Fort Worth Economic Trends and Development Strategies

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Fort Worth Economic Trends and Development
Strategies

• Lindsay Adcock
• Lindsay Boone

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History

• In 1970s and 1980s, Economy dominated mostly by
  large defense firms such as Lockheed Martin
  Aeronautics.
• Because of cutbacks in defense industries in
  1990s, small businesses helped to diversify the
  economy.

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Today

• Diversified economy now includes
• Services
• Trade
• Manufacturing
• Transportation
• Communication
• Construction

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Reasons to look at economic changes

• Costs of providing some services are related to
  the level of production of the economy.
• Businesses provide tax dollars that pay for
  services.
• To predict land use needs
• To create new policies.

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Employment

• Employment growth has been increasing at a rate
  of 2.1 percent per year (between 1990 and 2003)
  and is expected to slow slightly to 1.8 percent
  per year through 2025.

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Economic Development Plan

• To help control the high unemployment rates, Fort
  Worth has proposed a plan to increase employment
  and economic development.
• Their objectives are to Attract businesses that
  provide employment opportunities for the
  unemployed and underemployed, diversify the
  economy, and offer salaries that will increase
  Fort Worths median income.

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Recommended Policies

• Redevelop and attract new development to areas
  between major city sections (Downtown, Historic
  Stockyards, and Cultural District)
• Develop an overall incentive package to encourage
  redevelopment of the central city.
• Increase funds and support for redevelopment
  projects.

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Recommended Strategies

• Increase funding for Enterprise Zone and
  Empowerment Zone programs
• Create incentives to redevelop older properties.
• Use Fort Worth Works program to help the
  unemployed and underemployed find jobs.
• Have local businesses conduct training programs
  for unemployed residents to maintain skills
  needed.
• Improve transportation so that neighborhoods are
  better connected with business locations in order
  to promote employment.

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Programs Established

• Tax Abatement
• Enterprise Zones
• Tax Increment Financing (TIF)
• Fort Worth Works

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Our Conclusions

• We think more funding for the Enterprise Zone
  programs could get more businesses to locate in
  Fort Worth and since the Enterprise zones seem to
  correlate with the locations with high
  unemployment rates. The people who are
  unemployed wont have to go far to get the jobs.
• We also like the idea of creating incentives to
  redevelop the older properties. Since Fort Worth
  has such a unique history, the buildings should
  be preserved.

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Still More Conclusions

• The Fort Worth Works programs theory of finding
  jobs for unemployed residents seems effective,
  however, the people may not be motivated enough
  for help.
• Training programs also seem likely to succeed but
  there could be a problem with residents
  participating in them.
• Improving transportation would be very beneficial
  but would probably be very expensive. Funding
  for transportation in low income areas could be
  hard to find.

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Sources

• Fort Worth Planning Department. 2005
  Comprehensive Plan. February 22, 2005.
  http//www.fortworthgov.org/planning/comprehensive
  plan/05/index.htm
• Fort Worth Employment Forecast, 2000-2030. North
  Central Texas Council of Governments, 2030
  Demographic Forecast, 2003.
• Employment by Industry, 2004. The Perryman
  Group, Inc., 2004.
• Forecasted Employment by Industry, 2025. The
  Perryman Group, Inc., 2004
• Unemployment Rates (1992-2004). Texas Workforce
  Commission, 2005.
• Unemployment Rate by Census Tract, 2004. Texas
  Workforce Commission, 2005.
• Selected Major Employers in Fort Worth. NCTCOG
  and The Fort Worth Business Press, 2004.
• Enterprise Zones. Planning Department and
  Economic and Community Development Department,
  2004.
• Tax Increment Financing (TIF) Reinvestment Zones.
  Economic and Community Development Department
  and Planning Department, 2004.