Jan 13, 2022 - Business

Dallas will get an economic development corporation

A photo of Dallas City Hall
Photo: Raymond Boyd/Getty Images

Dallas will establish an economic development corporation to draw more businesses to the city, after the council unanimously approved the measure yesterday.

Why it matters: The corporation would act somewhat independently to develop city-owned properties and attract businesses to Dallas.

  • The city now joins New York City, Philadelphia, Baltimore, Chicago, Los Angeles and Atlanta with similar economic development programs.

Details: The nonprofit government body would be separate from the economic development department already at City Hall.

  • The city is using $7 million pandemic relief funds for the next three years to start the corporation, which will be run by a board of directors.

State of play: Mayor Eric Johnson said during a recent State of the City address that Dallas needs to compete with its suburban neighbors to the north to draw employers.

  • Arlington, Fort Worth Irving, Plano and Richardson each have "well-funded economic development organizations that compete at the highest levels," according to a 2021 report presented to Dallas city leaders.

What they’re saying: "This is a major step forward for our city as we strive to compete more aggressively at the regional, national, and international levels," the mayor tweeted after the vote.

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