North Texas Region Moves up the Gross Metropolitan Product Ranks
December 14, 2015 at 6:00:00 AM
The North Texas region is routinely cited as an economic powerhouse with major relocations and expansions such as Toyota and State Farm announced on a regular basis. This growth has resulted in a Gross Metropolitan Product (GMP) for the Dallas-Arlington-Fort Worth Metropolitan Statistical Area (MSA) to $504.36 billion according to research compiled by the North Texas Commission.
“We often compare the North Texas region to other states and countries when speaking about the power of our region,” said Mabrie Jackson, president and CEO of the North Texas Commission. “This growth shows just how much the work of our economic development professionals is impacting the entire region.”
If compared with a state’s Gross Domestic Product (GDP), North Texas would be #9 between New Jersey (#8) and North Carolina (#10). This ranking moves up four spots from 2013. When compared with other countries, North Texas ranks #23 – up from #27 – with Nigeria at #24 and Taiwan at #22.
Much of this success is attributed to the 21 FORTUNE 500 companies headquarter in North Texas. According to calculations made by the North Texas Commission based on the 2015 FORTUNE 500 list, these companies collectively generated more than $807 billion in revenue, which is an increase of more than $13 billion from the previous year.
Like the state, North Texas has been experiencing phenomenal population growth with 1 person added to the population every 5 minutes, either by birth or in-migration.
“There is more opportunity in Texas – and North Texas – than anywhere else,” said Jackson. “A business-friendly environment, the center of the U.S. location, a world-class international airport and a can-do entrepreneurial spirit provides a perfect recipe for success.”
The GDP comparison calculations are based on data available from the Bureau of Economic Analysis from November 2015 and Knoema World GDP Rankings released in October 2015.
Established in 1971, the North Texas Commission is a regional non-profit consortium of businesses, cities, counties, chambers of commerce, economic development entities and higher education institutions in the North Texas region. The North Texas Commission improves the economic vitality, infrastructure and lifestyle of North Texas by marketing the region, promoting collaboration and advocating on critical issues.