Boomtowns are communities that experience a significant population surge as a result of swift economic growth, employment opportunities, and overall prosperity. You shouldn’t be surprised to hear that Denton, Texas, recently was named one of top boomtowns in the country by real estate website SmartAsset.com™. Many new residential communities, like Union Park by Hillwood which is just 15 miles away in Little Elm, have sprung up in Denton County to meet the housing needs of those who work and go to school in Denton.
Denton is the 22nd largest city in Texas with a population of 148,000 (2020) which is more than double the city’s population in 1990. Denton County is growing fast as well. Denton County population growth averages 2.23% per year. The county has a current population of almost 945,000.
What makes some towns like Denton boomtowns while others are a bust? Let’s look more at some of the factors that have allowed Denton to grow rapidly and find out why so many folks are relocating to this burgeoning suburb.
Booming Job Market
One reason Denton qualifies as one of the fastest-growing cities in North Texas is its thriving job market. College towns typically tend to have higher employment rates and more resilient economies than other towns in general because the demand for products and services is reliable and predictable. This is certainly true for Denton, a city with two major universities that have a combined enrollment of more than 57,000 students. UNT is enjoying particularly robust growth and upending national trends, increasing enrollment during the COVID-19 pandemic by 6% while many other schools lost enrollment.
Another reason for the city’s job market success is the city’s strong program to create and sustain economic growth. Denton’s economic development department works to expand the city’s economy by bringing new companies to the area and retaining existing businesses. The department offers supportive services to enterprises of all types and sizes. Denton’s business recruitment and expansion efforts include economic development incentives to expand the city’s tax base and create jobs in the area.
This has helped employers succeed and grow, creating a sustained strong job market in Denton. As the saying goes, “a rising tide lifts all boats.” A booming job market creates more demand for housing, consumer goods, health care, utilities, etc. These increases create more jobs which lifts the economy of the area as a whole even further.
While many economic sectors are thriving in Denton County, there are a few that are particularly important to the area. The most significant industries contributing to Denton’s success include:
- Education – The University of North Texas, Texas Women’s University, and Denton ISD provide more than 10,000 jobs to the area’s economy.
- Retail – Sally Beauty has made Denton its home since 1982.
- Manufacturing – Tetra Pak Materials, L.P., Mayday Manufacturing & Hi-Tech Metal Finishing, ESAB Victor Technologies, Jostens, Safran Electrical & Power have manufacturing facilities in Denton.
- Automotive – Peterbilt Motors opened a plant here in 1980 and moved its operations to Denton in 1993.
- Healthcare – Medical City and Texas Health Presbyterian are major employers in Denton.
More North Texas Growth Ahead
Over the next few years, the Denton area’s economy is expected to experience exponential growth; within two to five years, the economic growth is projected to increase between 10% to 25%.
Within ten years, many predict Denton jobs will grow by 50%, which is much more than the U.S. average predicted job growth rate of 33.5% for the coming decade. Although these are just projections, the growth of the city’s universities and Denton’s commitment to economic development make these figures seem within reach.
Denton is the top boomtown in Texas due to its culture, prosperity, and strong economy. With this expected growth, Denton and the surrounding suburbs will be excellent places to live now and far in the future. If you like what you’ve seen and want to explore all the wonderful things to see and do in Denton and the neighboring areas, visit our Denton City Guide for more information on the top attractions.
If you’re convinced that the Denton area is where you want to be, you’ll love Union Park by Hillwood located in Little Elm. Take a virtual tour of our master-planned community of new construction homes that is convenient to Denton, Fort Worth, and Dallas. Our community offers friendly neighbors, a robust lifestyle program, and a vast array of spectacular amenities including a catch-and-release fishing pond, an ADA-accessible playground, a dog park, a food truck park, an indoor/outdoor fitness park, two pools, and much more. Contact us today to learn more.