With three cities landing consistently in the top 10 choices for corporate expansion, Texas clearly has a lot to offer. Between Dallas/Fort Worth, Houston, and Austin, almost any checklist of business needs can be filled.
- Infrastructure? Check.
- Financial incentives? Check.
- Talented local workforce? Check.
- Community and culture for your employees and their families? Check.
Outdated perceptions of Texas as a fly-over state with regressive ideas and values are just that: outdated. In reality, it’s one of the fastest-growing states in the nation.
Texas has an effective game plan to encourage investment and growth throughout the state, attracting a growing list of companies such as Tesla, Charles Schwab, Kubota, State Farm, and Apple. These companies and the influx of young, educated, and skilled workers they bring with them or hire locally are taking advantage of the excellent regional infrastructure, housing, and schools that Texas’ many thriving cities provide.
The DFW area in particular has led the charge and become a cultural and economic powerhouse. Yet while it is certainly attracting many large corporations, the opportunities and incentives available for small and medium-sized businesses are just as plentiful and valuable.
For starters, the DFW area enjoys all the benefits of Texas at the state level, including a favorable cost of living, no corporate or individual income taxes, a business-friendly legal system, and the second-highest GDP in the country. This includes statewide financial incentives and tax relief such as opportunity zones, data center incentives, the Texas Enterprise Fund, and the Enterprise Zone Program.
It is also home to DFW International Airport, one of the biggest and busiest airports in North America. The demographic base has been expanding, welcoming and growing new talent in the community. For the past 7 years, employment growth in DFW has outpaced the U.S. economy in many industries, including avionics, aerospace engineering, logistics, supply chain services, and manufacturing.
Beyond that, the DFW metroplex consists of numerous smaller and medium-sized cities, most of which provide additional opportunities and incentives through EDCs. For example, Frisco and Plano.
For two decades, Frisco has been one of the fastest-growing cities in the country. The groundwork for this growth was laid in 1991 when they created the Frisco Economic Development Corporation (FEDC). Through long-term planning, they’ve completed more than 350 projects. The jobs created and capital invested continue to grow thanks to a long list of incentives they are able to offer, which include but aren’t limited to:
- Freeport exemptions
- Training grants
- Foreign trade zone designation
- Infrastructure incentives for retail
Along with Frisco, Allen, and McKinney, Plano is among the 100 most affluent communities in the nation. It’s no wonder that Liberty Mutual, Fannie Mae, and JP Morgan Chase have all made big expansions in Plano. Toyota even chose to relocate their North American headquarters to the area. Among the incentives the Plano EDC offers are:
- Tax abatements
- Training grants
- Economic development grants
- Tax increment finance
With so many options and factors to consider, you’re going to want someone who knows the market to help you find the best fit for your business. Your Sidecar CRE financial advisor will help you navigate the market using your business profile and goals as their guide.
Our comprehensive market research and analysis including GIS analytics will help ensure you are positioned to succeed. This involves making sure your location, site, and space(s) are part of a corporate real estate portfolio moving you closer toward your long-term goals.
And as you move forward, our Advisors will help you connect with the right people, from the state level to your local EDC to the talent that will help build your workforce. Sidecar is here for the long haul, making sure that you enjoy every benefit of moving to Texas as the next step in your commercial real estate journey.