Strategic Engagement: Plan Indicators
Adopted in 2005 and updated in 2013, the City of Dallas Office of Economic Development's plan, entitled Strategic Engagement, envisions a city that captures a healthy share of regional growth, improves opportunities for citizens and businesses, builds a dynamic downtown, and strengthens neighborhoods. To that end, the Office of Economic Development tracks progress towards the following goals:
Goal #1: Grow the Job Base in the City of Dallas by 4% in Four Years and 8% in Eight Years
Source: City of Dallas Office of Economic Development estimates based upon data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau / Texas Workforce Commission Longitudinal Employer-Household Dynamics (LEHD) program
A measure of the level of business activity, the job base calculation includes all residents and commuters who work within the City of Dallas. Business attractions, expansion and retention programs from the Office of Economic Development aim improve this indicator. A goal of four percent growth in four years and eight percent growth in eight years would absorb approximately 30 million square feet of vacant commercial space.
A measure of the number of Dallas residents who are active in the labor market (either employed or unemployed), this goal focuses exclusively on the well-being of constituents. Increasing work force preparedness and attracting new, qualified residents improves this measure. Increasing the size of the labor force supports economic growth and economic opportunity objectives.
A measure of the fraction of Dallas residents that are in the labor force and actively looking for but unable to find employment, this indicator can be improved through work force preparedness and business development activities. The 2012 base year unemployment rate for the City of Dallas was estimated at 7.5% at the time the Strategic Engagement goals were originally set. The annual estimated unemployment rate within the City of Dallas in 2012 has since been revised downward to 7.0% by the Texas Workforce Commission.
A measure of the growth in property value in the city's largest employment and activity center, the Office of Economic Development supports Goal #4 by:
- Promoting housing, office and retail development around DART light rail stations;
- Supporting planning and infrastructure assessments of the central city;
- Understanding and responding to Dallas' current and emerging economic strengths, weaknesses, opportunities, and threats;
- Promoting conversion of vacant buildings and other investments that increase building values, improve office markets, and build upon the CBD's assets.
A measure of growth in property values in targeted southern Dallas development opportunities as identified as part of the city's GrowSouth initiative, the Office of Economic Development supports Goal #5 by:
- Promoting investment in Southern Dallas focus areas;
- Promoting Southern Dallas business parks to relocating and expanding companies;
- Facilitating the conversion of outdated industrial parks to higher and better uses.