Economic and Demographic Data. Irving and Dallas/Plano/Irving

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1 Economic and Demographic Data Irving and Dallas/Plano/Irving

2 Acronyms ACS = American Community Survey HMA = Housing Market Area BLS = Bureau of Labor Statistics

3 Dallas Careers: Overview of Hot Careers in Dallas, TX Study.com Jobs in High-Tech Industries and Telecommunications Dallas, Texas is a thriving high-tech city sometimes referred to as the 'Silicon Prairie.' Companies such as Texas Instruments and Exxon Mobil help bring in over $1 billion dollars yearly into the area. Nearby is Richardson Texas, which is known as the 'Telecom Corridor' because it houses a large number of telecom organizations such as Southwestern Bell. Jobs in Accounting and Finance Careers in accounting and financial industries abound in the Dallas, Texas area. Local firms plan to add jobs in these areas at double the national average. Yahoo Jobs, lists finance positions as representing over 10 percent of all job openings in the region. Employers like Pricewaterhouse Coopers and Citigroup are strong companies with employment potential in Dallas for financial and accounting professionals. Jobs in Travel and Tourism The Dallas-Fort Worth area is the top tourist destination in Texas. Tourism provided almost 150,000 jobs here and brought in $15 billion dollars to the local economy according to the Dallas Fort Worth Area Tourism Council, Jobs in Shipping and Trucking Industries The Dallas-Fort Worth International Airport ships about a quarter of a million metric tons of international cargo each year. Dallas is a strong trucking distribution center, creating jobs for drivers and mechanics.

4 Forth Worth, TX Career Outlook: Fastest Growing Fort Worth Careers Study.com Forth Worth: Economic Overview Fort Worth was known as a manufacturing and defense center through much of the 20th century. Near the end of World War I, oil was discovered nearby, leading to a boom in refining, crude oil operations, and construction. Since that time the regional economy that has experienced diversification, as military bases have closed, oil fields have declined, and manufacturing has been outsourced to other countries. Now more integrated into the Dallas-Fort Worth metropolitan economy, Fort Worth is a center for services, start-up companies, and transportation. Fastest-Growing Sectors in the Fort Worth Economy Since the defense industry, once a major source of employment in Fort Worth, has declined in importance, other areas of the economy have stepped up to continue growth. Fast-growing areas include finance, electronics and engineering. Other promising sectors include: Transportation A major center for transnational trucking, air shipping and rail transport, Fort Worth's location near the middle of the country and status as a U.S. Port of Entry makes it an ideal center for the transportation of people and goods, offering strong career options for workers such as truckers, dispatchers, and transportation brokers. Tourism According to city-data.com, in 2004 Forth Worth received 8.7 million visitors, collectively spending $1.2 billion in the city. With the opening of entertainment destinations like downtown's Sundance Square, tourism is on the march-and that means plenty of jobs for hospitality workers like tour operators, servers, and bellhops. Aeronautics Fort Worth is one of America's most aircraft-crazy metropolises. American Airlines is the city's largest employer, and aeronautic research and manufacturing enjoy a long history in the area. Other employers in the sector include Lockheed Martin's Aeronautics Division and Texas Aviation Services.

5 DFW Economic Indicators Federal Reserve Bank of Dallas, August 25, 2015

6 Summary The Dallas Fort Worth economy expanded strongly in July. Year to date, the metroplex has created jobs at a 2.4 percent annualized pace, outperforming both the state s 1.3 percent and the nation s 1.8 percent rate. Home sales rose at a solid pace in July, and demand for office space remained strong in the second quarter. Unemployment in Dallas and Fort Worth held steady in July. Dallas Fed business-cycle indexes point to continued growth for the metroplex.

7 Employment Growth The 2.4% annualized employment growth is slower than the 4.1% last year.

8 Growth by Sector Employment in the goods-producing industries continues to contract, while service sector jobs grew strongly in the first seven months of the year. Among the service industries, leisure and hospitality services continued to register the fastest increase at an 8.4 percent annualized rate, followed by gains in other services and education and health services jobs. The leisure and hospitality sector accounted for a third of the increase in DFW payrolls from January through July. Payrolls in the construction and mining sector shrunk notably during the period, declining 4.7 percent (5,500 jobs), and manufacturing employment fell by 4 percent (6,200 jobs).

9 Housing and Offices Housing Housing market healthy with process continuing to increase. Six month averages show acceleration in recent months. Year over year sales up 9.6% in Dallas and 13% in Fort Worth. Home inventories tight at 2.2 months of supply. Office Vacancy Continues to see strong leasing activity. Sustained job creation driving demand for office space in the metroplex. Vacancy rates low even with strong construction. 7.3 million square feet of office space under construction second quarter.

10 Unemployment Unemployment Remains low. Lower than Texas and U.S. Unemployment is at a 14 year low, suggesting a very tight labor market in the metroplex. Business-Cycle Index Solid economic growth. Year over year up 6.6% in Dallas and 3.5% in Fort Worth thanks to job creation and declining unemployment.

11 Bureau of Labor Statistics Data Extracted September 2015

12 Total Dallas-Plano-Irving Nonfarm Employees (In Thousands, Jan. of Each Year)

13 2,500,000 2,400,000 2,300,000 2,200,000 2,100,000 2,000,000 1,900,000 1,800,000 1,700,000 1,600,000 1,500,000 Total Dallas-Plano-Irving Unemployment (In Thousands, Jan. of Each Year)

14 12-Month % Change June 2014-June 2015 Top Growth Industries Total Nonfarm 4.1% Education and Health Services 5.8% Leisure and Hospitality 6.4% Professional and Business Services 6.6% Lowest (or No) Growth Industries Manufacturing (0.7%) Information (1.6%)

15 Economic Development Profile 2015 Dallas Office of Economic Development, City of Dallas

16 Overview The Dallas area is home to 21 Fortune 500 companies. Dallas itself is home to 300 locally headquartered companies that each employ more than 1,000 globally. Of Forbes largest privately held companies, 7 are located in the Dallas area. DFW Economic Overview 6th largest economy by output (2013) 5th largest by personal income (2012) $447.6 Billion Gross Metro Product (2013) 1.5 Billion Sq. Ft. Commercial Space (May 2014) 95.8% of U.S. Average Cost of Living (2014) 4th largest population in U.S.

17 DFW Employment by Industry Industry City of Dallas DFW Professional and Business 19.1% 16.0% Trade, Transportation, and Utilities 18.6% 20.7% Government 14.6% 12.6% Health and Education 12.0% 12.3% Leisure and Hospitality 9.4% 10.4% Financial Activities 9.2% 8.0% Manufacturing 6.3% 8.1% Resources, Mining & Construction 5.1% 5.8% Other Services 3.2% 3.6% Information 2.4% 2.5%

18 Dallas and Texas Economy The Texas economy is strong and diverse. Major industry sectors include: Transportation Aerospace and defense Financial services High-tech electronics Energy Retail and wholesale trade Dallas-Fort Worth is the largest metro area in Texas and is economically strong: Has 25.8% of the total state population Produces nearly 30% of Texas total economic output Has 37% of Texas high-tech workforce

19 Commuting and Labor Shed The Downtown Dallas workforce: 53.0% live in Dallas County 10.2% live in Tarrant County 10.2% live in Collin County 6.8% live in Denton County

20 Comparative City, DFW and National Industry Jobs Mix Source: Texas Workforce Commission, Bureau of Labor statistics, (Annual 2014p).

21 Fortune 500 Companies Dallas is one of the world s leading corporate headquarters centers. It boasts: 21 Fortune 500 companies and 41 Fortune 1000 companies in DFW 7 companies on the 2014 Forbes list of America s Largest Private Companies (DFW) 656 total headquarters operations that employ at least 1,000 globally (DFW) Other DFW Fortune 500 companies Exxon Mobil American Airlines Group Fluor Corp. Kimberly-Clark J.C. Penney GameStop D.R. Horton, Inc. Commercial Metals Celanese Dr. Pepper Snapple Group Alliance Data Systems Pioneer Natural Resources

22 DFW Top 25 Private Employers Wal-Mart Stores Retailer 52,700 American Airlines Group Airline 23,700 Baylor Health Care System Hospital, health care 22,000 Texas Health Resources Hospital, health care 16,205 Bank of America Banking 15,400 JPMorgan Chase Banking 13,000 Texas Instruments Semiconductors 13,000 Lockheed Martin Aeronautics Aviation, aerospace 12,600 HCA North Texas Division Hospital, health care 11,612 Target Retailer 8,671 Southwest Airlines Airline 8,345 Verizon Communications Telecommunications 8,100 Raytheon Aviation, aerospace 8,000 Bell Helicopter Aviation, aerospace 6,500 Citigroup Financial Services 5,900 Cook Children s Health Care System Hospital, health care 5,611 Methodist Health System Hospital, health care 5,486 Wells Fargo Banking 5,271 Children's Health System of Texas Hospital, health care 5,200 The Kroger Co. Supermarket 4,935 Walgreens Retailer 4,451 Neiman Marcus Retailer 4,251 BNSF Railway Transportation/Trucking/Railroad 4,189 United Parcel Service Transportation/Trucking/Railroad 4,046 Ericsson Telecommunications 4,000

23 Research and Development A large concentration of high-tech companies and academic institutions make Dallas-Fort Worth a center for research and development in science and technology. Dallas-Fort Worth leads all metropolitan areas in Texas in the total number of utility patents granted since Dallas-Fort Worth Corporate R&D Activity R&D Spending (2014) Patents Granted ( ) AT&T $1.73 Billion 4,389 Texas Instruments $1.36 Billion 2,383 Exxon Mobil $971 Million 1,020 Kimberly-Clark $368 Million 585

24 % Job Growth Projected Jobs 80.0% Projected % Job Growth Rate & Levels Selected High Tech Occupations Dallas Workforce Development Area Selected High Tech Occupations Projected ,410 10, % 60.0% 50.0% 72.2% 6,630 9,000 8,000 7,000 6, % 43.1% 5, % 20.0% 10.0% 0.0% 310 Biomedical Engineers 830 Medical Scientists 34.5% 3,120 Radiologic Techs 32.1% 2, Database Administrators 28.1% 27.5% Biological Technicians Network & Computer Systems Engineers 26.8% 2,080 Petroleum Engineers 25.8% 25.5% 25.0% Systems Software Developers 1,380 Geoscientists, Hydrologists, Geographers 450 Geological & Petroleum Technicians 4,000 3,000 2,000 1,000 - % Job Growth Projected Jobs

25 Dallas-Fort Worth Labor Market By Occupation 2014 Occupation Workers Annual Wages All 3,168,590 $47,670 Architecture & Engineering 143,550 $120,510 Art, Design, Entertainment & Media 182,760 $75,400 Building/Grounds Maintenance 133,660 $83,310 Business & Financial 64,650 $83,810 Community & Social Services 17,230 $64,260 Computer & Math. Science 25,180 $47,650 Construction and Extraction 24,230 $100,740 Education, Training & Library 169,200 $49,660 Farming, Fishing & Forestry 34,860 $53,550 Food Prep. and Serving Related 160,390 $77,640 Healthcare Practitioner & Technical 71,720 $30,890 Healthcare Support 73,290 $41,230 Installation, Maintenance & Repair 281,400 $21,350 Legal 88,710 $23,050 Life, Physical & Social Science 87,260 $23,240 Management 354,740 $43,320 Office and Administrative Support 586,370 $36,110 Personal Care & Service 1,640 $23,310 Production 125,630 $37,850 Protective Service 127,330 $43,680 Sales and Related 186,770 $33,590 Transportation & Material Moving 228,010 $32,710

26 Articles

27 2015 Economic Forecast: Dallas September 12, Texas CEO Magazine

28 2015 Economic Forecast: Dallas September 12, Texas CEO Magazine Energy tops growth at over 9% but is only 2.6% of Texas jobs. Highest number of jobs added in professional and business services sector, with 1/3 in technical and scientific jobs. Next highest growth was in trade, transportation and utilities with retail the largest gainer. Labor shortages, especially in energy and construction especially welders, masons, and plumbers. Residential construction contracts are growing. In addition to the oil & gas jobs there are professional services, construction and manufacturing jobs within the energy sector.

29 Selections from the Perryman Short-Term Economic Forecast Estimated Change Estimated Change Percent Change* Absolute Change Dallas-Plano- Irving MD Fort Worth- Arlington MD Sherman- Denison MSA Metroplex Region The State of Texas Jobs 11.01% 10.25% 8.24% 10.71% 9.93% 9.21% United States of America Output* 22.03% 21.75% 20.04% 21.97% 21.50% 17.22% Jobs 259, ,362 3, ,125 1,193,112 12,804,618 Output $73, $25, $ $100, $321, $2,769,

30 The Economics Underlying the Texas Boom - Ralph Bivins, July 7, 2014 Urban Land The Magazine of the Urban Land Institute An allout economic boom has exploded in Texas, the result of a potent mixture of the energy industry s fracking extravaganza, population growth, and a rekindling of manufacturing. The state s unemployment rate of 5.7 percent in February was significantly lower than the 6.7 national rate, the U.S. Bureau of Labor Statistics (BLS) reported. Texas is clearly outperforming the U.S. economy. We came out of the recession early, says economist Jeanette Rice of Rice Consulting, based in Fort Worth. Texas is expanding, of course, because of energy. It s not just because of jobs in Houston, but it s also creating jobs in the Dallas/Fort Worth area. Shale is one of the big drivers for all of this state. ExxonMobil, based in Irving, Texas, did its part, too. The company is relocating about 2,000 employees to Houston primarily from Fairfax County, Virginia, and Akron, Ohio, and building a Texas sized corporate campus with 20 buildings containing 3 million square feet (279,000 sq m) of space on a 385acre (156 ha) site on the north side of Houston. Will ExxonMobile move employees from Irving to Houston?

31 The Economics Underlying the Texas Boom - Ralph Bivins, July 7, 2014 Urban Land The Magazine of the Urban Land Institute Dallas/Fort Worth is also gaining population, attracting new residents with jobs in insurance and financial services, as well as the region s appeal as a distribution hub. Dallas s future in the warehouse sector should also be bright as such ecommerce companies as Amazon select the city for distribution facilities. The Dallas/Fort Worth metro area added 108,000 residents in 2013, giving it 6.8 million people and securing its position as the nation s fourth largest metro area behind New York City, Los Angeles, and Chicago, and putting it one place ahead of Houston. Dallas s strong job growth has been highlighted by announcements of large development projects, including last summer s groundbreaking for State Farm Insurance s 1.5 million square foot (139,000 sq m) campus in suburban Richardson.

32 The Economics Underlying the Texas Boom - Ralph Bivins, July 7, 2014 Urban Land The Magazine of the Urban Land Institute The Texas boom escorted some challenges into the state. With such population growth, the need is great for infrastructure expansion, transportation improvement, and increased water supply, says Rice. The mayors of Houston, Dallas, and Fort Worth voiced support for a high speed bullet train linking the state s two largest metro areas, but that relief would be years away. The need for solutions to handle the massive population growth and provide Texans with viable transit, education, and housing infrastructure will challenge the state s leadership in the years ahead. The energy based hiring boom appears to be nearing a peak, and the sector s high growth pattern cannot be sustained forever.

33 Fast Facts About Irving, Texas (publication date unknown) Irving Convention and Visitors Bureau Irving's largest private employer is the hospitality industry; local hoteliers employ more than 14,000 workers. This important industry pays more than $46.7 million annually in hotel/motel tax, sales tax and property taxes. The city welcomes nearly three million visitors to Irving each year, generating approximately $1.53 billion in visitor spending. Irving s Las Colinas development is a 12,000-acre master-planned business and residential community. Las Colinas has a total taxable base of more than $5 billion and is home to more than 2,000 corporations, including 30- plus Fortune 500 corporations and the headquarters for Fluor Corp., NEC America, ExxonMobil, Citigroup, NCH Corporation, Verizon, Kimberly-Clark, Nokia, Microsoft, Flowserve, Zale Corporation, AAA Texas, Boy Scouts of America, LGS SkyChef and Neiman Marcus Direct.

34 The Economic Forecast for Texas Major Cities M. Ray Perryman, June 18, 2015 Rio Grande Guardian The outlook for Texas metropolitan areas is positive, although the slowdown in the energy sector is affecting them to varying degrees. While the oil price decline is affecting economic growth in most parts of the state, the diversification of the state s business complex leaves Texas far less vulnerable to fluctuations in the energy sector than in the past. My latest forecast indicates that the worst of the slowing will be relatively short lived, with the pace of hiring and other business activity picking up after 2015.

35 The Economic Forecast for Texas Major Cities M. Ray Perryman, June 18, 2015 Rio Grande Guardian The Dallas-Plano-Irving Metropolitan Division has been generating more jobs than almost any other of the United States largest metropolitan divisions. While the area has been affected by the oil price decline, the effect is much less than in other oil driven areas such as Houston, and the area will be a growth leader among major metropolitan areas in Texas. The Perryman Group s most recent forecast indicates output (RGP) expansion at a 4.06 percent pace, for a gain of more than $73.1 billion through Wage and salary employment is likely to expand by 259,377 jobs over the period as well (a 2.11 percent yearly pace).

36 The Economic Forecast for Texas Metropolitan Areas M. Ray Perryman, January 30, 2015 The Dallas-Plano-Irving Metropolitan Division economy has been expanding at an impressive rate. The area was recently ranked among the top 10 cities for technology in the United States based on numbers of jobs, growth, and wage growth. In addition, greater Dallas also continues to attract large corporate headquarters operations. Through 2019, The Perryman Group s most recent forecast indicates output (real gross product) expansion at a 4.37% pace, for a gain of more than $78.7 billion. Wage and salary employment is expected to increase by nearly 283,900 over the period (a 2.31% yearly rate). All industrial sectors are projected to expand, with gains concentrated in the services industry group.

37 Cities on the Rise in Texas Maggie Clark, April 14, 2014 Nerd Wallet Texas experienced more high-paying job growth than the rest of the country over the last 13 years, according to new research from the Dallas Federal Reserve. The state has also been the top domestic immigration destination in the country since 2006, the Fed found. Rank City Working-Age Population Growth Employment Growth Median Income Growth Overall Growth Score 41 Irving 10.0% (1.7%) 1.1% 37.5

38 Comprehensive Housing Market Analysis Dallas-Plano-Irving, TX April 2012 U.S. Department of Housing and Urban Development The professional and business services, education and health services, and leisure and hospitality sectors led the growth, increasing by average annual rates of 16,500, 9,400, and 6,000 jobs, or 5.4, 4.6, and 3.3 percent, respectively. Most of the growth occurred in the administrative and support services industry. Employment services, which includes temporary workers accounts for the most jobs in this industry. Hiring was also strong in the wholesale and retail trade sector. An increase in the retail trade subsector accounted for much of the growth in the sector. The leisure and hospitality sector grew primarily because of new restaurants and hotels opening, and the transportation and utilities sector increased with most of the growth in the trucking industry. Sectors recording the most decreases were mining, logging, and construction sector, and federal government subsector. Nonfarm payrolls in the Dallas HMA continued to recover during the most recent 12- month period but remain 26,200 jobs lower than the peak level recorded in The airport (DFW) has stimulated significant commercial and residential development in surrounding communities

39 Comprehensive Housing Market Analysis Dallas-Plano-Irving, TX April 2012 U.S. Department of Housing and Urban Development The area cannot supply houses fast enough to meet demand. Demand in the central submarket (Dallas County) during the 3-year forecast period is 26,750 new homes and 1,400 mobile homes. Less than 21,000 units will become available through new construction and vacant units.

40 Comprehensive Housing Market Analysis Dallas-Plano-Irving, TX April 2012 U.S. Department of Housing and Urban Development At the time of this report more than 43,500 vacant rental units were available in the central sub-market.

41 Comprehensive Housing Market Analysis Dallas-Plano-Irving, TX April 2012 U.S. Department of Housing and Urban Development At the time of this report 5,975 multifamily units were under construction, 85% of which are apartments.

42 Comprehensive Housing Market Analysis Dallas-Plano-Irving, TX April 2012 U.S. Department of Housing and Urban Development

43 Comprehensive Housing Market Analysis Dallas-Plano-Irving, TX April 2012 U.S. Department of Housing and Urban Development

44 Comprehensive Housing Market Analysis Dallas-Plano-Irving, TX April 2012 U.S. Department of Housing and Urban Development

45 Comprehensive Housing Market Analysis Dallas-Plano-Irving, TX April 2012 U.S. Department of Housing and Urban Development

46 Economic Forecast Panel Sees Risks Ahead for Texas Fast Growth Rate Dallas Morning News Sheryl Jean, September 23, 2014 High demand has lead to labor shortages, especially in energy and construction. Consumers are buying technology, not clothes. More Latino and Asian consumers. Flat wages and lower household income leaving middle-class consumers with less money to spend.

47 Population by Occupation Sperling s Best Places Occupation Irving U.S. Management, business, finance 15.15% 14.36% Engineering, computers, science 9.39% 5.24% Community, social services 0.72% 1.66% Legal 0.89% 1.17% Education, library 3.80% 6.10% Arts, design, media, sports, entertainment 1.44% 1.88% Healthcare practitioners and technology 3.27% 5.49% Healthcare support 1.38% 2.47% Firefighters, law enforcement 1.25% 2.24% Food preparation, serving 5.60% 5.61% Building maintenance 5.32% 3.97% Personal care 2.31% 3.54% Sales, office, administrative support 26.45% 24.89% Farming, fishing, forestry 0.26% 0.73% Construction, extraction, maintenance/repair 10.06% 8.56% Production, transportation, material moving 12.71% 12.10%

48 Snapshot 2015 A Report on the State of the City of Irving, Texas

49 Race and Ethnicity Race and Ethnicity ACS Other, 2% Black, 13% Asain, 15% Hispanic, Any, 40% White, 30%

50 Population 2013 Official Total Population (2013 Census P.E.P.) 228, Population Estimate (NCTCOG) 228, Population Estimate (NCTCOG) 227, Population (2010 Census) 216,290 Growth: 2000 to % Dallas County Population (2013 P.E.P.) 2,480,331 Dallas-Fort Worth-Arlington (MSA) Population (2013 P.E.P.) 6,810,913 City Population Rank (2013 P.E.P.): -In County 3rd Largest -In State 13th Largest -In Nation 94th Largest

51 Age and Sex Characteristics Median Age ( ACS) 31.9 Median Age-Male ( ACS) 32.1 Median Age-Female ( ACS) 31.8 Total Male Population ( ACS) 111,419 Total Female Population ( ACS) 113,257 Males per 100 Females ( ACS) 98.4

52 Income/Employment Median Household Income ( ACS) $50,810 Median Family Income ( ACS) $57,248 Unemployment Rate (December 2014, TRACER) 3.6% Top Ten Private Employers CITI 7,500 Verizon Communications 3,260 Irving Mall 2,100 DFW International Airport 1,700 Allstate Insurance Co. 1,650 Microsoft Corp. 1,351 Neiman Marcus Direct 1,339 Health Management Systems (HMS) 1,299 Zale Corporation 1,250 Aegis Communications Group Inc. 1,200

53 Educational Attainment Educational Attainment ACS Some High School, No Dip., 9% Less Than 9th Grade, 11% Professional Degree, 13% Undergrad Degree, 27% High School Graduate, 21% Some College, 19%

54 The City of Irving is the 13th largest city in the state and has increased in population by 12.9% over the last decade. With Transit Oriented Developments growing adjacent to the new DART Orange Line stations, along with new single family developments, the city will see continued growth with a potential build-out population around 284,500 depending on the exact housing densities within the TOD sites and the final mix of uses proposed for the Texas Stadium/Diamond Interchange site.

55 Irvine Population

56

57 Greater Irving Las Colinas Chamber of Commerce, 2015

58 Current Projects Greater Irving Las Colinas Chamber of Commerce If all the major projects that are planned or under construction are developed, they will add to the city: $6 billion of investment 7.4 million square feet of office, retail, restaurant, entertainment and civic space 12,738 residential units (single family and multifamily) 2,028 hotel rooms 27,850 residents 16,951 employees 7 million annual visitors

59 A world-renowned community: economic development overview Irving was recently ranked number three for tech startups per capita in the United States by American Express. In total, economic development in Irving is expected to increase dramatically with the addition of nearly $6 billion in new and planned investments: 5.9 million square feet of commercial and residential space, 12,000 residential units, 1,000 hotel rooms, 30,000 new residents, 15,000 new jobs and 8 million annual visitors. Recent economic development highlights include the addition (now and in the near future) of jobs in: Health Care Professionals Insurance, HR, and Banking Related Professionals Service Professionals Restaurant, Retail

60 Economic Profile / Demographics Greater Irving Las Colinas Chamber of Commerce A diverse economic base is represented by manufacturing, high-tech, health care, financial, industrial and service-oriented businesses. Five of Irving s approximately 50 Fortune 500 companies have chosen Irving for their global headquarters: Celanese, Commercial Metals, ExxonMobil, Fluor and Kimberly-Clark. Irving is home to more of the DFW Metroplex s largest private and public companies than any other city except Dallas, including Citi, Microsoft, Verizon, NEC Corporation, Allstate Insurance Company, Time Warner Cable, RIM (BlackBerry), Aviall, Michaels Stores, Pioneer Natural Resources, CEC Entertainment and TXU Energy.

61 Economic Profile / Demographics Greater Irving Las Colinas Chamber of Commerce More than 65 foreign-owned companies operate subsidiaries here, giving Irving the distinction of being the third-leading city in Texas for foreign business investment. The presence of so many notable companies means a low unemployment rate 5.9 percent compared to 6.9 percent statewide and 8.1 percent nationwide (May 2012) and an enviable debt ratio. In fact, Irving is one of only a small number of cities in the United States that has earned a double AAA bond rating from both Standard and Poor s and Moody s Investors Services.

62 Economic Profile / Demographics Greater Irving Las Colinas Chamber of Commerce The U.S. Chamber of Commerce recognized five Irving businesses with Blue Ribbon Small Business Awards in 2012: Big State Drug Store, Car Concepts Inc./Rick s Independent Car Kare, FastSigns, Glory House Catering Company and Larsen Dye Associations. All five are multiple Blue Ribbon award winners. The award recognizes excellent business practices in several areas, including business strategy, employee development, community involvement and customer service.

63 Economic Profile / Demographics Greater Irving Las Colinas Chamber of Commerce Irving s Largest Employers Aegis Communications Group Inc. Microsoft Corp. Allstate Insurance Co. NEC Corporation of America CITI Neiman Marcus Direct City of Irving Nokia DFW International Airport Roadway Express Inc. Health Management Systems (HMS) Verizon Communications Irving ISD Zale Corporation Irving Mall The city provides employment to more than 230,000 business professionals, making it the third-largest employment center in North Texas.

64 Additional Information on Chamber s Site The City of Irving ranked 4 th for business friendliness on fdi s American Cities of the Future Top Small American Cities. The Texas employment outlook is the second best in the nation, after North Dakota. Twenty one percent of Texas companies surveyed plan to hire in early 2014, employees. Seventy one percent expect no changes, 5 percent plan to cut jobs and 3 percent aren t sure of their plans. The outlook is even stronger for Dallas Fort Worth, where 26 percent of companies plan to hire, according to the Manpower survey. The best job prospects in Dallas Fort Worth for the first quarter appear to be in the construction, manufacturing, transportation and health care industries according to Manpower. Published December 2013

65 Moody s Analytics 2015

66 Moody s Analytics

67 Strengths & Weaknesses Strengths Stable demand for professional services generated by many corporate headquarters. Well positioned distribution center for Southwest as international trade grows. Weaknesses Exposure to volatile high tech, which is sensitive to the business cycle. Earlier overbuilding limits the pace of growth of commercial real estate. Moody s Analytics

68 Analysis Recent Performance. Dallas Plano Irving is performing far better than Houston or Texas in part because its exposure to the energy industry is lower. Total employment is rising nearly twice as fast as the U.S. average on a year ago basis. Moody s Analytics