Dallas

Economy

In 1999 the Dallas economy was especially strong, in keeping with a robust U.S. economy. The unemployment rate was a low three percent, and job growth from 1998 to 1999 stood at 3.8 percent, well above the national average. The Dallas economy is projected to grow nearly 20 percent by the year 2010.

Dallas is a regional financial center, serving the American southwest. As such, it is home to the Eleventh District Federal Reserve Bank. Although the Texas oil boom slowed in the latter half of the twentieth century, The city continues to serve as a corporate center for petroleum companies. Dallas is home to more petroleum company headquarters than any other city. Dallas is a major international cotton market, and the city has more than 250 insurance company headquarters.

About 20 percent of Dallas area workers are employed in manufacturing industries. Twenty percent work in the service sector, while close to 30 percent work in retail.

After World War II (1939–45), Dallas became one of the country's largest manufacturers of aircraft and missile parts. In the 1950s, Texas Instruments, the company that created the integrated circuit computer chip and the hand-held calculator, pioneered Dallas' high-tech movement, a trend that continues into the twenty-first century.