Eric Griffin, Managing Director, Research & Innovation
The Dallas Regional Chamber (DRC) today launched an economic indicators series to regularly inform members, business leaders, elected officials, and the public about the current state of the regional economy.
The Dallas Region added more than 86,000 new jobs from March 2019 to March 2020, maintaining its status as the top U.S. location for job creation for the seventh month in a row, according to the inaugural DRC report. However, a timelier measure, initial unemployment insurance (UI) claims, indicates that the true employment situation is changing with unprecedented speed. New UI claims originating in the Dallas Region totaled 371,000 through April 25, a 1,225% increase over the same period a year ago. A decade of employment growth in the region has come to an abrupt halt due to pandemic conditions.
“Economy in Brief: Indicators for the Dallas Region,” presented by Bank of America, offers easily digestible insights into our economic landscape. The data points and analysis tools allow our business community to make informed decisions based on trends. Our reporting also measures the impact of COVID-19 on our economy.
“Companies are trying to make sense of what is happening in the economy today,” said Dale Petroskey, DRC President and CEO. “This new research product will be a pulse check on our region and an invaluable resource for decision makers.”
The brief’s current focus includes:
- characteristics of the workforce;
- changes in employment and unemployment;
- job posting activity; and
- business activity impacts.
“The Dallas Regional Chamber has been a leader for its members and our greater community during this unprecedented time of uncertainty,” said Jennifer Chandler, Dallas Market President for Bank of America. “Our support of the Economic Indicators Report stems from a shared vision to publish valuable information so decision makers and the business community have the power to make local, data-driven decisions that will foster economic recovery.”
The “Economy in Brief” serves as a more flexible companion to flagship DRC publications, including the annual Regional Economic Development Guide, which provides a regional overview of the economy for the purposes of corporate recruitment. This is an ongoing series that will be updated multiple times per month as new data and indicators become available.