The tech sector in Dallas-Fort Worth is fueling leasing activity locally.
by Bob Mohr | Originally published in D Magazine
When it comes to Texas and technology, people invariably think of Austin. And while it’s true the Capital City attracts a lot of tech talent and tech companies, it’s a mistake to overlook Dallas-Fort Worth, which is a tech hub in its own right.
Consider this: 14 Dallas-area companies ranked in Deloitte’s 2021 Technology Fast 500, an annual ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Only 10 Austin companies made the list.
Technology is fueling DFW’s economic engine. As more companies in the metro hire tech talent to expand their business, the impact is rippling throughout DFW’s real estate markets, generating demand for housing, retail, industrial, and healthcare properties.
Is every company a tech company?
In DFW, tech employment is dispersed among a wide range of industries, from financial services to e-commerce. Moreover, the lines that define technology are blurring. Today, a vast majority of companies could be considered technology firms, based on the critical role technology plays in their operations.
For example, most people would agree that Texas Instruments is a tech company. It is expanding in North Texas with plans to build up to four new manufacturing plants in Sherman. The 300-millimeter semiconductor wafer fabrication plants could result in a potential $30 billion investment from TI. They could also support as many as 3,000 jobs once complete.
But what about Charles Schwab or Walmart? Though Schwab is a well-known financial services firm, it is adding 180 tech-specific roles in North Texas to handle the influx of new brokerage accounts it has seen during the pandemic. It already employs more than 5,100 people across DFW including 2,800 at its Westlake corporate campus. These new jobs are part of the company’s push to hire 700 tech positions nationally.