Frisco Economic Development Corporation (TX) – Labor Market Profile

Challenge

Located just 30 minutes north of Dallas, one of the nation’s most dynamic metropolitan areas, Frisco, Texas, has all the ingredients for sustained economic growth. Along with competitive advantages in traditional site selection factors such as transportation access, available land, and a reliable water supply, the city offers an edge in the availability of a talented workforce. Frisco outperformed the state and the Dallas/Fort Worth Metroplex in employment growth throughout much of the early 2000s. Yet Frisco’s strong job growth was eclipsed by its phenomenal population growth. In just 13 years, the city added 100,000 residents, with another 150,000 expected after a full buildout. This dramatic pace translated to an additional 65,000 workers added to the workforce, amounting to between 3,000 and 4,000 new workers each year.

Response

Recognizing the importance of understanding the regional workforce moving forward, the Frisco Economic Development Corporation (FEDC) engaged TIP Strategies to prepare a labor market profile which provided a comprehensive picture of the regional talent pool. This profile examined the supply characteristics of the labor shed and the region’s occupational structure as they related to the FEDC’s target industries. Data on commuting patterns were compiled into brief profiles to support the organization’s marketing efforts to key industry sectors. TIP also facilitated a web-based survey of Frisco-area employers regarding their experiences with the labor force and found that the city was in an enviable position relative to many other communities in the US. Most respondents gave the workforce high marks on basic soft skills and reported being able to find the workers they needed. Findings from the profile were used to support the city’s efforts to market the region’s site selection advantages and served as the cornerstone of a talent-driven strategy.