Fort Worth has now stepped out of its neighbor to the east’s economic shadow with its own report from the Federal Reserve Bank of Dallas.
The publication now aggregates data for Fort Worth and presents an economic picture of the city that is separate from Dallas.
Before, the Dallas Fed published economic indicators for Texas and eight regions in its district — not including Fort Worth. The ninth regional report is scheduled to be published bimonthly, according to the Dallas Fed.
“This is more proof that Fort Worth is on the move,” said Robert Allen, president and CEO of the Fort Worth Economic Development Partnership. “The last two years have seen major companies like MP Materials and Wistron coming to Fort Worth and more than $10 billion in capital investment and 11,000 new jobs.”
Fort Worth was recently recognized as the 10th-most populous city in the country, according to the U.S. Census Bureau’s new list.
Steve Montgomery, president and CEO of the Fort Worth Chamber of Commerce, said the new datasets will make the city more attractive for expansion and investment.
“For business leaders, lenders, developers and policymakers, having a clearer picture of Fort Worth’s economy can lead to better decisions, lower perceived risks and more efficient allocation of capital and resources,” he said.
The new report will help the Dallas Fed track Fort Worth’s growth and continued economic development while monitoring issues that come with such growth such as the rise in home prices, said Pia Orrenius, vice president and senior economist at the Dallas Fed, in a news release.
“Fort Worth has experienced a surge of population and economic growth, broadening its economic base while maintaining its unique strengths in energy, transportation and distribution, and manufacturing,” she said.
The Fort Worth side of the metroplex has historically lagged behind the Dallas side in terms of economic performances, according to analysis from the Fort Worth Economic Development Partnership. However, the Fort Worth area showed explosive growth between 2019 and 2023, with gross domestic product surging by 36%, according to the organization’s analysis.
A look at the report
In the first separate report, the Dallas Fed reported that May data indicated Fort Worth’s job growth continued for the month, though slightly slower than in April. Meanwhile unemployment was flat and housing demand declined.
Other key indicators from the new report include:
- Employment in Fort Worth rose an annualized 1.6% in May after rising 2.6% in April.
- Fort Worth job growth in the three months ending in May was 3.4%.
- Fort Worth has a notably higher share of jobs in trade, transportation and utilities (23.9%) compared to Dallas (19.5%) and Texas (19.4%). It also exceeds Dallas (6.5%) and Texas (6.8%) in manufacturing employment at 9%.
- Fort Worth unemployment was unchanged at 4% in May. The jobless rate for the month was 4.3% in Texas.
- The average nominal hourly wage in Fort Worth ticked down to $37.23 in May but was up 3.4% from year ago levels.
- The median sales price of a home in Fort Worth was unchanged at $355,000 in May, a 0.6% decline from one year ago.
Read the full report here: Fort Worth Economic Indicators
Bob Francis is business editor for the Fort Worth Report. Email him at bob.francis@fortworthreport.org.
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