Global DFW Benchmark Study Released

A two-year study of 21 top metropolitan areas in the world ranks the Dallas/Fort Worth region as 10th on a comprehensive index of economic competitiveness.

The index rating was based on 27 criteria which measured five areas of economic competition including access, business climate, quality of life, resources and talent.

DFW placed second in the category of business climate which focused on the costs and risks of doing business, efficiency of the political, economic and legal systems and tax requirements imposed on business operations among others.

The report said, “business climate is DFW’s strongest asset in the global competition. The very low costs of doing business here combined with the nation’s relatively stable institutions and competitive taxes boost DFW to second place, tied with Atlanta and outpaced only by Singapore.”

The Global DFW report was developed at the request of the Dallas Regional Chamber’s Economists Council which determined that a serious information gap existed regarding DFW’s competitive position in the global economy.

Dr. Lyssa Jenkens, Vice President of Business Information and Research for the Dallas Regional Chamber who led the study said, “Decision-makers in the public and private sectors need the information made available in this report to help guide the DFW region towards continued economic success.”

DFW ranked eighth in quality of life factors which for international research purposes include health, safety, and material well being including cost of living. The region tied with Houston, Chicago and Amsterdam in this category in which Tokyo places first.

In the three other categories DFW placed 10th in access tied with Atlanta, Chicago and Houston, 10th in resources, tied with Houston, and 11th in talent tied with Houston and Singapore.

James C. Oberwetter, president of the Dallas Regional Chamber said, “In this benchmark study North Texas shows tremendous capacity as a global competitor. The attributes, which make us such a great place in the U.S. to do business, now are exhibiting exceptional traction in the international arena. The region’s favorable business climate simply makes it a place which cannot be overlooked by businesses at home or abroad.”

Dr. Jenkens said, “The modern, global DFW which emerges in the report is a product of both globalization which has been underway for the past 30 years and the advent of DFW International Airport which opened at the time globalization began. As a result, the Dallas and Fort Worth areas formed into an integrated economic region which has grown today to be the 12th largest metropolitan economic region in the world.”

The report cites three specific strengths that have given DFW substantial standing in the global economy: logistics and trade, high technology, and advanced services. Advanced services include high-level corporate management and control functions such as financial, professional and technical services.

The Global DFW report contains data which indicates the region faces challenges to be more competitive including creation of a more robust talent base as well as continued development of the region’s logistics infrastructure. These issues and others will be addressed in more detailed studies in the months ahead.

The cities against which the DFW region competed included: Shanghai, Seoul, Hong Kong, Mumbai, Singapore, Toronto, Amsterdam, Paris, Tokyo, Atlanta, New York, London, Los Angeles, Chicago, Houston, Frankfurt, Melbourne, Sao Paulo, Monterrey and Miami.

The Dallas Regional Chamber’s Economist Council is comprised of 13 local economists and thought leaders. The council is currently chaired by Chamber board member Vince E. Puente, Sr. President of Southwest Office Systems, Inc. Terdema Ussery, President & CEO of Dallas Mavericks/HD Net, is the immediate past chair and was instrumental in the creation of the study. The mission of the Economist Council is help the Chamber ensure that decision-makers have access to the most timely and accurate information about the Dallas-Fort Worth region.

The Dallas Regional Chamber promotes prosperity through public policy, economic development and member engagement.

For more information about the Global DFW study please visit www.dallaschamber.org or call
214-746-6600.

Lyssa Jenkens, Ph.D., Chief Economist and Vice President of Business Information and Research at the Chamber, will present the findings from the first phase of Global DFW at a breakfast on Wednesday, May 27 at the Park City Club, 5956 Sherry Lane in Dallas. Tickets are $30 for Chamber members and $45 for non-Chamber members. Registration begins at 7:30 am and the program begins at 8 a.m. Click here to register. For more information, please contact ksims@dallaschamber.org.