DFW Projects 1.5% Annual Population Growth Through 2024

Population and job growth in Dallas-Fort Worth is largely considered one of the strongest in the country, with CBRE projecting a Dallas population growth rate of 1.5 percent per year through 2024. Another projection indicates Dallas will have an unemployment rate of 3.9 percent in 2024, 1.6 percent less than the national average.

As a result, DFW has been a consistent multifamily performer in the past year, with high renter demand in first and second quarters of 2020 despite the economic upheaval caused by the pandemic. In addition, the Dallas area was mostly unaffected by job loss during the pandemic as businesses continued to relocate to the area, adding nearly 25,000 professional and financial jobs in 2020.

“Texas, especially Dallas-Fort Worth, has been remarkable in its economic resilience during the pandemic,” said Ammanuel Metta, senior director of acquisitions at TruAmerica and head of the firm’s Central U.S. office in Dallas. “Dallas is home to key businesses that can support the projected increase in population in coming years. As businesses continue to flock to metro areas such as Dallas, we expect the Southwestern U.S. will grow as a business and financial powerhouse, and the demand for rentable units will also likely increase.”