Carrollton, TX Economic Overview
Located in North-Central Texas, Carrollton is part of the Dallas-Fort Worth Metroplex and home to over 133,000 people, more than 14,000 businesses and a daily workforce of over 71,000 employees. This 37-square-mile city is one of the most business-friendly in the region. Carrollton stands apart from other cities in the DFW Metroplex through its prime location, low taxes and low crime rate, high quality of life, high level of city services, and wide variety of housing choices. In addition, the competitive commercial lease rates in the city continue to be a major driver of the commercial real estate market in Carrollton, TX.
As of mid-2017, Carrollton is one of the top cities in the region for job creation, with an increase of over 3% during the previous year. The city maintains a vibrant balance between commercial business and the residential market, while the number of businesses moving to the city continues to increase. The number of commercial and industrial development projects in Carrollton is among the highest in the Metroplex, including expansions of existing business spaces.
The population of Carrollton grew by over 4% in 2016 and is projected to at the same yearly rate, over the next three years. The number of housing units has increased by over 3%, to match the growing population, and there are significant projects of both single-family and multi-family units in the pipeline. For the first time, Carrollton's assessed value of real and personal property surpassed the $12 billion mark, with industrial and commercial valuations representing an increasingly significant percentage of that amount.
Carrollton, TX Commercial Real Estate Market
The Carrollton commercial real estate market is advantaged by its immediate access to major highways, rail freight lines, and its Foreign Trade Zone designation. Additionally, the city is an affordable alternative to other higher-priced office, retail and industrial space options in the DFW Metroplex.
Carrollton's 10 largest retail centers have an occupancy rate of over 92%, due to the city's proactive approach in developing a formal Shopping Center Assessment & Retail Strategy that serves as an action plan for private sector retailers and developers of retail property, and to aid with site selection and development decisions.
Demand for office space in Carrollton continues to be strong, due to its location within the Metroplex. The largest users of office space include financial services, traditional and green energy industries, aerospace, e-commerce and telecommunications.
Carrollton’s industrial market greatly benefits from the Foreign Trade Zone designation within the city, along with its strategic location and access to highway, rail freight transportation, and to the world's first industrial airport, in Dallas.
Carrollton, TX Office Sales Volume
Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.
Carrollton, TX Office Transactions
Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.
Carrollton, TX Commercial Inventory Breakdown
Office Spaces
Total: 4,025,551 SF
By square footage range:
- 50k to 100k SF: 1,576,650 SF / 39.17% of total office
- 100k to 500k SF: 2,448,901 SF / 60.83% of total office
By class:
- Class A: 980,838 SF / 24.37% of total office
- Class B: 1,684,172 SF / 41.84% of total office
- Class C: 731,243 SF / 18.17% of total office
Industrial
Total: 36,671,855 SF
By square footage range:
- 50k to 100k SF: 7,790,002 SF / 21.24% of total industrial
- 100k to 500k SF: 26,472,925 SF / 72.19% of total industrial
- 500k to 1M SF: 2,408,928 SF / 6.57% of total industrial
By class:
- Class A: 9,894,495 SF / 26.98% of total industrial
- Class B: 23,916,106 SF / 65.22% of total industrial
- Class C: 587,786 SF / 1.6% of total industrial
Office Spaces with Retail
Total: 3,005,956 SF
By square footage range:
- 50k to 100k SF: 1,262,875 SF / 42.01% of total office with retail
- 100k to 500k SF: 1,743,081 SF / 57.99% of total office with retail
Employment in Carrollton, TX
The quality of life in Carrollton is one of the main factors that continues to attract both workers and businesses to the area. Recently, Forbes Magazine ranked Carrollton as #12 of 'America's Best Places to Move', and the city was ranked by Zippia as the 6th-best place to retire, out of all the U.S.
In 2016, job growth in Carrollton was over 3%, and nearly 71,000 people work in the city each day, with wages averaging roughly $64,000/year. As of mid-2017, unemployment in Carrollton is below 3%.
Businesses headquartered in Carrollton include FastSigns International, Heelys, Jokari, Motel 6, Dymatize Corporation, Parks Coffee and Sleep Experts. Halliburton has its North American operations for Easywell based in Carrollton.
The top employers in Carrollton, Texas are:
- Halliburton Energy Services, with 1,300 employees,
- McKesson Corporation, with 1,000 workers,
- Western Extrusions, with 900,
- JC Penny Distribution, with 750 people,
- Baylor Medical Center, with nearly 600 employees
- AER Manufacturing and ISS Facility Services, each with 500 workers
Education in Carrollton, TX
The public school system in Carrollton is served primarily by the Carrollton-Farmers Branch Independent School District along with the Dallas Independent School District. Private and charter schools also play a role in the primary and secondary educational system.
Residents of Carrollton benefit from the city's northern location within the Dallas-Fort Worth Metroplex, with a variety of college and university options. The University of Dallas, the University of North Texas, Texas A&M University-Commerce, Texas Wesleyan University, Richland College, Northlake College and Southern Methodist University are just a few of the institutions of higher education that are within easy driving distance of Carrollton.
Commuting Time in Carrollton, TX
Commute times in Carrollton run just over 23 minutes each way, with a small percentage of the workforce having a 'super commute' of 90 minutes or more.
Just as it did with its retail development, the city has taken a proactive approach to transit oriented development in Carrollton, which is viewed as a tremendous opportunity for residents, developers and businesses:
- Three Dallas Area Rapid Transit (DART) light rail stations link Carrollton directly to Dallas, other Metroplex cities, and the Dallas-Fort Worth International Airport (DFW).
- Carrollton's downtown light rail hub is predicted to be the fourth largest transportation hub after Downtown Dallas, Downtown Fort Worth and DFW Airport.
- Carrollton's Trinity Mills Station is the largest publicly owned transit-oriented development site in North Texas and will be a major economic driver for years to come.
- Carrollton has direct access to the Dallas/Fort Worth International Airport which is situated between Dallas and Fort Worth and is the third-busiest airport in the U.S. for operations. Four feeder or cargo airports surround the Fort Worth-area: Fort Worth Alliance Airport, Fort Worth Meacham International Airport, Fort Worth Spinks Airport and the Naval Air Station Joint Reserve Base.
Carrollton Demographics
Population
- Total Population133,438
- Male Population(48.7 %) 65,047
- Female Population(51.3 %) 68,391
- Median Age37.10
Income/Financial
- Average Household Income$94,024
- Median Household Income$75,820
- Median Income Under 25$45,435
- Median Income 25-44$74,621
- Median Income 45-64$87,785
- Median Income Over 65$55,448
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