Page 556 - Fort Worth City Budget 2019

City Profile

The chart below shows annual labor force data for the City of Fort Worth, the Dallas-Fort Worth Metropolitan
Statistical Area and Tarrant County, with 2017 representing statistics from August 2017.

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
City of Fort Worth
Labor Force 314,976 323,314 332,419 357,927 369,718 377,123 384,170 390,430 393,352 404,789 414,163
Unemployed 14,020 16,210 25,879 28,441 27,628 24,301 22,982 19,258 16,303 16,984 15,865
Unemployed Rate 4.5% 5.0% 7.8% 7.9% 7.5% 6.4% 6.0% 4.9% 4.1% 4.2% 3.8%
Dallas - Fort Worth - Arlington MSA
Labor Force 3,106,964 3,146,487 3,187,001 3,300,761 3,374,414 3,420,186 3,474,226 3,535,331 3,579,454 3,694,960 3,795,291
Unemployed 132,080 153,563 248,383 266,593 255,271 225,014 212,012 177,598 145,292 143,064 138,248
Unemployed Rate 4.3% 4.9% 7.8% 8.1% 7.6% 6.6% 6.1% 5.0% 4.1% 3.9% 3.6%
Tarrant County
Labor Force 868,680 880,826 896,305 924,951 950,514 966,259 981,537 991,015 990,682 1,009,291 1,033,317
Unemployed 36,823 42,048 68,936 75,375 71,788 62,944 59,367 49,829 41,169 40,130 37,978
Unemployed Rate 4.2% 4.8% 7.7% 8.1% 7.6% 6.5% 6.5% 5.0% 4.2% 4.0% 3.7%
Source: Texas Workforce Commission, Labor Market Information

TOURISM

Tourism is an important contributor to the local economy. It is reported that more than 9.1 million people visit each
year for business and leisure, generating a $2.3 billion annual economic impact, according to Visit Fort Worth (AKA
the FWCVB). This activity supports nearly 23,000 jobs in the local hospitality industry. Tax revenue generated by
visitor spending contributes to city projects, saving the average household approximately $598 in taxes per year. The
city has seen significant growth in the number of visitors from within the region and from other nations through
DFW International Airport. In addition to conventions and major equestrian shows, visitors are drawn here by
authentic experiences, western heritage, performing and visual arts, dynamic food scene and quality of life. The city’s
neighborhoods and districts drawing high interest include downtown and Sundance Square, the Cultural District,
Near Southside, Panther Island and the Stock Yards National Historic District. The Stock Yards features the Fort Worth
Herd, the world’s only twice-daily cattle drive owned and operated by Visit Fort Worth. In response to growing
demand for conventions and leisure visits, a 2014 study indicated Fort Worth needs to add more than 1,400 hotel
rooms in downtown to remain competitive in the market.

Downtown Fort Worth, Inc. (DFWI) is a nonprofit organization dedicated to the promotion and redevelopment of
downtown Fort Worth. Coordinated efforts by DFWI have resulted in new entertainment, housing, and retail
facilities throughout downtown Fort Worth. The city joined this partnership in 1995 with the creation of the
Downtown Tax Increment Financing District in order to provide public infrastructure to support the private
investment within this development.

The Alliance Texas development in north Fort Worth has continued its growth and added thousands of jobs since
the recession. Employment at the 18,000-acre development, which includes the huge logistics park, subdivisions,
shopping centers, and the Circle T Ranch, topped 37,000 in 2014. The Fort Worth Convention Center is located in the
heart of Downtown Fort Worth and is surrounded by hotels, restaurants, shopping and nightlife. According to Visit
Fort Worth in FY 2018 the Fort Worth Convention Center hosted 47 International, National and State Conventions
that produced 114,522 room nights for various hotels and generated $142,128,638 in economic impact for the city.

517