Congratulations to our Fort Worth Business Press on its 30th anniversary! A lot has changed in Fort Worth since 1988 — not the least of which is our hairstyles. Hairspray companies might’ve been the bright spot on Wall Street at that time.
Aside from the hairdos, many of us remember the 1980s as a volatile time for much of Texas. Most significantly, the energy sector had been put through the wringer, and the ripple effect had spread to real estate markets and financial institutions. Fortunately, after dipping to 10 percent in 1986, the Texas unemployment rate climbed back to 7 percent in 1988. The Texas economy was on a path to recovery.
Interestingly enough, while many Texas cities had a very tough row to hoe through the 1980s, Fort Worth had some notable milestones that paved the way for great change and progress. Combined, those milestones marked a turning point that would help define the Fort Worth we know today.
Think about it – at the time, Dallas Fort Worth International Airport was already a remarkable success and a catalyst for growth for our region. The Sundance Square development began in 1982. In 1986, the Air Force awarded Fort Worth’s General Dynamics a contract worth billions of dollars for its new F-16 fighter jet.
Also, in 1989, Alliance Airport began operations as the world’s first inland port. And in that same year, the U.S. Bureau of Engraving and Printing opened its Fort Worth currency production facility, the first to be built outside Washington, D.C.
Until that point, Fort Worth had been a center for agriculture, a center for energy and a military industry stronghold, but by the 1980s times were changing. The world was changing. And Fort Worth was changing, too.
We certainly weren’t bulletproof, but Fort Worth has always been blessed with the right leaders at the right times. The city pushed through the challenges of the 1990s, including a military base closure, crime issues and the effects of urban sprawl.
Following the urban sprawl of the ’80s and ’90s, Fort Worth began to incentivize reinvestment in the central city and other strategic locations. Not only is this smart financially when considering the extraordinary costs of delivering city services to the outskirts of town, but a city cannot be strong with a weak core.
To date, our Tax Increment Financing Districts, or TIFs, have carried a 19-to-1 private-public investment ratio, adding more than $4.3 billion of new private investment. The urban renaissance has been nothing short of spectacular, and it’s only going to get better.
What started as a small number of residential housing options downtown soon burst into an incredible amount of quality urban homes and apartments. And more and more homes are being renovated in historic neighborhoods inside the 820 Loop (just ask our permit office!).
As the boom continues, the Trinity River Vision Master Plan will be a major part of changes to come. It will not only provide needed flood protection and expand greenspace, but it holds remarkable growth potential for the new Panther Island just north of downtown. In time, it could double the size of our central business district.
While we continue to strengthen the city’s core, business remains strong at DFW Airport, Alliance and other Fort Worth commercial districts. In recent years we’ve seen significant investment from the likes of Facebook, Amazon, Walmart, Galderma, NGC Renewables and many others. American Airlines, Lockheed Martin, Bell, BNSF Railway and countless small businesses continue to support our city with jobs, innovation and public involvement.
Now, similar to 30 years ago, I believe Fort Worth finds itself at another historic turning point. People are pouring into our city looking to take advantage of abundant jobs and the reasonable cost of living.
But in order to maintain Fort Worth’s status as an All-America city, we have to capitalize on available resources and be strategic about how we plan for and manage our growth.
To support the demand for good-paying jobs, we must attract more international business and corporate headquarters. We must push hard for expanded transit options. We must be proactive in recruiting millennials, entrepreneurs and the creative class. And we must be intentional about shouting our Fort Worth name from the proverbial rooftops.
Through all this, we’ll keep a strong focus on supporting safe neighborhoods, providing quality public education and overcoming lingering fiscal challenges at city hall. The task is monumental, and it’s going to take all of us pulling our oars in unison. But the city, Visit Fort Worth, the Fort Worth Chamber of Commerce and our numerous partners are walking lock-step toward this vision.
I believe we will reach our vision long before the next 30 years is over. And, I hope, with a lot less hairspray.