If you’re a budding entrepreneur, or perhaps considering a career transition so you can become your own boss, it’s important to keep up with the latest economic news in your area. For FranNet of DFW & Oklahoma, this includes the North Texas region, specifically the Dallas-Fort Worth metro area, and the state of Oklahoma. Keeping current tabs on the economy is a smart move if you’re considering the launch of a small business of your own. Now that 2023 is off and running, we’ve done a little bit of recent research to bring you a snapshot of current conditions.
As you’ll see, there are plenty of reasons to be optimistic – despite the current challenges facing the overall U.S. economy. In fact, what we discovered led us to coin a new nickname for the territories we represent – Entrepreneurville! Here are just a few reasons why…
A Red-Hot Jobs Report
In a recent news story, the chief economist for Comerica Bank, William Adams, made a bold statement about the environment for growth in Texas last year (2022). Stating, “The Texas economy was on fire,” he went on to share that simply focusing on the job growth numbers alone was indicative of the dynamic environment we’re operating in. Texas added more than 650,000 new jobs in 2022, growing 5% in all. That’s more than any other U.S. state and double the figure for our historical average. The incredible rate of domestic migration – those from other states coming to Texas – had a lot to do with this success, as it immensely expanded our labor force. As for the North Texas region, we led the way statewide, with 5.9% growth. If you start a business here, chances are you’ll have the manpower you need.
We’ve Got a Vacancy
For franchisees that require a brick-and-mortar storefront location, site selection can be vital to your success as a small business owner. This makes the current commercial real estate (CRE) outlook an important factor in your future plans. In 2022, the CRE market growth was fairly flat, with overall square footage absorption running behind the 2010-2019 average. The total vacancy rate continues to hover around 25% of all inventories, with more available via sub-leasing space. If you need a place to set up shop, you should have plenty of options.
Consumers are Confident
Another important factor to consider, when selling a product or service through a franchisor, is consumer sentiment. According to some of the latest data from Texas A&M’s Real Estate Research Center, the Texas Consumer Confidence Index has grown to 76.3 (on a 1-100 scale). That’s up sharply from 71.8 back in June 2022. Even with inflation and the threat of recession, consumers in this region remain nonplussed and ready to spend. And based on the latest figures for population growth, the entire DFW metroplex area could be home to some 15 million residents by the year 2050, making our region home to one of the largest cities in the world!
Oklahoma Post Strong Gains
Buoyed by strong demand in the oil and gas sector, Oklahoma’s economy surged last year – growing at the third-fastest pace in the country. Overall, the state’s GDP grew at an admirable 5.5% rate. Statistics like these helped Oklahoma pull in record tax revenue in 2022, upwards of $17.4 billion – a 15% increase over 2021. It would appear that our neighbor to the north looks just as vibrant and healthy for economic opportunity and expansion as it does in the Lone Star State.
So far, it looks like the region’s economic fortunes have picked up right where they left off last year. That’s great news for anyone currently considering an entrepreneurial journey of their own. FranNet of DFW & Oklahoma would love to continue this discussion with you. Simply reach out and we’ll schedule an appointment to hear about the plans you have in mind – all while offering the best advice we can share about the value of franchising your way to business ownership.
Let’s Chat!
If you’d like to know more about franchise opportunities and ownership, please get in touch. FranNet of DFW & Oklahoma is uniquely qualified to match your potential with the possibilities that come from small business ownership through franchising. All you have to do is allow us to be your guide. Our no-cost, no-obligation consultations have helped hundreds of entrepreneurs in North Texas and Oklahoma secure a future that belongs to them and them alone. If you’d like to get started on your own entrepreneurial journey, we’d love to introduce you to a whole new world of possibilities through franchise ownership.