page_title: Dallas
section_title: Economy
hierarchical_section_title: Dallas / Economy
caption_attribution_description: English: Depicts the west wing
context_page_description: Dallas is a city in the U.S. state of Texas and the largest city and seat of Dallas County, with portions extending into Collin, Denton, Kaufman and Rockwall counties. With an estimated 2019 population of 1,343,573, it is the ninth most-populous city in the U.S. and the third-largest in Texas after Houston and San Antonio. Located in North Texas, the city of Dallas is the main core of the largest metropolitan area in the Southern United States and the largest inland metropolitan area in the U.S. that lacks any navigable link to the sea. It is the most populous city in the Dallas–Fort Worth metroplex, the fourth-largest metropolitan area in the country at 7.5 million people.
  Dallas and nearby Fort Worth were initially developed due to the construction of major railroad lines through the area allowing access to cotton, cattle and later oil in North and East Texas. The construction of the Interstate Highway System reinforced Dallas's prominence as a transportation hub, with four major interstate highways converging in the city and a fifth interstate loop around it.
context_section_description: In its beginnings, Dallas relied on farming, neighboring Fort Worth's Stockyards, and its prime location on Native American trade routes to sustain itself. Dallas' key to growth came in 1873 with the construction of multiple rail lines through the city. As Dallas grew and technology developed, cotton became its boon and by 1900, Dallas was the largest inland cotton market in the world, becoming a leader in cotton gin machinery manufacturing.
  By the early 1900s, Dallas was a hub for economic activity all over the Southern United States and was selected in 1914 as the seat of the Eleventh Federal Reserve District. By 1925, Texas churned out more than ⅓ of the nation's cotton crop, with 31% of Texas cotton produced within a 100-mile (160 km) radius of Dallas. In the 1930s, petroleum was discovered east of Dallas, near Kilgore. Dallas' proximity to the discovery put it immediately at the center of the nation's petroleum market. Petroleum discoveries in the Permian Basin, the Panhandle, the Gulf Coast, and Oklahoma in the following years further solidified Dallas' position as the hub of the market.
  The end of World War II left Dallas seeded with a nexus of communications, engineering, and production talent by companies such as Collins Radio Corporation. Decades later, the telecommunications and information revolutions still drive a large portion of the local economy. The city is sometimes referred to as the heart of "Silicon Prairie" because of a high concentration of telecommunications companies in the region, the epicenter of which lies along the Telecom Corridor in Richardson, a northern suburb of Dallas. The Corridor is home to more than 5,700 companies including Texas Instruments (headquartered in Dallas), Nortel Networks, Alcatel Lucent, AT&T, Ericsson, Fujitsu, Nokia, Rockwell Collins, Cisco Systems, Sprint, Verizon Communications, XO Communications and until recently CompUSA (which is now headquartered in Miami, Florida). Texas Instruments, a major manufacturer, employs 10,400 people at its corporate headquarters and chip plants in Dallas.
  In the 1980s Dallas was a real estate hotbed, with the increasing metropolitan population bringing with it a demand for new housing and office space. Several of Downtown Dallas' largest buildings are the fruit of this boom, but over-speculation, the savings and loan crisis and an oil bust brought the 1980s building boom to an end for Dallas as well as its sister city Houston. Between the late 1980s and the early 2000s, central Dallas went through a slow period of growth. However, since the early 2000s the central core of Dallas has been enjoying steady and significant growth encompassing both repurposing of older commercial buildings in Downtown Dallas into residential and hotel uses, as well as the construction of new office and residential towers. The opening of Klyde Warren Park, built across Woodall Rodgers Freeway seamlessly connecting the central Dallas CBD to Uptown/Victory Park, has acted synergistically with the highly successful Dallas Arts District, so both have become catalysts for significant new development in central Dallas.
  The residential real estate market in the Dallas–Fort Worth metroplex has not only been resilient but has once again returned to a boom status. Dallas and the greater metro area have been leading the nation in apartment construction and net leasing, with rents reaching all-time highs. Single family home sales, whether pre-owned or new construction, along with home price appreciation, were leading the nation since 2015.
  A sudden drop in the price of oil, starting in mid-2014 and accelerating throughout 2015, has not significantly affected Dallas and its greater metro area due to the highly diversified nature of its economy. Dallas, and the DFW metro, continue to see strong demand for housing, apartment and office leasing, shopping center space, warehouse and industrial space with overall job growth remaining very robust. Oil-dependent cities and regions have felt significant effects from the downturn, but Dallas's growth has continued unabated, str
caption: Galleria Dallas, 2019
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