Dallas is growing really fast

Dallas is the fifth-fastest-growing city in the U.S., according to a new report by a nonpartisan think tank affiliated with the University of North Carolina at Chapel Hill.

Why it matters: The ranking validates what people have been saying about the Dallas area becoming more desirable to outsiders who want a good quality of life without having to spend all of their income to get it.

The big picture: The findings highlight the U.S. population's shift toward the South and the West, the power of tech hubs and the recovery of the leisure and hospitality sectors.

By the numbers: Over 97,000 people moved to the Dallas area from June 2020 to July 2021, per the report.

• The counties around Dallas have grown significantly, too. Collin County had the second-largest population growth of any U.S. county in 2021, per U.S. Census data.

What they're saying: "During the peak months of the COVID-19 pandemic, no metro area's population grew more than Dallas-Fort Worth," the report says.

• The report says our region's growth is probably driven by its diversity and the strength of its industries, including health care.

Zoom out: The San Francisco Bay Area, where the cost of living remains high, holds the No. 1 spot — but UNC analysts say recent hiring freezes and layoffs, combined with the region's declining housing market, could spell trouble.

• Austin, the only other Texas city mentioned in the ranking, came in second this year.

What's next: Because of the strength of the labor market in the first half of 2022, the UNC analysts didn't see a "meaningful slowdown" in the economy.

• If a slowdown materializes, they caution that the current rankings could be in limbo if tech, tourism and manufacturing are affected.