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Local Economic Climate
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Economic Perspective
In this overall economic downturn, Richardson has not been affected as adversely as other cities in the nation, Texas or even the North Texas region. In June, 2011 both Moody’s and Standard and Poor’s bond rating agencies reaffirmed the city’s “AAA” rating, the highest assigned by either agency. Of the cities that maintain bond ratings, Richardson is in the top 3.1% in the state and the top 6.8 % nationally. Always a technology-centric city, Richardson has fully recovered from the tech downturn of 2001-2003. The city has diversified its business base with financial service firms and has adopted an exciting live-work-play approach to future mixed-use and transit-oriented developments. Local unemployment is still high by historical standards of about 7%, but it is lower than the state and federal unemployment levels.
Current and Future Developments
Richardson’s 2010 population is 101,200. With the city’s land mass at 85% built out, the future emphasis will be on:
- development of some key greenfield properties located primarily in the Bush Turnpike corridor
- redevelopment of sites located primarily south of Arapaho to higher and more productive uses
With the availability of more than 2 million square feet of commercial office space, Richardson is a candidate for major corporate relocations and consolidations. Much of that space is available in large blocks, from 50,000 square feet to 500,000 square feet. Current economic drivers pushing Richardson’s economy forward are: |
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| Ericsson recently leased 460,000 SF at its Lakeside Boulvevard campus in Richardson, allowing room for 1,400 additional employees. For more information click here. |
| Fossil, Inc. relocated their headquarters to 901 Central Expressway in a unique agreement with KDC Real Estate and Developments. Fossil sold their previous Richardson campuses to KDC and leased the renovated Central Expressway campus formerly occupied by Blue Cross & Blue Shield. For more information click here. |
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Texas Instruments’ 1 million square foot, 300mm
“RFab” semiconductor manufacturing facility began shipping its first product in 2010. The plant will ultimately employ
1,000 people. For more information click
here.
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Internal growth at both the new 1 million square foot office campus of Blue Cross & Blue Shield of Texas and at the 800,000 square foot office campus of Bank of America. For more information click here. |
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The redevelopment by Digital Realty Trust of the former Collins/Rockwell/Alcatel manufacturing campus, to a modern 100-acre data center park, will generate substantial capital investments as sturdy manufacturing buildings are repurposed to data center buildings. For more information click here. |
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Absorption of office, retail and residential space at mixed-use developments such as Eastside, Brick Row, AMLI Galatyn Park and The Shire. |
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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 19,000 towards the goal of 25,000, and bringing it closer to its objective of becoming DFW’s first Tier I research university. |
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For more information view the 2012 State of the City presentation. |
Regional Economic Climate
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