The Dallas-Fort Worth area had the highest year-over-year job growth in the U.S., and the unemployment rate fell by 8.5% to 3.4% in April 2023, according to a report released by North Carolina-based Bank Trust. . From April 2020.
To provide a comprehensive report on economic conditions in North Central Texas, this report analyzes changes in employment, unemployment rates, inflation rates, population changes, and data for the 24 Fortune 500 companies headquartered in the region. Analyzed data related to revenue.
According to the study, the Dallas-Fort Worth region has the fourth highest concentration of Fortune 500 companies in the United States, with 24 companies based in the region, including two in the top 10 Fortune 500 companies. It contains. The company's total value in 2022 will exceed $1.3 trillion, making it the second highest total among metropolitan areas. As the report explains, attracting and retaining large corporate headquarters serves as a proxy indicator of the region's quality of life and high-paying employment rates.
Dallas-Fort Worth not only attracts businesses, it also attracts people. The report analyzed population changes in the region since 1970 and found that one million new residents have moved in every 10 years since 1980. In 2022 alone, Dallas-Fort Worth will welcome 170,000 new residents, representing 36% of Texas' population growth and energizing Dallas. A metropolitan area with the fastest population growth in the country.
In terms of inflation, the report found that although the region remains 1.7% above the national average of 5.3%, the region has seen its fifth consecutive quarter of decline in inflation. Overall inflation continues to trend downward, even if the inflation rate for all items covered by the Consumer Price Index (CPI) increases slightly. This downward trend is partially explained by the fall in energy prices, which reached -17% in May 2023, significantly below the national average.
At the same time as inflation continued to decline, private consumption increased significantly, exceeding pre-pandemic levels in April 2023. Restaurants and hotels, one of the most affected sectors of the economy during the pandemic, have recovered to pre-pandemic levels. Following vaccine distribution in March 2021, spending in this sector increased by 5% to 8% in the region by April 2023.
