Forbes magazine has named Dallas the best city in the country for job growth, citing employment expansion in the Metroplex by 20.3 percent in the last five years and year-over-year increases by 4.2 percent.
The magazine also accounted for Dallas’ diverse industry strength, notably in aerospace and defense, insurance, financial services, life sciences, data processing and transportation. Forbes also noted job growth in Dallas’ lower-paid sectors, like retail, wholesale trade and hospitality.
In 2016 alone, Dallas had a 4.1 percent expansion in manufacturing employment, 5.2 percent in business professional services and 2.9 percent in the information industry, according to Forbes.
Forbes’ rankings are based on short, medium and long-term job growth dating back to 2005 and the momentum with which that growth has taken place. In past years, San Francisco and San Jose have topped the list. The cities rank 2nd and 8th this year, respectively.
The magazine attributed Dallas’ growth to its low housing and living costs that run contrary to rising costs in major hubs like New York and San Francisco, which have priced companies and residents out of the real estate markets. These factors, Forbes reported, could be key determinants in future regional growth.