Carrollton Reports Sustainable Economic Growth in 2018
Carrollton’s economy grew by more than 1.8 percent in 2018, 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 revenue, thus enabling Carrollton to sustain its high-quality City services at a low cost.
“Our elected officials and City staff are committed to the vision of being the community that families and businesses want to call home through investment in our infrastructure, industry, neighborhoods, public safety, parks, and leisure services,” Economic Development Director Robert Winningham said. “We’re looking forward to steady growth in 2019 as Carrollton continues to partner with the business community for exciting new development and re-development projects.”
Carrollton’s population grew to 135,710, and its assessed value grew to more than $14 billion last year. Currently, more than 14,000 businesses call Carrollton home. As of June 2018, 87,660 people were employed in Carrollton, which is a 1.5 percent increase from 2017. Average annual wages also increased, with the average worker earning $63,060 annually. Home values in Carrollton increased in 2018 as well, with the mean home value rising to $279,000, a 13.2 percent increase from the 2017 value of $246,565.
Carrollton’s industrial sector, represented by 690 industrial and flex buildings, grew to 44,167,451 square feet last year with a vacancy rate of only 4.5 percent. Average rent grew 17 percent and is currently at an all-time high, while vacancy is at an all-time low.
Industrial sector companies such as Georgia Underground & Supply Inc., Mopar, Parks Coffee, Preferred Climate Solutions, Pretium Packaging, Squadron, Style Access, SWE Auto Prep/LAP Auto Transport, and US Pack either leased, bought, or expanded their space in Carrollton.
Carrollton’s office sector, represented by 249 buildings, grew to 4,172,888 square feet in 2018. Pharmaceutical company AmerisourceBergen began occupying its brand new 300,000 square-foot facility at the Offices of Austin Ranch in January. The company’s new regional headquarters in Carrollton makes it the City’s largest private-sector employer with 1,500 employees.
JMTY Group acquired and remodeled the 86,393 square-foot office building at 2121 Midway Road and subsequently leased 16,421 square feet to civil engineering firm JBI Partners. French medical hygiene product company Cleanis relocated its U.S. sales office from New York to 2245 Keller Way last spring, occupying 2,572 square feet of office space.
Retail rent is at an all-time high in Carrollton. The new WinCo Foods grocery store opened at the Trinity Valley Shopping Center in March and has experienced steady crowds and positive reviews.
The Trinity Plaza Shopping Center at the southeast corner of President George Bush Turnpike (PGBT) and Josey Lane received a significant makeover. Renovations included new exterior, landscaping, signs, and lighting.
Restaurants such as Chipotle, Cow Tipping Creamery, Fajita Pete’s, Halo Hawaiian BBQ and Poke, Munchiez, Musiro, Sunny Street Café, Zero Degrees, and many others opened in 2018, bringing the total number of restaurants in Carrollton to 460.
Downtown Carrollton continues to attract mixed-use development that appeals to both Carrollton residents and daytime employees while creating a destination atmosphere. Trammel Crow completed construction of its 353-unit third phase, Olympus on Main, and Waterford Residential continued the construction of its 234-unit apartment community, The Switchyard, on Broadway Street just north of the Downtown Square. In July, City Council authorized Trammel Crow for an additional mixed-use development at 1415 S. Broadway Street and 1105 Vandergriff Drive. The new luxury apartment building, Olympus on Broadway, will have a minimum of 300 units and 5,000 square feet of retail/commercial flex space, as well as an elevated pedestrian bridge over Broadway connecting the two parcels and a multi-level structured parking garage.
Three Nations Brewing Co. recently announced it would relocate its Farmers Branch brewery to Downtown Carrollton at 1010 5th Avenue. The historic structure, built in 1950, once served as a grain storage shed. The brewery plans to open in summer 2019 after significant renovations are made to the existing building.
In September, Cow Tipping Creamery opened next door to Cane Rosso Neapolitan Pizza. Jay Jerrier, the owner of both restaurants, plans to expand in the future to include East Coast-style sandwiches, parmesans, pastrami, cheesesteak, and hamburgers alongside the sweet offerings of Cow Tipping Creamery.
Carrollton’s population is projected to grow 2.3 percent in 2019 to 138,817 people. Employment is projected to expand by 1,482 jobs and will soon exceed 90,000.
In 2019, major development and redevelopment projects moving forward include the Trinity Mills Urban Village, a more than 26-acre mixed-use project in partnership with DART and Integral Developers with the goal of transforming former parking lots and other commercial land acquired by the City into an urban village that will spur further investment around the Trinity Mills DART Station and the Broadway corridor to Downtown Carrollton. In addition to retail, multi-family housing, hotel, and entertainment, the project will include 600,000 square feet of office space in three phases, of which 80,000 square feet is currently available for pre-lease. Construction is expected to begin after Phase I has been pre-leased.
Construction of the Cotton Belt Rail Line, a 26-mile commuter rail line that will run east to west connecting Downtown Plano to DFW International Airport and making a stop at the Downtown Carrollton DART Station, is scheduled to begin this year. The rail line is expected to be functional by December 2022.
To learn more about the exciting development projects underway in Carrollton and for monthly updates from the Economic Development Department, visit carrolltontxdevelopment.com.