The Dallas-Fort Worth economy expanded in December. While job growth was lackluster and unemployment rose during the month, DFW Employment grew to a vigorous 2.7 percent in 2016 – more than a percentage point faster than the state at 1.6 percent and the nation at 1.5 percent. Dallas and Fort Worth business-cycle indexes decelerated in December though growth remained positive. The DFW office and industrial markets ended the year on a strong note.
- DFW employment grew an annualized 0.1 percent in December, compared with -0.1 percent at the state level.
- DFW employment growth was broad based in 2016 and accelerated in the second half of the year.
- Dallas led the major Texas metros in 2016 job growth at 3.3 percent. Continued healthy growth in the US economy has supported Dallas because its industry mix closely mirrors that of the nation.
- Leasing activity remained strong in DFW thanks to solid job gains, with nearly 700,000 square feet of positive net absorption in the final quarter of 2016 bringing the 2016 total to 5.2 million square feet, according to CBRE Research.
- DFW Industrial demand was robust in the fourth quarter, with net absorption of 3.9 million square feet, according to CBRE Research.
- The DFW industrial market set a record last year with over 25 million square feet of space absorbed, much of it in two submarkets, South Dallas and North Fort Worth (about 21 percent each).
Information gathered from the Federal Reserve Bank of Dallas website. For more Dallas Economic updates: Click here
January 27, 2017