Major investment and large-scale projects attract national attention to Fort Worth, Texas
March 1,2024
See full Boston Business Journal by City of Fort Worth Economic Development here.
As the fastest-growing city in the country, according to the 2022 U.S. Census, Fort Worth is in the midst of ongoing and planned large-scale projects laying the groundwork for its rise as a world-class destination for people and companies. While it continues to celebrate its distinctive Western roots, the city also has its sights set squarely on the future as its booming population and thriving business environment redefine Fort Worth’s frontiers for future generations.
Strategic investments promote long-term growth
Fort Worth’s economic plan calls for, among other things, equitable real estate development and targeted growth in key parts of the city. One area of focus is downtown, where an estimated $2 billion in new development is poised to reshape Fort Worth’s urban core. The expansion of Texas A&M University’s existing law school into a new 3.5-acre urban research campus presents opportunities for innovation and collaboration between the tier-one research university and local companies like Lockheed Martin and Alcon. The campus also has the potential to fill workforce gaps in key industries like aerospace, energy, and health sciences in close partnership with the private sector.
Other parts of Fort Worth are likewise seeing targeted efforts that will spark additional development and investment. The city has partnered with Main Street America on a three-year pilot program to build capacity, increase investment, and support the strategic redevelopment of Fort Worth’s Historic Northside and Polytechnic neighborhoods through uniquely tailored community-driven transformation strategies.
"Corporate relocations and large companies are important for Fort Worth's economy, but we recognize that in order to create an environment where these businesses can thrive, we also have to focus on cultivating our city’s existing businesses, supporting local entrepreneurship and providing opportunities for all of our residents," said Robert Sturns, economic development director for the City of Fort Worth.
Innovating across all sectors
Another recent development in Fort Worth was the establishment of the city’s first two innovation districts. The Mobility Innovation Zone (MIZ) located in the 27,000-acre master-planned AllianceTexas community in north Fort Worth, has generated more than $119.8 billion in regional economic impact over the past 35 years. The MIZ offers a unique ecosystem for mobility companies to test, scale and commercialize their products. More than 574 globally ranked companies have a presence in the MIZ, which serves as a major hub for Amazon, BNSF and FedEx alongside smaller transportation companies, like Clevon, which is focused on pioneering autonomous last-mile delivery networks.
Meanwhile, the Medical Innovation District (MID) in the heart of Fort Worth’s Near Southside is home to six major hospitals and dozens of independent medical clinics. Spanning 1,200 acres in one of the city’s most walkable areas, the district employs more than 30,000 workers in the health care industry and boasts a growing community of startups focused on biotech, physical health and other life science disciplines.
The MID is further supported by nearby academic institutions such as the TCU Burnett School of Medicine, whose new four-story, 100,000-square-foot medical education building is scheduled for completion later this year; and UNT Health Science Center (HSC) in Fort Worth that recently established a new college of nursing alongside robust existing curriculums in pharmaceutical studies, osteopathic medicine and biomedical sciences. Of particular significance is HSC’s Regional Simulation Center, which reimagines the future of health care by providing students the opportunity to experience real-life training environments through cutting-edge virtual reality training.
For many years, North Texas has welcomed an influx of big-name companies that decided to relocate their headquarters to a more favorable business environment. In light of this opportunity, both of Fort Worth’s innovation districts are primed to bring even more leading startups and top-tier companies to the city while driving additional development – and investment – in the region.
Building on a legacy
Much has changed since a military outpost was established on the edge of the frontier in 1849, but today's Fort Worth maintains its pioneering spirit as it seeks to grow, innovate, and build upon a long legacy of commerce and collaboration.
With a rich legacy, forward-looking approach and entrepreneurial spirit, Fort Worth is a city that's firmly staked its claim as the center of the Modern West.
Location Mentioned: Texas A&M Fort Worth