Fort Worth is gearing up to welcome over 4,000 new jobs, a direct result of multiple companies choosing to relocate and expand their operations in the city.
This surge in employment opportunities is a crucial facet of the city's economic development department's approximately $2 billion in capital expenditures.
This substantial sum represents investments made by businesses in acquiring land and establishing buildings within Fort Worth, marking a significant milestone in the city's pursuit of higher-wage jobs.
Fort Worth's $1 Billion Investment Elevates Jobs with Higher Wages
In August, the Fort Worth City Council was presented with projects totaling an impressive $1 billion in investments. This year marked a significant growth, with the number of successful projects doubling compared to the previous year.
Notably, there has been a 9% rise in average job wages and a 21% increase in salary commitments. In an interview with the Star-Telegram, Robert Sturns, Fort Worth's Director of Economic Development, shed light on the city's prosperous year.
He also offered insights into what the residents of Fort Worth can anticipate in the upcoming year of 2024.
In 2023, Fort Worth celebrated significant economic milestones. Robert Sturns highlighted the advancement of the Texas A&M hub as a pivotal achievement. This project will transform the southern downtown area, leveraging the university's tier-one research status.
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Texas A&M Hub, Big Firms Boost Fort Worth Jobs
Major successes include DrinkPak and Siemens' expansions in Council District 8. These developments promise to bring over 1,700 jobs and an investment close to $600 million, marking them as notable contributors to Fort Worth's economic growth this year.
Siemens and DrinkPak are speaking with Fort Worth about incentives. This economic development news arrived after Gulfstream Aerospace announced its Fort Worth expansion, employing over 100 people.
Siemens' U.S. subsidiary, Siemens Industry Inc., makes low-voltage circuit breakers in Grand Prairie. Fort Worth is their new sophisticated manufacturing facility target. This low-voltage switchboard and switchgear factory will be at 7200 Harris Legacy Drive.
Siemens plans to spend $70 million on construction by 2024 under the incentive package. By January 2025, the corporation will pay $63 million on equipment.
This expansion will create 715 full-time employees by 2026, including roughly a quarter in Fort Worth by 2024. These positions are expected to pay $63,000, boosting the local job market.
DrinkPak, a 2020 Los Angeles-based beverage firm, aims to open two Fort Worth plants with 1,000 jobs. These factories, which make canned cocktails, energy drinks, and hard seltzers, will boost DrinkPak's production.
The Trammel Crow complex near Perot Field Fort Worth Alliance Airport in Denton County will house the first facility by January 2027. A $452 million second plant in southeast Fort Worth's Carter complex East industrial complex will open in January 2028.
DrinkPak plans to add 550 jobs at the first factory by December 2026 and 450 at the second by December 2027. Average salaries for these positions will exceed $70,000.
Siemens and DrinkPak have also pledged 15% of their building costs to minority- and women-owned businesses.
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