
‘We’re in a good position’: Tarrant County among top economies in Texas
Downtown Fort Worth as viewed from Oakhurst Scenic Drive. (Rodger Mallison | Fort Worth Report)
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Tarrant County received high marks regionally in a recent SmartAsset study for business growth and gross domestic product growth.
Tarrant County was third in GDP growth with a nearly $68,000 increase and fifth in business growth with a 242% increase. The study looked at changes in different economic metrics over the last three years.
C.Y. Choi, an economics professor at the University of Texas at Arlington, said the numbers show the reality of the metroplex’s growth.
“The DFW area has grown much faster than any other compatible areas in the entire nation,” Choi said.
Business growth in Tarrant County is reflected in other studies. Fort Worth led the state as the best large city to start a business, according to a study from WalletHub earlier this year.
Tarrant County is not alone in the region in terms of GDP and business growth. Dallas, Collin and Denton counties all share spots in the top 10 counties in the state for both categories.
“I think we’re in a good position,” said Charlie Powell, CEO of Ciera Bank, referring to Fort Worth’s business growth. “I don’t think we’re going to be able to stop — not that we’d want to.”
What is GDP?
Gross domestic product, or GDP, is the market value of services and goods produced and is the primary way federal and local governments calculate economic growth.
GDP is calculated by adding consumer spending on goods and services, business spending, government spending and net exports, which is calculated by subtracting imports from exports.
Another metric measured was real estate growth. The top 10 counties in the state ranged from 35 to 65 new building permits per 1,000 homes, and Tarrant County lagged behind with just over 16.
Dallas County had 12 new building permits per 1,000 homes, while Harris County had 17.
Metro areas of both Dallas and Houston experienced the largest population growth between 2022 and 2023, according to the U.S. Census Bureau.
Despite the current affordable housing crisis in Fort Worth, Choi doesn’t see the current indicators of housing permits as a major problem.
“The influx of population has outpaced the growth of supply of housing units, so that pretty much triggers the bottleneck situation we are facing now,” Choi said. “The supply always follows demand, that’s how there’s a time lag between demand increase and supply response. The supply, unfortunately, cannot respond to the very fast-changing demand.”
Current trends in the metroplex mimic past population booms across the country, and the increased demand for housing is a sign of a good healthy economy, Choi said.
“From the demander’s viewpoint, yes, it is not pleasant, and even agonizing that they cannot find houses in a timely manner,” he said. “But this is pretty much the bottleneck this economy should go through.”
Ismael M. Belkoura is a reporting fellow for the Fort Worth Report. Contact him at ismael.belkoura@fortworthreport.org.
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