North Texas enjoyed robust population growth in the past decade, adding more than a million new residents since 2010.
Laila Assanie, a senior business economist at the Federal Reserve Bank of Dallas, told KERA Radio that the influx strengthened the economy and the job market of the Dallas-Fort Worth metroplex, which is the fastest growing of the large metropolitan areas in the nation.
According Assanie, more than half of new residents to North Texas migrated from outside of Texas. Thirty-three percent came from other states such as California and neighbors Oklahoma and Louisiana while 20 percent are immigrants.
Assanie said that job growth is not just limited to one area but has been widespread at best.
“It’s not as if we’ve seen growth just in the urban core or just in the suburbs,” she said. “We’ve actually seen growth in the northern suburbs, in the southern suburbs and in the central city as well.”
The population boost has made DFW the top apartment market in the nation, with the region adding more than 150,000 apartments since the beginning of last decade, she noted.
In addition to positive job growth, the region’s economy diversified. Assanie told KERA that nearly a million new net jobs were created in the area over the past decade. Only the country’s top two largest cities, New York City and Los Angeles, best Dallas in the category.
According to Assanie, four sectors that benefited from the growth were finance and insurance, professional and business services, transportation and warehousing.