Carrollton Reports Sustainable Economic Growth in 2017
Carrollton’s economy grew by more than 3 percent in 2017, as the City’s strategic location, transportation links, quality of life, access to a quality workforce, low crime rate, and low tax rate continues to make it a competitive location for corporate business investment.
Expansion in all sectors of the economy grew steadily, with Carrollton’s large industrial base generating more tax revenues, thus enabling Carrollton to sustain its high quality city services at a low cost.
“Our elected officials continue to invest in our parks, first responders, infrastructure, industrial and office parks, and neighborhoods to further enhance the City’s reputation as one of the most competitive locations in the country to raise a family, work, and play,” Economic Development Director Tom Latchem said.
Carrollton’s population grew to 133,351, and its assessed value grew to over $13 billion. Currently, more than 14,000 businesses call Carrollton home. As of June 2017, 86,339 people were employed in Carrollton, which is a 3.1 percent increase from 2016. Average annual wages increased by 4.3 percent, with the average worker earning $62,568 annually. Home values in Carrollton also increased in 2017, with the mean home value rising to $246,565, a 9.82 percent increase from the 2016 value of $224,512.
Carrollton’s industrial sector grew to 43,269,014 square feet last year with a vacancy rate of only 4.7 percent. Rent is currently at an all-time high and vacancy at an all-time low.
D Magazine reported three of DFW’s largest industrial deals of 2017 were in Carrollton. Industrial sector companies such as Reynolds Consumer Products (Presto Products), Illes Seasonings and Flavors, Iron Mountain, ROMCO Equipment, DHL, Parks Coffee, Marquez Brothers Foods, Viva Railings, and Kellen Flooring Solutions leased, bought, or expanded their space in Carrollton.
Carrollton logged the second largest office lease of the year in DFW when AmerisourceBergen Corp. signed a 300,000 square-foot lease for its new build-to-suit campus at Austin Ranch. Phase I of the project is currently under construction. Elephant Insurance Services also selected Carrollton for its 43,000 square-foot operations center at International Business Park. CyprusOne, Inc. built out an additional 140,000 square-feet at its 700,000 square-foot facility on West Frankford Road.
The new WinCo Foods grocery store broke ground at the Trinity Valley Shopping Center, and Sam Pack’s Five Star Chevrolet constructed its new 60,000 square-foot car dealership near Downtown Carrollton.
Restaurants such as Front Porch Pantry, El Pollo, Sing Box/YasiYang, Musiro Korean Cuisine, Too Thai Street Food, New Taste of Korea, Yoon Korean BBQ, and many others located to Carrollton or expanded in 2017.
The City’s ongoing efforts to encourage the redevelopment of older shopping centers through usage of its Retail Rehab Facade Improvement Grant Program continue to generate results with a number of new retail leases signed at the redeveloped Northcrest Village Shopping Center, Carrollton Town Center, and the Shops at Old Denton.
Hospitality, Medical, and Residential Sector
The Marriott Courtyard Hotel and Conference Center has seen room occupancies steadily increase along with special events within its 20,000 square-foot conference space.
Carrollton’s medical industry is thriving with several ancillary businesses locating around the periphery of Baylor Scott & White Medical Center and throughout the City. The recently completed 20,000 square-foot Medical Parkway Center directly across from the hospital is now completely leased. Land is now being prepped for a new 40,000 square-foot medical office building, Carrollton Medical Village, on Plano Parkway. Several senior/assisted living and memory care centers are also being developed, such as the 183-unit Overlook at Prestonwood Senior Living Complex currently in progress on Hebron Parkway.
The Billingsley Company completed construction of Sloane Street, an upscale, mixed-use residential and retail development at Midway Road and Park Boulevard adjacent to International Business Park in North Carrollton. Most remaining greenfield sites are being developed with an addition of more than 2,800 homes. Furthermore, the City is annexing nearby unincorporated land, which will house hundreds of new homes in far North Carrollton.
Historic Downtown Carrollton also continues to see interest and activity. The construction/reconstruction of IH-35E and the reconfiguration of the East Belt Line Road/IH-35 E interchange were completed in 2017.
Trammel Crow began construction on the 353-unit Phase III of The Union at Carrollton Square, resulting in a total of more than 650 units in this urban, upscale apartment development within walking distance to shops, retail, restaurants, and Carrollton’s Downtown DART Station. Construction has also begun on The Switchyard, another upscale apartment community which will result in an additional 234 units on Broadway Street just north of the Downtown Square.
Carrollton’s population is projected to continue its steady 3-4 percent growth rate in 2018 to nearly 140,000 people. Employment is projected to expand by 1,473 jobs and will soon top 90,000.
In 2018, major development and redevelopment projects moving forward include Trinity Mills Transit Center District, Thomas Park Residential, and Crosby Gardens Residential Infill Redevelopments.
For monthly updates from the Economic Development Department, click here.