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New Report Sheds Light on Economic, Technological, and Cultural Trends
New Report Sheds Light on Economic, Technological and Cultural Trends Poised to Impact the Dallas-Fort Worth Region Over the Next Decade
Report Highlights Dramatic Increases and Diversification in DFW Population, Middle-Skill Jobs, and Investments in Digital Infrastructure
PLANO, Texas, Jan. 23, 2017 – A report released today by Capital One – one of DFW’s largest employers – and The Institute for the Future (IFTF) titled “DFW 2026: Igniting Economic and Cultural Prosperity in North Texas” identifies significant trends that will shape the Dallas-Fort Worth (DFW) metroplex over the next decade. The report documents that while the 16 counties surrounding Dallas and Fort Worth are home to more than seven million people, steady population growth is expected to continue into the next decade, dramatically enhancing the area’s cultural, educational and skills diversity. The North Texas region will also experience some of the fastest growth in middle-skill jobs – work that requires some postsecondary education – and 80% of these jobs will require digital skills. At the same time, heavy investments in digital infrastructure indicate that DFW will rapidly embrace smart city services and urban innovation.
Released at Capital One’s Reimagine Communities symposium, and commissioned as part of the company’s Future Edge DFW initiative, the report provides insights that could help prepare the DFW community to think creatively about the future of North Texas and to take deliberate actions today to build a future of inclusive economic and cultural prosperity. Broken down into drivers of change, forecasts of change, and countervailing forces the community will need to address over the next decade, the findings are based on insights collected from in-depth interviews with a diverse group of DFW business and economic development leaders, experts from academia, nonprofits and the arts, as well as a quantitative survey of local residents aimed to gauge attitudes on, assumptions about, and sense of preparedness for the next decade.
“As a company and a community we need to be grounded in the trends that will help us determine the best ways to get ready for tomorrow, today,” said Sanjiv Yajnik, President, Financial Services, Capital One. “Through Capital One’s Future Edge DFW initiative, we’re working with a variety of partners to grow the area’s innovation and technology ecosystem that will fuel our economy and help communities succeed in this rapidly-changing world. Insights from the report will help us focus these efforts.”
Among the findings from the report:
- Steady DFW population growth is expected to continue, with community diversity increasing. In Frisco, one of the fastest-growing cities in the U.S., for example, future growth is expected to exceed past growth.
- The North Texas region will soon experience some of the fastest growth in middle-skill jobs, and nearly 8 in 10 of these jobs will require digital skills. Training initiatives will focus on helping individuals build the skills to fill in-demand middle-skill jobs and build meaningful careers.
- North Texas has several acknowledged neighborhood inequality challenges – and the report highlights the importance of breaking down barriers and increasing access to quality education and employment opportunities.
- Cities and suburbs in North Texas will leverage ubiquitous connectivity, real-time and big data, and algorithmic analytics to enable smart city services.
- By 2030:
- Residents will be empowered through new and emerging AI technologies.
- Continuous learning will be the new norm as more learning resources are distributed across platforms – like peer-to-peer networks – to help people master in-demand skills easily.
- The sharing economy will grow, with more people finding ways to earn a living by using personal assets.
- The creative economy of artists, gamers, entertainers, reporters, and innovators will support the economic health and drive the overall well-being of Dallas-Fort Worth over the next decade.
Additionally, the report explores some of the countervailing forces that DFW will need to address in order to realize a future of economic and cultural prosperity. These forces include: digital security breaches, job displacement by automation, and community amnesia.
“There are a number of factors at play in shaping the future landscape of DFW, and the potential for a shift in the way people work, live, learn, and build is certainly there,” said Rachel Maguire, Research Director at IFTF. “Residents of the area are really going to be accountable for leveraging existing and emerging technologies and guiding the growth – not only in number – but in diversity to further establish the community’s collaborative and successful future.”
Access the full report now ...
In 2015, Capital One pledged $150 million over five years to help prepare more Americans with the skills, tools and resources they need to succeed in an ever-changing digitally-driven economy. As part of this initiative, Future Edge DFW symbolizes Capital One’s commitment to make Dallas-Fort Worth a destination for top talent, spur growth as a world-renowned technology hub, and nurture leaders of tomorrow. For more information on what Capital One is doing across the country, join the conversation on Twitter and Facebook. #FutureEdgeDFW #InvestedInTech
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $226.0 billion in deposits and $345.1 billion in total assets as of September 30, 2016. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
About Institute for the Future
Institute for the Future (IFTF) is an independent, non-profit research organization based in Silicon Valley, California. Our mission is to help organizations, communities, and individuals think systematically about the future. IFTF has a 49-year track record of pioneering tools and methods for building foresight, and we are the world’s first and oldest organization dedicated to bringing the skills and benefits of futures thinking to the public.
About the Research
In its study of the future of North Texas, the independent, not for profit Institute for the Future (IFTF) did in-depth interviews with business, and economic development leaders in the DFW area; facilitated a half-day expert workshop on October 5, 2016 that included a diverse mix of academic, industry, nonprofit, and arts leaders; and moderated panel discussions at the Workforce of the Future Leadership Summit produced by the Collin County Business Alliance on October 11, 2016, and at Techweek Dallas, November 2-6, 2016. The study, DFW: Igniting Economic and Cultural Prosperity in North Texas, was released at Capital One Future Edge and the Urban Institute's Reimagine Communities symposium on January 23, 2017 in Plano, Texas. The qualitative research was supported by quantitative survey work conducted by Wakefield Research. The researchers surveyed 500 adults in the DFW DMA (designated market area) and 1,000 nationally representative U.S. adults ages 18+ during the period September 22–30, 2016, using an email invitation and an online survey. The margin of error was +/- 4.4 percentage points for the DFW study and +/- 3.1 percentage points for the nationally representative study. The findings offer revealing insight into the public’s attitudes on, assumptions about, and sense of preparedness for the next decade. This quantitative research is referenced throughout DFW: Igniting Economic and Cultural Prosperity in North Texas as the Capital One Future Edge DFW Survey.