<\/p>\n
The sun rises behind downtown Fort Worth\u2019s skyline on Friday, September 9, 2022.<\/p>\n
Amanda McCoy<\/p>\n
amccoy@star-telegram.com<\/p>\n
The Fort Worth-Arlington area economy expanded in May, with payroll employment and hourly wages increasing, according to the Federal Reserve Bank of Dallas<\/a>.<\/p>\n The report, published July 6, was the first solely for Fort Worth as previous numbers have been included with Dallas.<\/p>\n \u201cFort 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,\u201d said Pia Orrenius, vice president and senior economist at the Dallas Fed. \u201cWe\u2019ve added the area to our list of regular economic indicators so we can track its growth and continued economic development, while monitoring issues that come with such growth, like a rapid rise in home prices.\u201d<\/p>\n Employment and wage increases<\/p>\n The employment rate in Fort Worth rose an annualized 1.6% in May, compared to 1.2% in the state. For three months ending in April, job growth in Fort Worth was 3.4%, higher than Texas\u2019 rate of 2.3%. Industries including professional business services, trade, transportation and utilities, leisure and hospitality, construction and mining and financial activities saw the highest growth. Employment declined in information, other services and manufacturing.<\/p>\n Hourly wages also increased from last year, with the average nominal hourly wage at $37.23, a 3.4% increase from $35.99 one year ago. Though still below the national average hourly wage of $37.64, Fort Worth wages are higher than the average Texas hourly wage of $35.07.<\/p>\n Unemployment in Fort Worth remained at unchanged at 4%., lower than the state average of 4.3%.<\/p>\n Education<\/p>\n Fort Worth has a mid-level education workforce, with a higher percentage of residents having some college or an associates degree than the state and national average, but a lower percentage of residents with a graduate or professional degree.<\/p>\n Fort Worth residents with a bachelor\u2019s degree earn more than those with a degree in other parts of Texas. Residents with some college or associate degree earn an average of $50,100 in Fort Worth, which is 4.5% higher than the national average and 6% more than the state average.<\/p>\n For graduate and professional degree holders in Fort Worth, median annual earnings were $85,200, which is 3.3% lower than the state average and 5.5% lower than the national average.<\/p>\n The pattern reflects the industrial makeup of Fort Worth with fields that generally employ those with mid-level educational credentials.<\/p>\n Housing<\/p>\n The housing demand slightly decreased by 1.7% in Fort Worth in May, after increasing by 3.4% in April. The median sales price of a home in Fort Worth was $355,000, down 0.6 percent from last year.<\/p>\n In Texas, home sales declined 0.7%, while rising 3.2% nationally.<\/p>\n Population<\/p>\n The population of Fort Worth continued to significantly increase<\/a>. Over the past 15 years, Fort Worth\u2019s population has increased 2.2% each year, growing faster than the Metroplex, Texas and the U.S. average.<\/p>\n Fort Worth officially exceeded 1 million residents in 2024, and in 2026 had 1.02 million residents. The Fort Worth-Arlington\u2019s population is 2.7 million, and is growing at a rate of 1.2% yearly.<\/p>\n
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