Economic Climate

Local Economic Climate


Economic Perspective
Richardson has maintained a AAA rating from Standard and Poor's for the past four years, and 2012 was the third year in a row the City received a Aaa rating from Moody's. Moody's rating places Richardson among the top 6.6 percent of rated cities in the nation and 2.1 percent of rated cities in Texas to hold Aaa status. It has given only four other cities in Texas the same designation.
 
Standard and Poor's AAA rating places Richardson among the top 5.3 percent of rated statewide communities, and Richardson is one of only five communities in Texas to hold both a Aaa and AAA rating from both agencies.


 

Current and Future Developments


State Farm Insurance has signed a 1.5 million-square-foot lease on KDC's massive $1.5 billion mixed-use, transit-oriented development in Richardson near North Central Expressway and President George Bush Turnpike. The new State Farm office would likely serve as a large regional office with new and existing employees. The development will incorporate build-to-suit office buildings, an integrated healthcare facility, 3,925 multi-family residential units, hotels, retail and restaurants. For more information click here.

Safety-Kleen recently relocated its headquarters from Plano to 2600 Central Expressway in Richardson. The oil recycling company signed a lease for 82,500 square feet at Tower 2600, located at 2600 North Central Expressway. For more information click here.

Richardson’s newest star in the financial services arena is Genpact, a 56,000-employee global provider of business process management services. Genpact’s nationwide analysis of the best location from which to access IT talent led them to Richardson, where they signed a 30,000 SF lease at 3101 E. President George Bush Highway to welcome their first 200 Richardson employees. Locally, the company will provide residential mortgage origination services for a number of banks and other financial institutions. 


Richardson stands out as a hub for cloud computing with recent data center additions from Stream Data Centers and Digital Realty, whose Datacenter Park occupies the former Collins/Rockwell/Alcatel campus.


Absorption of office, retail and residential space at mixed-use developments such as Eastside, Brick Row, AMLI Galatyn Park and The Shire.


A $250 million, multiple building project - part of a $1 billion campaign - is lifting The University of Texas at Dallas (in Richardson) from its current enrollment of approximately 19,000 towards the goal of 25,000, and bringing it closer to its objective of becoming DFW’s first Tier I research university.

For more information view the 2013 State of the City presentation.


Regional Economic Climate

DFW Metroplex Texas Business Climate
The DFW region and the State of Texas are nationally recognized for their outstanding business climate, providing a lower cost and more robust business environment.
 
Key attributes of the DFW region:
  • Affordable real estate (both commercial and residential)
  • Well-qualified and plentiful workforce
  • Pro-business environment
  • Highly accessible transportation (freeways, tollways, air, rail)
  • Reliable, high-capacity utilities
  • Superb quality of life for people of all ages and ethnicities
  • Abundance of sports and recreational venues/events, music, arts and cultural amenities
 
 
 
* Source: Moody's North American Business Cost Review, 2010

Cost of Doing Business* in Selected U.S. Cities
100 = U.S. Average

City Cost
New York 145
Boston 135
San Francisco 118
Houston 112
Los Angeles 106
Philadelphia 106
Chicago 104
Seattle 103
Dallas 101

 Site Selection Magazine ranked Dallas/Ft. Worth area:
  • #2 in the U.S. for corporate expansions and relocations
  • Best State for Business in 2009-2011
  • #1 in the nation for "ease of doing business" for 2006-2009
  • "70% of the new jobs in the U.S. in 2008 were created in Texas!"- Governor Rick Perry
  • DFW International Airport is the third busiest airport in the U.S., with non-stop service to 173 destinations both domestic and international
  • Central time zone extends working day for bi-coastal companies - 1 hour earlier than east coast, 2 hours ahead of west coast

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