Will North Texas remain the land of opportunity for small business owners? At FranNet DFW, we believe the answer is a resounding “Yes!” In honor of the time change, let’s “spring forward” 15 years and peek at some projections from the North Central Texas Council of Governments.
This advisory organization has put a lot of effort into crunching the numbers from 2000 to 2030, and the results are compelling. NCTCOG research suggests that the 10 county area of North Texas will be adding 1.5 million households (about 4 million people) and 2.3 million non-construction jobs over that short time span. Today, we’re more than halfway to the target date of 2030, and growth is still strong.
What Does This Mean for Career Opportunities?
According to the Dallas News and the Texas Workforce Commission, December marked the tenth month of job increases in 2015 (for a total of 166,900 new jobs last year). The state continues to show unemployment numbers below the national average. Over the next 15 years, North Texas should continue to provide many job opportunities as new businesses are formed, large companies move to the region, and existing organizations expand. That’s good news for friends and family who may be looking for a job. But it also represents a significant opportunity for entrepreneurs who are ready to venture out on their own as business owners.
Who Needs to Be Served?
That’s a key question to consider when investing in a franchise with an eye toward long term success. Population growth and a strong economy bring more customers to North Texas—and they have money to spend. Consumer-oriented franchises are poised to capture this revenue. According to the NCTCOG, a large percentage of the new residents moving to this area are young to middle-aged professionals who have families. That’s why businesses that cater to the interests of kids are a hot topic right now. For example, a popular children’s hair care franchisor is very interested in connecting with potential franchisees to serve the local market.
The aging population in DFW is a source of opportunity for business growth as well. In 2006, seniors (65-84 years old) represented just 7% of the population. By 2030, that percentage is likely to be around 13%. Franchises in the senior care sector (both medical and non-medical) are poised for rapid growth as a result.
Discover Targeted Franchise Opportunities
At FranNet DFW, we keep a close eye on regional trends to help match prospective business owners with the right opportunities at the right time. Don’t miss our April 13th Franchise Showcase where you can meet with successful franchisors who are expanding in the DFW area. This is a no-cost event that you won’t want to miss. Register here to reserve your spot!