Our Monday Night Football-inspired Gameday Economic Play-by-Play blog series taps into our Industry Intelligence to showcase the competing teams’ hometowns. This week, we have a unique inter-conference, in-state rivalry between the 6-4 Houston Texans and the 3-6 Dallas Cowboys, who are currently on a four-game losing streak, battling it out for the Texas Governor’s Cup trophy.
When you live in Texas, you’re a fan of football — it’s basically a requirement to live here. Although I now reside in Austin, I
grew up 150 miles northwest of Dallas in Wichita Falls, Tx. I watched football every Sunday, and with our proximity to the Big D, the Dallas Cowboys were always on our TV. My dad, grandfather, and I watched and analyzed all the games together. It’s one of the most famous teams in the world, and every game felt like an event, all the way up to three Super Bowl wins in the ‘90s.
But to say that I’m a Cowboys fan isn’t quite accurate. I’m more like an emotionally destroyed glutton for suffering. Nowadays the team has become a chronic disappointment that makes me question my sanity for still being a fan, but Cowboys fandom runs deep, and I still watch every Sunday … for better and, most often, for worse.
Although Dallas is possibly the most famous city in Texas, Houston — home to the Texans — is the state’s most populous. The Dallas-Plano-Irving metropolitan area has a population of 4.7 million, while the Houston-Sugar Land-Baytown area boasts 6.7 million residents. Both rank in the top 10 most populated cities in the U.S.: Houston at #4 and Dallas at #9. In terms of geography, the Dallas-Plano-Irving metropolitan area is 5,277.1 square miles, versus the Houston-Sugar Land-Baytown area’s whopping 10,062 square miles, making it the biggest city in Texas by area.
So, give or take, Houston is roughly twice as big as Dallas both in terms of population and geography. But just because bigger is usually better in Texas, does that apply to its cities too? With MNF tonight being the first “Battle of Texas” since 2022 (when, I would note, my Cowboys defeated the Texans 27-23), let’s take a closer look at each of these Texas football cities.
Houston’s economic big picture
The Bayou City of Houston, situated along Buffalo Bayou, had a total of 3,383,600 jobs in September 2023, according to the most recent data from the Bureau of Labor Statistics. Per those latest numbers, jobs were up 3.08% in December 2023 compared to a year ago — more than twice the national average of 1.18%. The unemployment rate for greater Houston was at 4.6% in February 2024 — even from a year ago but higher than the national unemployment rate of 3.9%.
Per capita incomes average $68,344 in greater Houston, based on Bureau of Economic Analysis’ latest figures. That’s up $2,867 from the previous year and is 104% of the national average income of $65,470. Incomes have been steadily increasing in the Houston area since 2016.
The greater Houston population has remained fairly steady for the past decade, growing a total of 7.4% over the past five years (2018-2022), based on the most recent data from the Census Bureau. That rate is faster than the national average, though it is worth noting that in 2017, Houston saw its only major drop in population, going from 2% growth in 2016 to -2.5% growth in 2017. That number quickly rebounded with 2.2% growth in 2018.
Not everything is bigger in Texas, however, and that includes Houston’s real estate prices. The most recent numbers from the Federal Housing Finance Agency (FHFA) show that greater Houston’s housing prices averaged $284,100 in 2022, well-below the U.S. average of $320.900. Local Market Monitor data shows that Houston home prices were up 4% in 2023 as compared to 5% nationally. It’s important to note, however, that the metropolis’s home prices were up 12% in 2021 and up 16% in 2022 before dropping off in 2023.
Top industries in Houston
Bureau of Labor Statistics figures reveal that, over the past 12 months, the sectors that employed the most people in the Houston area are Business and Professional (16%), Health and Education (13%), and Government (13%). However, in the past 12 months, the industry sectors with the most growth were Leisure and Hotels (up 6.78%), Finance (up 6.64%), and Construction/Mining (up 6.55%).
Total SBA lending for Houston’s Harris County reached an eye-popping $8.7 billion in the last 20 years. The peak number of SBA dollars came in 2021 with $845.3 million going to the county during the height of the pandemic as so many businesses struggled.
Per data from Lumos, the industries that have received the most SBA dollars in Harris County in the past two decades have been:
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- Hotels and motels
- Child care services
- Gas stations and convenience stores
- Full-service restaurants
The economic big picture of the Big D
Dallas offers something for almost everyone, from its legendary cowboy culture to its mouthwatering Tex-Mex cuisine and renowned arts scene. And lest you forget that everything is big here, the Statue of Liberty could fit inside the Dallas Cowboys’ AT&T Stadium … even with its roof closed.
The latest Bureau of Labor Statistics data shows 3,033,300 jobs in the Dallas-Plano-Irving Metropolitan area as of September 2023. The job market in the region grew 2.43% in December 2023 versus a year ago — more than twice the national rate of 1.18% during the same time period and just half a point less than Houston’s rate (3.08%). The unemployment rate in the Dallas area in February 2024 was 4.1%, which is slightly lower than Houston at 4.6% but still a tad above the national rate of 3.9%.
With regard to per capita incomes in Dallas-Plano-Irving, the average was $74,800 in 2022, according to the latest numbers from the Bureau of Economic Analysis. That’s an increase of $3,032 from the prior year, and it’s also 114% of the U.S. per capita average of $65,470, and it’s also higher than Houston’s $68,344 average income.
Similar to the Houston region, the greater Dallas area’s population has remained relatively steady for the last decade, based on the most recent data from the Census Bureau. The region’s population increased 1.9% from 2021 to 2022 and grew 9.2% over the past five years (2018-2022), which is faster than the U.S. average.
Also like Houston, Dallas saw its only major drop in population in 2017, dipping from 2.2% growth in 2016 to -2.2% growth in 2017. But just as with Houston, Dallas’ population also rebounded in 2018 with 2.2% growth.
Dallas’ real estate prices are higher than the national average. The average home in the Dallas area will run you $370,500 as of 2022, based on the most recent numbers from the Federal Housing Finance Agency (FHFA). Compare that to the Houston average home price of $284,100 in 2022 or the U.S. average of $320.900. What’s more, real estate in Dallas is still trending upward, projected to increase 3% for 2024, according to Local Market Monitor data.
Dallas’ top industries
The industries employing the most people in Dallas as of 2023 are Business and Professional (20%), Health and Education (11%), and Government (11%), based on the most recent Bureau of Labor Statistics figures. However, the sectors showing the most 12-month growth in the area have been Leisure and Hotels (up 8.58%), Health and Education (up 6.37%), and Mining/Construction (up 5.77%).
Dallas County has received substantial SBA lending dollars in the last two decades, reaching $5.6 billion in total. As with Houston’s Harris County, that lending peaked at the height of the pandemic, with Dallas County getting over $453 million SBA dollars in 2021.
The industries receiving the majority of those SBA dollars for Dallas County are fairly similar to Houston/Harris County, according to Lumos’ SBA lending data:
Hotels and motels
Gas stations and convenience stores
Full-service restaurants
Limited-service restaurants
Become a local economy sales star
From the grasslands to the Gulf, Texas’ diverse landscape and culture create a beautiful tapestry for its 30.5 million residents. While I may be a long-suffering Cowboys fan, I will always be proud to call The Lone Star State home. And maybe, just maybe. We will turn the tide with a W for the ‘Boys in tonight’s MNF game!
One thing is for sure, however: The Gameday Economic Play-by-Play blog series is a definite W for ALL Vertical IQ users who tap into our local economic insights to help their clients’ and prospects’ businesses thrive.
Again and again, sales professionals who utilize the Local Economies and Localized Industry Data on Vertical IQ are able to win, grow, and retain more business. These locally focused sections contain valuable info about specific geographic areas, as well as details on how an industry operates within your chosen metropolitan statistical area (MSA)/county. This type of targeted Industry Intelligence helps sales professionals:
- Provide valuable context and insights to help clients make well-informed decisions.
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Take it from a true Texan: You’ll become a bigger and better industry and economic insider by using Vertical IQ.
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