The Fort Worth-Arlington metropolitan area demonstrated stronger economic indicators than the broader state in May, according to a report released July 6 by the Federal Reserve Bank of Dallas. This marks the first time the Dallas Fed has published a standalone economic assessment for Fort Worth, separating it from previous data that combined it with Dallas.
Pia Orrenius, vice president and senior economist at the Dallas Fed, noted that the region is experiencing significant population and economic expansion. She stated that while the area is broadening its economic base, it continues to rely on established strengths in energy, transportation, distribution, and manufacturing. To monitor this development and associated challenges like rising home prices, the Dallas Fed added Fort Worth to its list of regular economic indicators.
Payroll employment in Fort Worth grew at an annualized rate of 1.6% in May, surpassing the state rate of 1.2%. For the three-month period ending in April, job growth in the city reached 3.4%, compared to 2.3% statewide. Sectors driving this growth included professional business services, trade, transportation, utilities, leisure and hospitality, construction, mining, and financial activities. Conversely, employment numbers declined in the information, other services, and manufacturing sectors.
Average nominal hourly wages in Fort Worth rose to $37.23, a 3.4% increase from $35.99 a year prior. While this figure remains below the national average of $37.64, it exceeds the Texas state average of $35.07. The local unemployment rate held steady at 4%, which is lower than the state average of 4.3%.
Education levels in the area reflect its industrial makeup, with a workforce that is mid-level in educational attainment. A higher percentage of residents hold some college or an associate degree compared to state and national averages, while fewer hold graduate or professional degrees. Residents with some college or an associate degree earn an average of $50,100, which is 4.5% above the national average and 6% higher than the state average. However, those with graduate or professional degrees earn a median of $85,200, which is lower than both the state and national averages for that group.
