As a Dallas-based business owner, you will have seen your city thrive as a commercial environment in recent times. The growth and progress that it has experienced, and continues to experience, makes it a highly attractive location for expanding companies – and potentially a very profitable location for those selling a business in Dallas.
Not only is the city home to 21 Fortune 500 companies (the 4th highest among metropolitan areas nationwide) but it is also ranked second in the Paychex and IHS' Small Business Jobs Index, demonstrating it’s a hospitable place for business owners on any scale. Dallas is also home to Generational Equity, so we are perfectly placed to understand the vibrant and optimistic atmosphere that the current wave of new business is bringing to the city.
Success in Dallas Business Growth
Dallas’ success as a destination for commerce is increasingly evident. The real GDP stands at a healthy $353 billion, and with an exceptional growth rate of 4.2%, it is predicted to reach $434 billion by 2021. Marketwatch named Dallas America's most business-friendly city in 2015, and it continues to be a prosperous environment for business owners. The recent relocations of prominent private companies, such as Comerica and AT&T, are testament to this.
With this growth attracting healthy buyer interest, it is a welcome setting for those selling a business in Dallas.
The People That Make Dallas Prosper
Much of this success can be accounted for by the availability of great people. Dallas is arguably the fastest-growing metropolitan area in the United States over the last decade, with the region expected to grow to 10.6m people by 2040 – in fact, someone moves to Dallas every five minutes. This allows the labor market to keep in step with business growth.
While rapid expansion has caused recruitment problems for businesses elsewhere in Texas, Dallas has attracted an influx of workers to its talent pool with its high quality of living and low living costs. The workforce has risen to 3.8 million, the fourth largest in the country, with a significantly low unemployment rate of only 3.8%.
Dallas is also home to three Research 1 universities, which will continue to feed into the skilled workforce for decades to come. For these reasons and more, A. T. Kearney placed Dallas in the Top 50 global cities for attracting talent, business, ideas and capital in 2015.
Dallas: A Culture of Commerce
But what makes the commercial environment so attractive to business owners? One of the reasons is accommodating regulations that are primed for business growth. Dallas business owners don't worry about income tax and can thrive in an unrestrictive environment when it comes to land use, business permitting, and compliance costs.
Did you know the cost of doing business in Dallas is 7% lower than the national average? With excellent room to expand, minimal business costs and a real entrepreneurial spirit, it's an exciting time for business owners to build their company further, or consider the benefits of selling a business in Dallas in the current landscape.
Dallas Location, Infrastructure and Transport
Being centrally located in North America, Dallas allows you to ship to 98% of the US population within two days via ground transportation, or fly to any North American city within 4 hours. The economy is bolstered by an enviably robust transport network, covering road, rail and air, and epitomized by Dallas/Fort Worth International Airport, which hosted over 65 million people in 2016.
The volume of real estate available to business is expanding too. In the first quarter of 2015, Dallas-Fort Worth added more industrial property than any other U.S. city. It is no wonder that the area attracts such a broad wave of businesses, whether they are looking to launch a start-up company, expand their enterprise across the U.S. or moving headquarters altogether. Every month, new companies are exploding onto the scene in a city that is primed to offer the best chance for success.