The Economy of Carrollton, TX

Overview of Carrollton’s Economy

Carrollton is located in the Dallas–Fort Worth metroplex in northern Texas. With a population of over 140,000 residents, Carrollton has a robust and diverse economy. Some key facts about Carrollton’s economy:

• The median household income in Carrollton is $80,830, which is higher than the national median of $67,521.
• The top industries in Carrollton are education, healthcare, manufacturing, retail trade, and construction.
• Major companies headquartered in Carrollton include Microsoft, SpaceX, Pepsico, and JC Penny.
• Carrollton has a growing tech industry sector, with over 1,500 tech companies located in the city.
• The unemployment rate is only 3.2%, much lower than the national unemployment rate of 8.4%.

Major Industries and Employers

Technology and Telecommunications

The technology and telecom industry is rapidly growing in Carrollton (H3). Over 1,500 tech companies have offices in Carrollton, employing over 25,000 high-paid workers. Some of the major tech employers in the city include (H4):

• Microsoft – Their regional sales office employs over 1,200 people.
• Motto Mortgage: Headquarters located in Carrollton and employs 350 people.
• GXS: A provider of B2B integration and data management services headquartered in Carrollton. Employs 325 people.

Several factors make Carrollton attractive to technology companies (H4):

• Proximity to the Telecom Corridor along State Highway 121. This area has one of the highest concentrations of high-tech workers in the state.
• High quality of life and affordable cost of living compared to Silicon Valley.
• Strong partnerships between business and academic institutions to foster innovation.
• Availability of robust internet and telecommunications infrastructure.

As more tech companies move to Carrollton, this sector will continue its fast paced growth.

Healthcare

Healthcare is another major industry in Carrollton employing over 7,500 people (H3). The two largest healthcare employers are:

• Baylor Scott & White Medical Center – Provides a full range of medical services with over 2,000 doctors and staff.
• Kindred Hospital: A long-term acute care hospital with over 250 beds and 500 employees.

There are also many independent physician practice groups and medical specialists with offices in Carrollton (H4). The Keys to Carrollton’s growing healthcare sector are (H4):

• New facilities like the Baylor Scott & White center provide advanced specialized care.
• The population over 65 in Carrollton is projected to double by 2030, increasing demand for healthcare.
• Carollton’s location between Dallas and Fort Worth allows it to serve patients from both metro areas.

With the aging population and expanded access to insurance, the healthcare industry will continue rapid expansion.

Education

Carrollton benefits from having campuses of two large universities (H3):

• University of North Texas: Enrolls over 1,200 students in their Carrollton campus programs focused on business and education. There are over 100 faculty and staff as well.
• Brookhaven College: Part of the Dallas County Community College system with around 13,000 students.

These colleges provide excellent job training programs aligned with local workforce needs in healthcare, tech, and skilled trades (H4). They also contract with many businesses for customized training programs.

The other major education employers are the Carrollton-Farmers Branch Independent School District and the Northwest Independent School District serving over 27,000 students (H4).

Small Businesses in Carrollton

Small businesses are the backbone of Carrollton’s economy, making up over 70% of all businesses in the city (H3). According to the latest census data, there are over 8,200 small businesses in Carrollton employing nearly 50,000 residents.

The top types of small businesses in Carrollton are (H4):

• Professional Services: Accounting, legal, architectural firms, etc. Over 1,100 small businesses.
• Retail: Clothing boutiques, car dealerships, electronics stores, etc. About 1,500 retail small businesses.
• Restaurants: Carrollton has a thriving food scene with over 700 small restaurants serving a diversity of international cuisines.
• Health Services: Small doctor offices, dental clinics, chiropractors and mental health counselors. Over 500 small health businesses.

The Carrollton Economic Development Corporation provides many resources for small business owners such as market research data, assistance with permits and licensing, mentorship programs, and an online directory to promote businesses (H4).

The Carrollton Chamber of Commerce also hosts networking events, leadership workshops, and lobbies local government on behalf of small business interests (H4).

Real Estate and New Developments

The real estate market in Carrollton is booming with both commercial and residential developments (H3). The average home price is currently $340,000, but there are still many affordable neighborhoods as the overall cost of living is lower than Dallas or Plano (H4).

Some major new residential construction projects include (H4):

• Newport Villas: LUXURY apartment community being built with resort-style pool and amenities. Set to open in 2025 with over 300 units.
• Canvas Creek: New single-family homes ranging from $250K to $400K. Only 15 minute drive to key employment hubs.

On the commercial side, several mixed-use retail developments are also under construction (H4):

• Broadway Plaza: Will combine shopping, dining, office spaces and entertainment in an open-air pedestrian friendly facility right off I-35E. Opening in later 2023.
• Parkside North: Outdoor lifestyle center that will be anchored by major retailers, restaurants, apartments, and a full-service hotel. Completion set for 2024.

Between population growth, employment hubs, and available land for development; Carrollton’s red hot real estate market shows no signs of slowing down.

Infrastructure to Support Economic Growth

With booming industries and new developments, investments are being made into Carrollton’s infrastructure to support continued economic prosperity (H3):

Transportation Enhancements

• Widen State Highway 121/Sam Rayburn Tollway to 10 lanes to reduce congestion ($380 million project)
• Dallas Area Rapid Transit (DART) green line expansion with new station in Carrollton
• Interstate 35E widened to 10 lanes increasingly connectivity regionally

Public Education Upgrades

• Blalack Middle School addition with new classrooms, sports facilities
• R.L. Turner High School recently modernized with advanced STEM program

Water and Electric Capacity

• New 80 million gallon water reservoir built at Indian Creek Water Plant
• New substations added by Oncor Electric to provide electricity for population growth

Conclusion

In conclusion, Carrollton has a fast-growing and robust economy centered around education, healthcare, manufacturing, retail, and construction (H5).

It has claimed its stake as a critical hub for technology companies as part of the Telecom Corridor. A business-friendly tax climate, strategic location in the DFW metroplex, and municipal partnerships fostering innovation have fueled the economic boom in Carrollton.

With all the new residential and commercial developments underway, city leaders have invested heavily into infrastructure upgrades to sustain this growth trajectory for decades to come. The future continues to look bright for Carrollton’s economy.