Dallas was initially settled as a farming community. In the late 19th century, as railroads were built across the country, Dallas experienced an economic boom, bringing more people and business into its vicinity. Later, in the early twentieth century, Dallas prospered when copious amounts of petroleum were discovered nearby. This set the stage for decades of growth, as workers and investors settled in the area, based on the knowledge that Dallas was a city with robust potential.
Set aside for a moment any preconceptions you might have about Dallas. Consider it anew. Like the rest of the country, Dallas is working hard to dig itself out of a recession. It is using its vast financial arsenal, its numerous successful businesses and its vibrant teal estate market to move into the coming years with a healthy city budget. But to set aside misconceptions, you need to understand the mechanics of Dallas’ economy, culture and politics.
The 1980’s brought a tremendous real estate explosion. As the population prospered, and as more wealthy people moved to the area, Dallas real estate skyrocketed; prices increased and hundreds of spacious homes were built.
Money was plentiful. Businesses and other organizations recognized that Dallas was a good place to work. Many large corporations settled there, and today the city is still home to dozens of fortune five hundred companies. It also a current hotbed for technology, housing many of the country’s top technological companies and software suppliers, many of which work from the Telecom Corridor, an area north of downtown with over 5,700 companies.
So much economic force influences the city’s culture. Fine restaurants, eclectic entertainment choices, and numerous sports teams call Dallas home. In today’s real estate market, with the economic forecast grim, homes are largely being sold in a buyer’s market. Over production and stagnant sales have forced realtors and sellers to lower prices, allowing potential buyers to attain property for attractive rates, a circumstance that might ultimately wind up serving the economy well. If a potential buyer has capital, job security and good credit, Dallas is remains an enticing city with plenty to offer.
Michael Russell writes about a variety of subjects, including real estate, modern architecture and environmentalism. This article discusses the Dallas economy and Dallas real estate. To learn more about Dallas real estate, visit the Real Estate Book.
