Texas’ pro-business approach has been quite successful in attracting companies, with one of the largest effects of these relocations being growth in population and jobs. As mentioned in previous articles, people and jobs are the central drivers for an increase in multifamily demand. Walker & Dunlop states the DFW Metroplex has added over 1 million residents in the past decade and is projected to surpass the city of Chicago in population by 2030. In 2019 alone, Dallas Fort-Worth added over 120,000 new jobs to the region’s economy.
As we have seen over the past decade, companies are steadily choosing Texas as their new business home and forecasts show no signs of this trend slowing. Over the long run, the state’s lack of corporate and personal income taxes, along with a low cost of living, bode very well for the continual addition of people, jobs, and the demand for workforce housing grows ever larger.