Dallas, Texas is a well-known hub of business activity as the fourth most populous metropolitan area of the United States. This distinction has allowed Dallas to develop a wide range of industries to serve a far-reaching economy that is as healthy as it is diverse. While much of the credit for the growth of Dallas’ economy can be attributed to the businesses themselves, state and local governments also play a role in nurturing an environment of healthy business growth. In the end, Dallas is an excellent example of what can be done when business leaders and government leaders can work together toward a common goal.

Major Industries in Dallas

Some of the most successful companies in the Dallas metro area are in the technology, defense and financial industries. These three industries account for thousands of jobs in Dallas and have become a mainstay of the economic climate in the city.

On the technology front, telecommunications and IT services are very important to the economy of Dallas. The importance of IT services to economies can often be overlooked, but this is generally due to the small nature of most IT service providers. However, a number of international companies, such as Rackspace, have a major presence in the city and provide greatly to the business climate.

The defense industry often has aerospace and aviation lumped into it as these three industries are so acutely intertwined. These industries provide more than 150,000 jobs to the people of Dallas in over 1,300 companies. The large airport capacity, educated workforce and lenient laws regarding the classification on commercial space are often cited as a draw to companies in these industries. As a result of this growth, the average person working in these industries makes a little over $80,000 a year.

Anyone curious about how the financial industry gained so much power in Dallas need only look as far as the Federal Reserve Bank of Dallas. As one of only twelve district banks in the Federal Reserve system, Dallas has become a major player in financial markets throughout the country. This has led to the development of a strong financial sector in Dallas itself, with a growth of 11 percent in financial sector jobs since 2010. While the Federal Reserve itself is not responsible for this industry thriving as it does, it’s noted as a driving force in the identity and economic development of the area. Read more »

During the past two decades, the Scottish economy has undergone an important transformation that has helped bring Scotland to the forefront of social and economic development. As Scotland’s capital city, Edinburgh has played a crucial role in this transformation and is now recognised as one of the most prosperous cities in the United Kingdom. This is undoubtedly good news for entrepreneurs looking to set up a business in the Scottish capital.

Edinburgh’s economy

The Scottish government has capitalised on Edinburgh’s potential to become an economic powerhouse, and the strategy has had excellent results. Currently, Edinburgh has a GDP per capita in excess of £49,000, a figure that is only surpassed by the GDP levels of the British capital. But the city’s strong economic growth levels are also in line with other key global players. A recent fDi Magazine survey listed Edinburgh as the third best-ranking city of the future in terms of business friendliness, quality of life, economic potential, and skills pool, placing the city ahead of major business hubs like Paris and Berlin.

The latest data set released by the local city council reveals that key economic indicators in the city have been following an upward trend for several consecutive quarters. This is the case of the city’s macro-economic environment (measured in terms of output per resident and currently set at £38,000 per person) and in the foreign direct investment rates, whose ongoing increase has created nearly 600 new jobs over the past 12 months. Business density in Edinburgh is another positive indicator, and at 93 companies per square kilometre, is among the UK’s highest. All these factors have had a positive impact on overall business confidence levels, which have been rising for three consecutive years and are nearly 28 per cent higher than in 2012.

Key industry sectors in Edinburgh

The 2014 Global Financial Centres Index listed the Scottish capital among the world’s best-rated cities for businesses in the banking, insurance, and finance sectors. There are approximately 35,000 people working in this industry all over the city, which is also home to 90 per cent of all fund managers in Scotland. Some prestigious financial companies that have chosen to be based in Edinburgh include JP Morgan Europe, Scottish Widows, Standard Life, AEGON, Bank of New York Mellon, Royal Bank of Scotland, and Quayle Munro.

The city is also a key European destination for companies in the life sciences sector, especially in areas like the Science Triangle and Edinburgh’s BioQuarter. IT, software development, and the creative sector are also experiencing constant growth.
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