In a recent article by Forbes, Dallas was listed as one of the five cities that are poised to be the next “Silicon Valley Tech Hub.”
The Dallas region is seeing tremendous growth in entrepreneurial and technological activities. One of the region’s largest advantages is access to affordable real estate. Businesses, families, and real estate developers are flocking to the area as job growth soars and opportunities for innovation arise.
The Dallas Morning News revealed that office leasing in Downtown Dallas was at a 20-year high in 2014. For the first time since the 1980s, Downtown Dallas leased more office space than any of the surrounding business districts. Modern developments are popping up all throughout the region and creating new spaces for tech companies to expand their businesses.
“Over the past few years, we’ve seen an explosion of growth in the startup ecosystem and a national re-emergence of Dallas as a hub of innovation and technology,” said Jeremy Vickers, the DRC’s Vice President of Innovation. “This growth is due in no small part to the strong business climate, thousands of technology jobs, amazing startup infrastructure, and collaborative culture of North Texas.”
Want to know why tech companies are moving to Dallas? Here are the top five reasons why Dallas is the next big tech hub:
1. Resources. Dallas startups raised $639 million in Venture Capital in 2013, which is more than Houston and Austin combined. The region has more than 50 organizations that are dedicated to increasing capital and equipping the entrepreneurial community for success. Check out our new interactive map of startup resources in the Dallas region: dallaschamber.org/startups.
2. Location, location, location. Not only does the Dallas region have affordable property, but the centralized location also makes it easy to work with other businesses across the United States.
3. Strong economic outlook. During the Economic Outlook Summit in November 2014, a panel of experts predicted faster economic growth for the DFW area than for the United States over the next five years. Click here to read about the panel discussion.
4. Vibrant tech community. In 2014, Dallas was ranked the fourth best tech city in which to work by SmartAsset. Texas Instruments, AT&T, ExxonMobil, HP Enterprise Services, Dell Services, and XEROX are just a few of the major technology companies that have a strong presence in the Dallas region.
5. Business-friendly environment. With no state or local income tax, Texas already has an advantage over other areas. Texas was ranked number one state for doing business by CEO Magazine in 2014. Forbes has also listed Dallas as a Top 10 place to launch a new business. In addition, the U.S. Chamber of Commerce ranks Dallas as the leader in efficient business regulation.
The DRC is also supporting the first ever Dallas Startup Week, which is taking place in Downtown Dallas this week. Over 10,000 startup founders, investors, designers, and developers are engaging in more than 100 activities. Check it out!
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