It is no secret that North Texas is a prime location for big business. Major companies like State Farm and Toyota have made deals to move into the area. Additional companies like Google, Charles Schwab, and Caterpillar are also considering the area as a new place to call home. And why shouldn’t they? Tax incentives, a low cost of living, and an abundance of prime building area holds quite an appeal.
Big businesses moving into North Texas means the relocation of upwards of thousands of workers into the area. These workers will need somewhere to live, which provides opportunity to boost industries such as real estate, construction, and architecture. Constructing new homes will create a need for materials, like lumber and other supplies.
Once these people are settled into their new residences, be it an apartment in Dallas or a single family home in Fort Worth, they will need food and other necessities. They will also want to furnish their new dwellings. This means a need for more grocery stores and other retail businesses. It also means that existing businesses need to adapt if they want to survive against the competition.
New Businesses versus Existing Corporations
The retail chain Best Buy is taking a proactive approach to the news that competition is heading to North Texas by expanding some stores and closing others. They are also making changes to the inside of the existing stores, such as putting emphasis on home improvement and other specialty items like appliances.
How New Business Affects Current Residents
Because new business means more competition between retailers, it also means more opportunity for local residents where the job market is concerned. New businesses may offer lucrative benefits packages to attract new applicants to fill open job positions, but current companies may be willing to offer higher pay scales to keep their current employees.
Adults are not the only ones affected, however as the children of families relocating to North Texas to work for corporations moving here will need somewhere to attend school. This is a demographic that is sometimes overlooked when local officials go over the growth projections caused by new businesses moving into North Texas metropolitan cities, such as Dallas and Fort Worth.
Benefits of More Business in North Texas
The Lone Star State has a strong economy overall, and when businesses like Toyota and State Farm move their headquarters to North Texas it just serves to improve it. The unemployment rate in Texas is a smidge lower than the national average. The moderate climate, well-built housing, and downtown retail spaces in Fort Worth and Dallas make North Texas attractive to a wide range of residents, from singles to multi-generational families.