Dallas - The Boom Town With a Can Do Attitude
I was lucky enough to stay in North Dallas in Addison, only 30 minutes from Dallas Fort Worth airport (the second largest airport in the US). Visiting various parts of the US frequently, I am used to how convenient the US is to get around and how friendly the people are. It's almost like it is the law to make people feel welcome and treat everyone with respect. But I have to say, the people that I met in Dallas have a new level of positivity and confidence, without any ego. The media driven view of Texas is cowboy hats, boots and yeehaw! But in reality it couldn't be further from the truth, caused somewhat by the net migration into the area of around 200,000 people per year, with the most being from California, diluting the Texas born and bred population. The primary driving factor for people relocating being jobs and low cost of living.
Dallas and Texas in general offers a pro-business environment, reliable infrastructure and an abundant educated labour pool. It is already home to major companies such as Exxon Mobil, JC Penney, Texas Instruments, AT&T and Wells Fargo. Cisco have recently built a $1 billion green data center in Allen. This area of Allen, Plano and Richardson is known as Silicon Prairie the Texas version of Silicon Valley, with part of this area being known as Telecom Corridor. A 6.5 mile development and home to 600 technology companies such as AT&T, Ericsson, Samsung, Siemens and HP Enterprise Services.
Healthcare is booming too with $2 billion in new hospitals being built in Dallas. Part of a $6 billion total investment in hospitals, outpatient clinics and other healthcare-related construction.
Sales tax revenues in 2012 are projected to beat their 2008 peak and construction permits this year are around 40,000, up from a low of 28,000 in 2009. Retail occupancy rates for mid-2012 are 87.5 percent and predicted to rise, due to the lack of new build space becoming available. That being said, 2012 has still added 1.2 million square feet of retail space.
The employment figures are equally as strong with 2,085,720 employed in the Dallas-Plano-
Home prices are up 3.6 percent from a year ago, compared with the national average of 2 percent. Inventory continues to drop with new home inventory being at a 20-year low, especially in the lower price ranges. In the second quarter of this year the national median price for a single family house was $181,500. In Dallas-Fort Worth the median home price was $163,000. However the household median income in Dallas in 2011 was $55,546 compared to the national median of $50,502.
Looking at the previous years figures through the recession, Dallas has already rebounded. The business climate and quality of life is excellent and the Texas government is committed to building the infrastructure, with sustainability. As a real estate investor, I believe Dallas represents the perfect storm for a boom and my next buy will be in the north Dallas area.
Page Updated Last on: Jun 19, 2013