Corporations, national and international, are attracted to Irving. In fact, last month, Texas won a national award for its ability to land significant new corporate development.
“Businesses like doing business in Irving,” said Mayor Rick Stopfer. “They like our location, our housing options and transportation systems. As one CEO recently said, ‘Irving is a cool place to be.’”
But what does commercial growth mean for Irving residents?
Irving’s unemployment rate is 3.1 percent — significantly lower than Texas at 3.6 percent and the nation at 3.7 percent. Over the past five years, Irving businesses large and small have created and retained 27,499 jobs.
With jobs comes construction. Irving’s ever-growing workforce needs a place to live. In the past five years, 17,000 people have moved to Irving. Thirty-eight new housing developments have sprung up across the city. More than 2,700 new single-family homes are completed; 3,000 are under construction or in the pipeline. Homes range from executive to patio homes and everything in between.
Irving’s businesses help the city maintain infrastructure. Commercial and residential property taxes are used for road improvements, upgraded parks and recreation facilities, water parks and other amenities residents request. Business taxes also help offset residential property taxes. Irving has one of the lowest property tax rates in North Texas. Because commercial businesses pay 71 percent of the city’s tax base, Irving can keep its property taxes lower than other cities that have fewer businesses.
Irving offers a diversified business base that includes such sectors as aviation, energy, financial services, health care and high tech. Corporate management needs specialized talent. The University of Dallas’ business school, located in Irving, is known as one of the best in the world. Irving’s North Lake College helps train students to fill corporate jobs.
Commercial businesses and the growth drive transportation improvements. Irving has a huge highway network. Understanding transportation needs, the state has improved almost every highway that runs through Irving within the past decade and plans more improvements. Dallas-Fort Worth International Airport and Dallas Love Field are convenient to Irving businesses. They offer major airlines that fly worldwide, a benefit for international corporations. DART and the TRE provide train service to Irving as well.
With growth comes entertainment. Numerous restaurants have opened recently in Irving. City records show new restaurant construction values reached $23.5 million over five years, and existing restaurants spent $39 million remodeling. That is in addition to the nearly $180 million spent building Irving’s Toyota Music Factory, where Live Nation’s 8,000-seat concert hall, the Pavilion at Toyota Music Factory, was ranked ninth in the world for best amphitheater. That is great news considering the ranking is based on ticket sales after just the first year of opening.
Irving’s favorable reputation has elevated the city to the world stage. More than 140 international companies have headquarters or a significant presence here. Within the past five years, Atos (France), Datalogic (Italy), Oki Data Americas (Japan) and OnRobot (Denmark) have opened offices in Irving. International interest attracts more international interest.
“Irving’s businesses truly benefit each and every one of us,” Stopfer said. “I am proud of all Irving has accomplished, and I’m grateful to the many diverse companies that call Irving home.”