Over the past five years, the Dallas and broader Texan economy has seen marked growth by nearly every metric. This economic strength meant that Dallas was overall well equipped when the COVID-19 pandemic hit and forced many industries to shut down and bodes well for the economic future of the city. Keep reading…
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The current unemployment rate for Dallas is around 7% which is roughly half of the peak national unemployment rate in April 2020 and remains several percentage points below the national average. The hardest-hit sectors in the city, as is true for most of the country, include the hospitality, restaurant, and transportation industries. Each of these sectors saw thousands of jobs lost but are on track for recovery as the city looks toward reopening. Dallas also has a promising future for job growth across the board in all sectors.
It has added an average of 100,000 new jobs annually for the past five years and, even in 2020, had job growth of over 80,000. That number does not reflect the full course of the coronavirus pandemic but is a testament to Dallas’ staying power in the national job market. The average salary in Dallas is around $70,00 annually, which is slightly above the national average and complimented by the city’s comparatively low cost of living.
The largest job sectors in the city include transportation, data sciences, medicine, and education. Some of the largest employers in Dallas include the Dallas Independent School District, a variety of healthcare companies, AT&T, and Southwest Airlines. The technology sector in Dallas is also on the rise, with several startups laying their roots in the city. Such companies include Montages Resources and Hedera Hashgraph, both of whom are fresh-faced multi-million dollar companies with stakes in the energy and financial sectors.
The Dallas business scene is also increasingly diverse, with the number of Black and Hispanic business owners in the city rising significantly in the past year and drawing national economic attention from corporations looking to expand and open a branch in Dallas. When viewed holistically, it is no wonder why Dallas has established itself a hub of economic activity and an ever-resilient job market with a uniquely diverse variety of opportunities and career paths for its residents.