FranNet of DFW & Oklahoma is back with another good-news update for our weekly blog series. By all accounts, the Texas economy continues to show signs of robust growth and possibilities. Even in the face of higher interest rates – meant to slow the unusually high rate of recent inflation – the Lone Star state is adding jobs, increasing its population, and energizing an environment that’s favorable for business and franchise ownership. Employers statewide are continuing to expand their workforces, with the DFW Metroplex leading the way over all other major Texas cities.
Let’s review some of the most recent updates that reveal the resiliency of industry and commerce in our territory…
Latest Job Numbers
The Dallas Fed has reported on economic indicators through July, painting a picture of prosperity that continues to be a sight to behold. Approximately 73,000 workers were added to payrolls in the state, the second biggest gain of 2022, at 6.1% growth. For the Dallas metro area, it was even higher – at 8.4%, as Dallas Fed senior economist Pia Orrenius notes, “People are flowing back into the labor force in our region. We’ve had so much labor force growth and we have a pretty high labor force participation rate — it’s actually recovered from the pandemic. Obviously, employers are eager to hire, as you can tell with these tremendous job gains.”
Migration Continues Unabated
Again, not even the steady climb of interest rates put the brakes on hiring in Texas. As fast as people have been relocating to our state, there’s still plenty of work to be found. In a year-over-year comparison, interstate relocations are up 11.8% – higher than any other state in the U.S. And there’s plenty of credit to go around. A recent ThinkyWhy survey reveals that DFW ranks No. 1 in the U.S. job market, followed by Austin at No. 2, and Houston at No. 6.
Texas Generates Record Revenue
The tax revenue generated within the state just hit a record – as Texas collected $77.2 billion through the fiscal year ending in August, up 25.6% year-over-year. According to state Comptroller Glenn Hegar, there’s plenty of reason for continued optimism. “Over the last many months, economic growth and inflation have driven higher sales tax collections as demand remains strong and businesses and consumers continue to pay elevated prices for goods.”
Good economic news and positive reports from leading indicators are always a welcome sign for the entrepreneurial industry, as this environment favors new business ownership. With 2022 winding down, there’s still time to explore the possibilities of franchise ownership before the year is out. Doing so now means you’ll still be investigating your options in a favorable environment.
If you or someone you know would like to explore an entrepreneurial future, there’s no better time than the present. Simply reach out and schedule a no-cost, no-obligation meeting with FranNet of DFW & Oklahoma. We’ve have helped hundreds of entrepreneurs in North Texas and Oklahoma become their own bosses and secure a financial future that belongs solely to them. And we can help you do the same! Give us an opportunity to guide your personal entrepreneurial journey, and we’ll introduce you to a whole new world of possibilities through franchise ownership. Getting started with your personal entrepreneurial profile is easy – just ask us how!