DALLAS — Dallas-Fort Worth along with Texas’ other metro areas continue to dig out of a huge hole blown in the economy in the wake of the COVID-19 pandemic.
Texas lost 1.4 million jobs between February and April 2020, and 79.3% of those were concentrated in the state’s six largest metropolitan statistical areas, according to a new report by Waco-based economist Ray Perryman.
A recovery is underway, but the pace varies depending on industrial composition and other factors in the individual markets, Perryman says in the report.
“The pandemic hit hard, but the economy is on track to recoup aggregate losses by early next year, with notable momentum in all major markets,” Perryman said in the report. “Assuming that the Delta variant does not bring additional disruptions, we expect these recovery patterns to persist.”
The Dallas and Fort Worth sides of the metroplex combined remain about 53,000 jobs short of where they stood before COVID hit, according to the report. The broad metroplex lost a total of over 425,000 jobs in the February-April 2020 timeframe.
Breaking it down, Dallas-Plano-Irving employment remains 21,700 below prior levels after a loss of about 299,200 jobs between February and April 2020. Perryman’s forecast calls for an addition of nearly 351,900 net new positions through 2025, a 2.49% yearly growth pace.
Fort Worth-Arlington-Grapevine conditions have improved substantially after February-April 2020 losses of 126,200, but employment remained 31,300 below the previous peak as of June. Employment in the area is likely to expand by more than 128,000 jobs, a 2.34% per annum gain.
To see how North Texas stacks up to other metros across the state, click here.