By Mike Rosa, Senior Vice President, Prosperity & Economic Development
Last month, Gov. Greg Abbott announced a five-year statewide economic development strategic plan to continue Texas’ economic growth—just days before he announced the state had won its 13th-straight Governor’s Cup for success in economic development.
The DRC was asked to contribute to the state’s plan, particularly the DFW regional profile, informing the plan’s economic snapshot of DFW.
Texas is at a great moment in time, and this strategic plan lays out how the state can continue to win. We are not resting on our laurels or banking on things never changing. This is a great time to think about the future. Texas is constantly growing, and within a great state, our region stands out as a diverse and desirable location.
The state’s plan amplifies our region
DFW is responsible for a third of the state’s economy. DFW would be a top 25 global economy all by itself, and Texas is eighth. Within the state’s strategic plan, you can see strong alignment with and consideration of our region throughout as the most impactful regional economy in the state.
Having a state-wide strategic plan helps communicate to companies and those that advise them the goals and strengths of the state, which align with the work we are doing here in the Dallas Region. We have a passion to be even better than we are, and with this guide, we know how to proceed.
A diverse economic powerhouse
Seeing state-wide sectors’ alignment with DFW tells corporations that we know our own strengths, and in DFW, you can find a balance and the best of Texas. We have many sectors represented in the DFW area that were highlighted in the state’s plan. Some focus areas, like finance and bio-life sciences, are in perfect alignment with DFW’s potential and a great match for the region.
With the construction of Goldman Sachs’ new $500 million campus, the launch of the Texas Stock Exchange from Dallas, and NYSE announcing a move of their regional headquarters to here from Chicago, “Y’all Street” is shaping up to become the new financial capital of the country.
Dallas’ Pegasus Park was announced as the Customer Experience Hub location for the statewide bid on ARPA-H, a federal agency established to accelerate better health outcomes. The DRC has attended conferences across the country, like the BIO International Convention in San Diego, the International Society of Pharmaceutical Engineering’s Annual Meeting in Orlando, and the iC3 Summit in our own backyard, to share the prestige of our region. With other notable designations, like being named a tech hub by the U.S. Department of Commerce and being chosen as the city for the first U.S. Pharma Aero Logistics Masterclass, it is no wonder the DFW Region is distinguishing itself as a hub for bio and life sciences. Just this month, Colossal Biosciences, based in Dallas, announced the world’s first de-extension by bringing back dire wolves.
We are also a magnet for company headquarters across sectors, with 37 headquarters announcements in 2024 and 223 in the past 10 years. Texas is also home to more Fortune 1000 companies than any other state, with 48 represented in the Dallas Region. DFW also has 22 Fortune 500 companies, showing a clear concentration of excellent corporations.
Other less obvious sectors, such as rare earths, food, and agriculture are also represented in our region. DFW has the advantaged position of targeting functions in addition to sectors. For example, financial services tend to cluster, and around those clusters come other services and trades. Together, these make a more diverse and economically stronger economic ecosystem.
No plans to slow down
Even though Texas is already No. 1, we are always looking to improve and have no plans to stop our progress. It is an impressive thing to live in a state that is at the top of their game, yet with leadership that still invests the time and resources to get better.
Having a statewide strategic plan for economic development will help get the smaller economies that make up Texas’ economy on the same page. Having aligned messaging will help to inform the legislature on taxes and regulations.
This focus on economic development across the state also sends a signal to companies and location decision-makers that there is a lot of enthusiasm and positive momentum in Texas to draw from and join.