Page 54 - CityofMansfieldFY23Budget

in its residential, commercial, and industrial sectors of its economy, and employment
percentages are expected to remain healthy in the City. The State of Texas employment
percentages continue to fluctuate as the State’s economy adjusts from the ever-changing
prices of oil and gas and the lingering effects of COVID-19 on the workforce. The overall
economy of the State is stable, as Texas is a leader in the exportation of goods around the
world. The State of Texas and the North Texas region are doing well, and the signatures
of fundamental growth are present. The City expects these trends to continue, barring any
unforeseen economic calamity.

Growth expectations are based on projected population estimates by the City’s Planning
Department. Support for these population projections is corroborated by the continued
growth in the overall population of the State of Texas, and the continued population
growth in the North Texas region.

Population Estimates

120,000

100,000
80,000
60,000
40,000
20,000
0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

The near-term financial trends present favorable operating conditions within the City, and
Management will continue to monitor the near-term trends as projections are based on
improving economic conditions within the City. Measurement indices of fiscal policies
will be monitored by Management as well. Continued assessment of the economy will
condition Management’s actions and responses in adjusting the revenues and expenses of
the City’s primary activities.

Strategic Plan Highlights

Population

Estimated by the end of 2023: 81,197
Estimated by the end of 2032: 112,014

Expected population increases create the need for housing stock, infrastructure, and retail
development. According to the U.S. Census Bureau, in the decade of 2001 to 2010, the

53