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Fort Worth Achieves Record Economic Development in 2024

Staff Report / FTWlocal.org

**Fort Worth Sees Record Year in Economic Development for 2024**

FORT WORTH, TX - The year 2024 has marked significant progress for Fort Worth, with economic development projects totaling nearly $2.19 billion in private investment and the creation of at least 1,685 net new full-time jobs. These milestones demonstrate continued growth and development across the city with notable contributions from sectors ranging from aerospace to education.

Among the year’s highlights are major projects by businesses including ITS Logistics, GE on Wing, Embraer, Bell Flight, Gulfstream Aerospace Corporation, Elbit Systems of America, and MP Materials. Local landmarks like Westbend and the Fort Worth Stockyards have also seen significant expansions, contributing to the vibrancy of the local economy. The University of Texas at Arlington also played a role in this year’s progress with its new West campus.

Urban revitalization projects remained a priority in 2024. Key developments include the Berry-Stalcup redevelopment in Stop Six and the Woodhaven neighborhood transformation plan. The Evans & Rosedale Urban Village redevelopment project also achieved major milestones under the leadership of its new master developer, Royal Capital, with momentum expected to carry into 2025.

Community-driven initiatives were another focal point of the year. The Fort Worth Main Street America program worked to enhance quality of life, support small businesses, and bring the community closer together through park transformation projects, placemaking activities like “Sonidos del Summer” and “Posadas,” and various other opportunities across two pilot districts.

Tax Increment Finance Districts (TIFs) played a pivotal role in funding improvements. The Downtown Fort Worth and Lancaster TIFs were extended to support additional public projects, and a new TIF was established at Veale Ranch in west Fort Worth to help manage upcoming development. Additionally, Near Southside TIF 4 approved several new projects in 2024, including the Nobleman Hotel and an expansion of the JPS Health Network, representing $285 million in new investment.

Support for local businesses was underscored this year, with RIPE Publishing House winning the Fort Worth Business Plan Competition and the City of Fort Worth providing grants to businesses affected by the Sandman Hotel explosion in January. Startups thrived through initiatives like the Techstars Physical Health Fort Worth Accelerator, which culminated in a successful Demo Day for its third cohort.

Partnerships across private and public sectors, including organizations like the Fort Worth Economic Development Partnership, Fort Worth Chamber, Fort Worth Hispanic Chamber of Commerce, and Fort Worth Metropolitan Black Chamber of Commerce, have been vital in fostering this year of growth.

As Fort Worth prepares for 2025, the city is looking forward to building upon this momentum and continuing its trajectory as a booming hub for business and community development.

Source: Fort Worth Econ Dev

Source Type: Business

Source Location: Fort Worth

Jan 1, 2025 at 11:03 AM

Business