A quick look at the monthly Federal Reserve Bank report
Dallas-Fort Worth enjoyed an economically prosperous year last year, outpacing the rest of the state and the country. DFW employment grew at vigorous pace — more than a percentage point faster than the state and nation, according to the most recent Federal Reserve Economic Indicators report. There was a bit of deceleration in the business cycles of both Dallas and Fort Worth, though overall growth was positive
- Last year, Dallas Fort Worth added 92,300 jobs. Texas added 188,000.
- Overall, DFW employment was up very slightly in December. Strong growth in Dallas was tempered by declines in Fort Worth.
- A wide variety of jobs were created in the region in 2016. The professional and business services sector grew at the fastest rate. Other high performers included construction and mining, leisure and hospitality, and education and health services. All eleven categories measured by the Fed, with the exception of Leisure and hospitality grew faster in DFW than in the rest of the state in 2016. Manufacturing, construction, and information were most notable in that they shrunk overall in the rest of the state but grew in the DFW region.
- Dallas added more jobs than other cities in job growth at 3.3 percent in December. Dallas’ success can be attributed to its mix of industries, which mirrors the US economy. The Fed believes that Fort Worth’s slower job growth is because it relies more heavily on the manufacturing and energy sectors than Dallas does.
- Unemployment rates in both cities rose slightly in December, though both cities have unemployment rates lower than the US average.
- According to the Fed report, “the DFW area is a major U.S. trade and distribution hub due to its central location and the presence of several road, rail and air cargo routes. Employment in the trade, transportation and utilities sector makes up just over a fifth of the metro’s total employment.”