A series of corporate relocations, steady growth in real estate development and a jobless rate that is consistently below the national average have all made the Dallas region’s economy a top performer among major metro areas in the United States.
The most significant development as of late is Toyota North America’s pending move to the Dallas suburb of Plano. Work started in January 2015 on a new headquarters complex for the automaker, which will bring an estimated 4,000 jobs to the region sometime in 2017 when the project is complete.
The 12-county metro region is anchored by the cities of Dallas and Fort Worth. Major industries include technology, higher education and aviation. Aside from energy industry giant Exxon Mobil, the Dallas metro region is home to 17 other Fortune 500 companies’ headquarters, including telecommunications interest AT & T, retailer JC Penney and aviation company Southwest Airlines.
Elsewhere in the area’s suburbs, State Farm Insurance Co. recently consolidated its local offices in the City of Richardson at a new, 2-million-square-foot complex. Another large-scale real estate development, Grandscape, spans 433 acres in The Colony, a community located about 30 miles from Dallas. The project’s largest property is a Nebraska Furniture Mart that opened in the spring of 2015 and employs more than 2,000 workers. Overall, Grandscape will have 3.9 million square feet of retail, entertainment and restaurant offerings when complete.
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