As one of the nation’s fastest-growing cities, Fort Worth is attracting new businesses and residents through its proximity in the middle of the country, bolstered by its civic pride, Western heritage, tourism, higher education institutions, transportation and technology hubs, and — of course — lots of wide open spaces.
“It’s an incredible time to be in Fort Worth, Texas,” Steve Montgomery, president and CEO of the Fort Worth Chamber of Commerce, said during the organization’s State of Economic Impact: Work, Play, Stay series of panel discussions May 13 at the Kimbell Art Museum’s Renzo Piano Pavilion.
The Fort Worth chamber, Montgomery said, helps expand prosperity and enable companies that call the city home to not only stay here but prosper and grow.
“Retention and expansion are the core of our mission,” he said.
Fort Worth, he said, is a special place with people interested in getting to know their neighbors and developing personal and business relationships.
“We’re just cresting 1 million folks and we still have that authenticity that makes Fort Worth special,” Montgomery said.
Fort Worth’s strong aviation and aerospace industries are among the main catalysts for city growth since Dallas Fort Worth International Airport and Perot Field Fort Worth Alliance Airport are nationally known transportation hubs for both passengers and freight.
DFW Airport announced two weeks ago that it will expand its new Terminal F from a 15-gate, $1.6 billion facility to become a 31-gate, $4 billion passenger hub. The new vision for Terminal F will supplement the airport’s $12 billion capital plan to rebuild and modernize facilities and infrastructure.
“There’s a lot going on at DFW,” said Ken Buchanan, the airport’s executive vice president for revenue management and customer experience.
Buchanan said new air routes to Hong Kong and Taiwan will have impacts of $400 million each since those services connect to the world’s largest financial markets.
“The good news is that we have both of those flights coming here,” he said in a presentation.
Manufacturing, health care, energy and transportation are also key industries aiding in growth.
Robert Allen, president and CEO of the Fort Worth Economic Development Partnership, said the organization is tasked with recruiting businesses to relocate to the city.
“We want to bring business to Fort Worth,” he said. “We want to help it, help businesses work through the process. So we’ve got to go find it.”
Growth potential in the nation’s 11th largest city seems limitless, Montgomery said.
“As the mayor (Mattie Parker) likes to say, roughly 350 square miles, half of which is not yet developed,” he said. “So we’ve got contiguous acreage close to transit, …. close to rail, close to air cargo and transportation, close to (the) business district.”
People, culture set Cowtown apart in impact
There are countless examples of successful businesses throughout the city, Allen said, citing defense contractors Bell Textron Inc. and Lockheed Martin Corp. and their work to provide aircraft for military defense.
The difference that brings companies to Fort Worth and makes them successful, he said, are the countless “doers” who make an impact.
“You can go to a city, you can set up a shiny new building, right, and go to work and do what you want to do. But at the end of the day, are you truly positively moving the needle forward in that community? Are you making an impact?” Allen said. “Fort Worth is a city where you can still make an impact. That’s our single greatest proposition, second only to our people.”
Montgomery said Fort Worth is a pro-business city, tackling challenges such as homelessness, for which the chamber created a toolbox for local businesses.
That’s one of the reasons why North Texas is No. 1 for corporate relocations, in addition to the easy access that business executives have to national and global travel through DFW.
Culture is also important to Fort Worth and its economic future, according to an arts institution leader who addressed the audience.
Jacques Marquis, president and CEO of the Van Cliburn Foundation, said the globally recognized Van Cliburn International Piano Competition, to be held May 21 to June 7 at TCU, “is a diamond here in Fort Worth.”
The competition, which awards cash prizes and career management packages every four years, is recognized as one of the top two piano competitions in the world.
“We bring the eyes of the world to Fort Worth,” he said during a presentation.
The Van Cliburn, he said, brings a direct economic impact of $15 million to $20 million to Fort Worth.
Transit, workforce development could bring further growth
Holly Schroeder, vice president of external affairs for DrinkPak, a leading manufacturer of premium alcoholic and nonalcoholic beverages, said her company expanded its operations in North Texas, because “we knew we wanted to be in the center of the country.”
The company is spending $452 million to open two new locations in the Fort Worth area. The facilities, totaling approximately 2.8 million square feet, are located at 35 Eagle on Interstate 35W and Eagle Parkway, and at Carter Park East in south Fort Worth.
About half of the company’s products stay in Texas, she said.
Higher education plays a role in workforce development to retain businesses, Renee Parker, industry services unit director at Workforce Solutions for Tarrant County, said.
Fort Worth had 1.2 million people involved in the largest skills development program in the state, she said.
Tarrant County College “is at the front line of that,” she said.
In his presentation, Richard Andreski, president and CEO of Trinity Metro, said the transit agency’s infrastructure investments “are producing results.”
The TEXRail passenger train has been successful with a booming transit-oriented development in downtown Grapevine. Businesses close to the station are seeing a big impact in customer sales, he added.
The agency’s Blue Line route will debut June 8 to transport tourists and others around downtown Fort Worth. More investments are needed to bolster the city’s transit routes, he said.
“We’re just beginning to scratch the surface,” Andreski said.
Eric E. Garcia is senior business reporter at the Fort Worth Report. Contact him at [email protected].
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