Bill Hethcock – Senior Reporter, Dallas Business Journal
Dallas-Fort Worth’s recovery from the economic havoc set off by the COVID-19 pandemic has drastically outpaced the national average, and North Texas is generally well-positioned in the search for the new equilibrium.
That’s the broad theme from new research undertaken by Moody’s Analytics.
Some takeaways:
- DFW’s net migration (those moving in after subtracting those leaving) should grow by 42% in 2022 alone.
- Office net absorption (tenants moving into space minus those leaving) is expected to grow by nearly 50% this year, despite the uncertainty of return-to-office plans and the rise of remote work.
- Employment will accelerate by 4.8% this year.
- The pandemic amplified the wave of people moving to Dallas and other Texas markets due to the relatively low business and land costs as well as proximity to high-cost California. The inflow boosted the number of skilled workers and, in turn, is attracting even more corporate expansion in the region.
- The Dallas apartment market has completely bounced back with stabilized occupancy and 12.5% of annual effective rent growth.
- Logistics are the backbone of the region's economy. DFW's many corporate headquarters, strong position for international trade with Latin America, high housing affordability in Fort Worth, and abundant migration to the area makes it especially advantageous.
In the interview that follows, Tom LaSalvia and Lu Chen, senior economists with Moody’s Analytics, talk about the findings:
View the full article at The Dallas Business Journal
Photo by J. Amill Santiago on Unsplash