Greater Dallas, which scored the highest on the Small Business Jobs Index, is positioned at the forefront of the growth in financial job postings among metropolitan areas across the United States.
Dallas Job Growth Driven by Real Estate Investments and Expansion
The U.S. Bureau of Labor Statistics reported Dallas-Fort Worth-Arlington's most significant increase in net employment compared to other metros in the U.S., with 139,700 new jobs added from November 2022 to November 2023.
The real estate services firm JLL attributed the notable increase in job growth to the investment expansion of companies like Goldman Sachs, Bank of America, and Wells Fargo in Dallas' corporate campuses. JLL reports that the World Economic Forum anticipates significant turnover in the financial industry until 2027, driven by technological advancements influencing job transitions, Costar reported.
Job Growth per City:
List of cities experiencing the most growth in job postings since 2019:
- Plano, Texas (a Dallas suburb)- 84% increase
- Irving, Texas (a Dallas suburb)- 76% increase
- Tampa, Florida- 64.5% increase
Demand for Financial Workers Based on Job Postings per City:
According to the JLL report, the U.S. markets showing the highest demand for new financial workers based on job postings from 2021 to 2023 are as follows:
- New York led with 129,072 postings
- Dallas-Fort Worth, with 64,910 postings
- Chicago, with 41,478 postings
- Charlotte, North Carolina, with 38,630 postings
- Philadelphia, with 35,282 postings
Dallas Fort-Worth Ranking No. 1 in Job Creation Among 20 U.S. Metros
Last month, the Dallas-Fort Worth area ranked No. 1 among 20 U.S. metros for small business employment growth, based on a new study released by an Irving-based payroll and human resources software company, Paychex Inc., on July 2. The report shows Dallas surpassed the net job gains of two leading metros: New York-Newark-Jersey City, with 122,200 jobs added, and Los Angeles-Long Beach-Anaheim, with 107,000 jobs, Dallas Innovates reported.
Paychex used an index scaled at 100, where DFW scored 102.62, underscoring strong hiring trends with no year-over-year growth and an increase from 101.51 a year ago, suggesting accelerated job growth in 2024.
According to the report, financial activities and professional and business services drove small business employment growth in DFW, while leisure and hospitality witnessed a notable decline.
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The company said that Paychex utilizes payroll data from 350,000 businesses with fewer than 50 employees to compile the index, collaborates with approximately 740,000 businesses, and processes payments for 12 million workers in 2023.
Paychex Findings: Small Businesses' Challenges Despite National Job Growth
According to Paychex, small business employment nationwide saw a slight increase last month, although the growth rate is slowing, with California being impacted the most. Meanwhile, Houston ranked No. 16 on the list, scoring a 99.41 index score, indicating an employment decline.
John Gibson, president and CEO of Paychex, noted that despite national job growth, small businesses in certain regions and industries are confronting difficult operational conditions influenced by intricate regulations, a constrained labor market, and inflationary pressures, WFAA reported.
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