Irving is the perfect place for business start-ups and has just recently been ranked as one of the best places for recent college graduates.
Irving and Las Colinas is becoming the hot spot for businesses and the housing market is a good indicator as well.
The average price for a home in Irving for January was $273,057 up 12 percent from last year.
Irving’s nine-year effort to develop an entertainment center is finally showing signs of life, with two cranes towering over the $173 million project site along State Highway 114 near Northwest Highway.
Above-ground construction has begun on the site of the 250,000-square-foot Irving Music Factory at Las Colinas.
Come to Irving, and you’ll be setting foot in one of the most diverse cities anywhere.
In fact, in a 2012 study done by the real estate website Trulia-dot-com, it found that the 75038 ZIP Code is the single most diverse ZIP Code in the entire nation, with nearly equal percentages of white, black, Hispanic and Asian residents.
Irving is also home to a very vibrant Indian community.
Every Sunday, Hindus from Irving and the surrounding communities come to the BAPS Mandir, just off the Bush Turnpike.
Deepen Patel is a volunteer at the temple. He and his family moved to Irving from India, and he says the large Indian community has been very beneficial.
“You’re drawn to what is comfortable to you,” Patel says. “And when you see a commmunity that is so vibrant and so diverse, then it’s very easy to be a part of that community.
That sentiment is shared by Tushar Solanki. After growing up near Plano, he lived in several cities in the U.S., including Denver, Boston and New York, before he and his wife decided to settle in Irving.
“We wanted to come near a facility like this BAPS Swaminarayan Mandir, where our kids could grow up and have values and involve culture in their lives and stuff,” says Solanki.
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Irving ranked in the top 30 U.S. cities for hispanic entrepreneurs, according to a new study by WalletHub.
The study examined the 150 most populated cities in the country and weighed factors like highest median annual income for Hispanics and share of hispanic owned businesses to come up with the list.
Before the metrics were calculated, WalletHub suspected the areas with the highest Hispanic populations numbers would do the best, according to WalletHub analyst Jill Gonzalez. For the most part, that prediction held true. Texas and Florida fared well, while New England and the eastern Midwest fared poorly.
Other rankings for cities in North Texas were, No. 35 Fort Worth, No. 37 Dallas and No. 44 Arlington.
So how can cities improve the environment for Hispanic and minority entrepreneurs?
Jill Gonzalez, WalletHub analyst:“When we’re looking at entrepreneurship in general, corporate taxes always come into play to make it a more business friendly environment for anyone. In terms of Hispanic entrepreneurs, getting some incubators started that specifically deal with hispanic entrepreneurs that help them connect with resources across the country, but of course within their city first, would definitely be helpful.”
Presented by Dallas Business Journal
As the economy grows and businesses relocate to the metroplex, job growth continues to outpace national averages.
According to data from Moody’s Analytics that JLL analyzed, job growth in 2015 for Dallas, Plano and Irving bucked national trends of growth only within low paying jobs.
In fact, Dallas saw the most job growth in higher paying jobs. That data compared with data for the U.S. South shows the difference between Dallas and the rest of the region.
“You need technical workers in the mid-to-high levels, you need construction workers in the mid levels and you need service workers in the low areas,” said Walter Bialas, JLL vice president and director of Market Research. “Because our economy is growing across the board in a lot of different areas, we’re seeing — unlike some other places in the country — much higher growth in the better wages.”
In total numbers, the Dallas-Fort Worth area has added 590,000 jobs since 2010 and 117,000 during the last 12 months.
Presented by Dallas Business Journal
With low cost of living, taxes and regulations, Texas has “worked hard to cultivate its reputation as a haven for entrepreneurs,” Matt says. This is why dozens of corporations are relocating to the Dallas-Fort Worth metroplex and building larger campuses. More than 15% of the companies relocating to North Dallas have come from California, including Toyota and Kubota. This mass exodus is due to California’s challenging business climate, and its dense cities and high land costs create “significant impediments to building a 2M SF campus like the one that Toyota is building in West Plano.” With all these market newcomers, Dallas-Fort Worth has not only received a huge population boost, but also a more diverse economy. “In years past,” Matt explains, “Dallas’ overreliance on either oil or finance invariably led to a bust when commodity prices fell. But the current Dallas economy is diversified, resulting in a balance that is likely to sustain the economy throughout a prolonged national or global downturn.” That’s not to say, Matt warns, the market is impervious to an economic downturn, but it is better insulated. 2. Multifamily Construction Shows No Signs of Stopping
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It probably doesn’t come as a surprise to North Texas residents that as the population in the Dallas-Fort Worth area has grown, so too has the diversity. But how many people would believe that the Metroplex – not New York, Los Angeles, or Miami – is home to the most diverse zip code in the country? A study conducted by the residential real estate site Trulia revealed that Irving’s 75038 zip code is leading the way as the country’s most diverse neighborhood.
The 75038 zip code, which is just east of DFW Airport and near Highway 114,is home to almost an exactly even split of white, black, Hispanic and Asian residents. According to Trulia, 26 percent of the residents are Asian, 25 percent are black, 23 percent are Hispanic, and 23 percent are white. The 11428 zip code in New York’s Queens Village neighborhood checked in at number two, while the 94130 zip code in San Francisco’s Treasure Island is third.
Trulia notes that along with being diverse, the neighborhoods that made their list also have several other traits in common. Most of the neighborhoods are in areas that are neither dense nor central to the metropolitan area they are a part of. The neighborhoods are also relatively unknown to people who aren’t familiar with the area.
Diversity also has an impact on population growth and home prices. Trulia says they found that from October 2011 to October 2012 neighborhoods that are more diverse have higher population growth and stronger growth in home prices. As a result, as home prices continue to rise these neighborhoods could become less diverse over time. This could lead to Trulia’s list looking quite different by the time the next census is released in 2020.