The overcrowded highways and competitive housing markets in the DFW area are a sign of its booming, rapid population expansion. With more and more businesses moving to the Dallas Fort Worth area, there are some definite growing pains. But don’t expect that trend to slow down any time soon!
American City Business Journals predicts that Dallas-Forth Worth’s population is expected to rise 53.4%—the 7th largest increase in the country—which would result in a population of almost 11 million by 2040. And, while this should be considered less-than-stellar news for your morning commute, it’s great news for the multitude of businesses that are flocking to DFW’s business-friendly environment. However, this honeymoon period may not last long.
The Institute for the Future released a report last month that found that DFW will experience some of the nation’s fastest growth in middle skill jobs, or work that requires some post-secondary education but less than a bachelor’s degree, in the next few years. According to their study, about 8 to 10 of these jobs will require digital skills. Unfortunately, just because the population in DFW is rising doesn’t mean that the population of qualified middle-skill and high-skill employees is going to meet the needs of local business.
Bill Hethcock , writer for the Dallas Business Journal, found that “a thinning talent pool for high- and middle-skill needs of employers is one of the top threats to North Texas’ continued prosperity”. If training incentives, tuition reimbursement, and relocation incentives aren’t put in place, many DFW companies will struggle because there won’t be enough middle-skill and high-skill employees to fill their growing needs.
Along with infrastructure growing pains, North Texas is feeling population and talent growing pains. If a business in DFW wants continuous prosperity, they should look into adding training incentives, tuition reimbursement, relocation incentives, or working with specialized recruiters to get ahead of the game and fill their organization’s growing middle-skill and high-skill talent needs before the shortage effects their business performance.