Key Economic Developments in the Dallas Market | December 2024

December 2024 Recap: Key Economic Developments in the Dallas Market

As 2024 comes to a close, the Dallas metro continues to showcase its economic vitality and growth potential. From significant job announcements to major developments in education, technology, and real estate, the region remains a hub for opportunity. Below, we highlight some of the key stories from December 2024.

Job Growth Fuels Economic Expansion

Geico to add 500 jobs in richardson

GEICO announced plans to expand its insurance offerings in Richardson, creating 500 new jobs in the process. Jason Andrukonis, GEICO’s Head of Commercial Insurance Operations, said in a press release, “We consider our investment today (in North Texas), a down payment that’ll help position GEICO to become the premier place for all small business insurance.” This initiative underscores the city’s appeal to major corporations and its growing status as a business-friendly environment. (CommunityImpact).

HAECO Global Expands to Dallas with $17.5M Facility

HAECO Global Engine Support will open a $17.5 million, 290,000-square-foot aviation engine repair facility in Dallas, backed by a $500,000 economic development incentive from the city. The project will create or retain 170 jobs, with 94 new positions and 76 relocating from Carrollton. “This new location represents a tremendous opportunity for growth, both for our company and for the local community,” said James Clarke, Executive Vice President of HAECO Global Engine Support.

Interim City Manager Kimberly Bizor Tolbert added, “HAECO Global will provide high-skill and high-paying jobs in Dallas, building a pipeline of Dallas workers for Dallas jobs.” This expansion highlights Dallas’s commitment to attracting high-value industries and fostering job growth. (Dallas City News).

Microsoft and QTS to Build Seven Data Centers in Irving

Microsoft and QTS Realty Trust are investing significantly in Irving with plans to develop seven state-of-the-art data centers. Microsoft will construct four facilities, leasing two by 2025 and the remaining two by 2026. These projects aim to occupy 500,000 square feet and increase business property value by $200 million by 2027.

QTS plans three additional data centers, expanding its campus by 1 million square feet and investing $350 million by 2029. Both companies qualify for a 50% property tax abatement over ten years upon meeting their development goals.

“These investments underscore Irving’s commitment to attract and promote high-value economic development opportunities, that include high-value industrial projects like data centers, that support the city’s sustained growth to enhance the outstanding quality of life for residents,” said Beth Bowman, CEO of the Greater Irving-Las Colinas Chamber of Commerce. This development cements Irving’s role as a growing tech hub, drawing substantial infrastructure and economic benefits.

Sagent Grows Footprint in Dallas

Sagent, a leading fintech software company that modernizes mortgage servicing for top banks and lenders in the U.S. announced expansion plans in Dallas, Texas. Sagent’s new Dallas office reflects the company’s focus on scaling its workforce in one of the nation’s fastest-growing cities. “Dallas is a vibrant mortgage servicing hub with an extremely talented workforce, which makes it an ideal location for Sagent to grow and innovate,” said Sagent CEO Geno Paluso in a Business Wire article. With this expansion, Sagent aims to strengthen its customer support and operational capacities, emphasizing the strategic importance of Dallas to its growth strategy. (Yahoo Finance).

Tech and Innovation Drive Economic Dynamism

Taiwanese Manufacturer Expands in Plano

Delta Electronics revealed plans to establish a new plant in Plano. This facility is expected to bolster the local tech ecosystem and create 1,500 high-paying jobs by 2031, solidifying Plano’s reputation as a tech hub. “As the most popular location in the U.S. for foreign direct investment over the last two decades and a national leader in advanced manufacturing, we know that Delta Electronics’ expanding facility continues to thrive in the Lone Star State,” said Adriana Cruz, executive director of economic development and tourism in the office of the governor of Texas. “It’s thanks to innovative companies like Delta Electronics that Texas will continue to create good-paying careers in high-demand industries and build future technologies.” (Dallas News). (WFAA).

iQHQ Fuels Tech Growth in Richardson

The biotech real estate firm iQHQ announced a new development in Richardson. By providing cutting-edge facilities, this project aims to attract startups and established companies alike, further advancing the city’s tech industry. Dallas-Fort Worth (DFW) is the fastest growing metropolitan area in tech, per data from the Computing Technology Industry Association. In 2023, DFW added 10,691 new tech jobs, ahead of New York City’s 8,312 in second most. Richardson saw tech growth firsthand with their employment in tech growing 97.17% from 2018 to 2023. According to city documents, iQHQ added around 9,500 jobs from 2014 to 2024. (Community Impact).

Education Investments Shape Future Talent

$60 Million Gift to Dallas College

The O’Donnell Foundation has pledged $60 million to Dallas College to strengthen its science, technology, engineering, and math (STEM) programs. Established by local philanthropists Edith O’Donnell and Peter O’Donnell Jr., the foundation’s donation supports efforts to improve higher education access and workforce development. As the largest private gift in the college’s history, the pledge also includes a $6.25 million grant to expand the Promise Scholarship Program.

“This moment marks a bold step forward in our mission to empower students and transform lives through the promise of higher education,” said Dallas College Chancellor Juston Lonon. This transformative contribution underscores the critical role of education in driving regional economic growth and preparing a skilled workforce to meet the challenges of the future. (Dallas Business Journal).

Western Governors University Expands DFW Focus

Western Governors University has launched initiatives aimed at supporting Dallas-Fort Worth students with programs designed to meet the needs of today’s economy. With over 500,000 new business applications filed and Texas ranking No. 14 in 2023 for business applications per capita, “The entrepreneurial spirit is alive and well,” said Mitsu Frazier, senior vice president and executive dean of the School of Business at WGU. Additionally, Eric Van Nostrand, assistant secretary of the Treasury for Economic Policy, emphasized the importance of small businesses, noting that half of all private-sector workers are employed by small businesses. These flexible, career-focused educational programs aim to address gaps in the workforce pipeline and support the growth of small businesses. (Dallas Business Journal).

Real Estate and Development Updates

Frisco’s Universal Kids Resort Takes Shape

Universal’s plans for a family-friendly resort and hotel in Frisco progressed this month. The 97-acre, kid-focused theme park is designed to boost the city’s appeal as a family and tourist destination, bringing significant economic benefits to the area. The project is expected to create thousands of jobs, including over 2,500 construction positions. Anticipated for completion by mid-2026, the resort will be located along the Dallas North Tollway in Frisco. (NBCDFW). (Local Profile).

New Porsche Dealership in Plano

Construction is set to begin on a state-of-the-art Porsche dealership in Plano, taking over the site of a former RTX plant. This 15-acre project reflects the ongoing transformation of underutilized spaces into high-value commercial properties. Demolition is likely to begin in early 2025, with construction on the new “state-of-the-art” dealership anticipated to be complete in the Q2 of 2027. Tony Carimi, area vice president at Park Place, said, “Dallas has a deep appreciation for luxury vehicles, and at Park Place, we’re devoted to delivering an exceptional luxury experience to our clientele.” (DBJ).

Sports and Entertainment Boost Regional Appeal

Frisco’s Development Boom Continues

Key developments such as Firefly Park, the Railhead entertainment district, and upgrades to Toyota Stadium are transforming Frisco into a vibrant entertainment and lifestyle hub. Firefly Park, set for completion in 2027, will feature a 190-room hotel, 130,000 square feet of retail and dining space, and more. With soccer’s growing popularity in North Texas, Toyota Stadium’s expansion includes 1.2 million square feet of corporate office space, a 200-room luxury hotel, and retail and dining options on the ground floor. These projects are a vital part of the city’s long-term strategy for sustainable growth and community enhancement. (Dallas Business Journal).

Conclusion: Looking Forward

December’s updates paint a promising picture for Dallas as we look toward 2025. With its vibrant job market, top-tier real estate opportunities, and expanding industries, DFW remains a prime location for growth and investment.

Whether you’re tracking commercial developments or exploring multifamily opportunities, Dallas is a market to watch closely in the coming months.

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