2024 is going to be a rebound year, as falling interest rates stimulate the housing market and cheaper financing trickles down to a wide range of industries.
2024 is going to continue the lethargy and uncertainty of 2023, with the global economy in paralysis and a presidential election looming in the United States.
Those are two of the many predictions for this new year that have been floating around the Metroplex. It’s safe to say that no one knows how much of either extreme will become reality.
I’m among the least qualified to make a guess, since I’ve been running the newsroom at Dallas Business Journal for only about two months, and my feet have been down on the ground in DFW for even less time. But I’ve found an optimistic streak in Texas’ largest metro that suggests people are ready and willing to make the most of the situation.
In the DBJ newsroom, we pride ourselves on making sense out of all the noise coursing through the economy. In the links below, you can read predictions for 2024 in major industries including real estate and banking.
For example, Holden Wilen identified emerging trends in finance: possible rate cuts could lead to bank mergers or at least lessen pressure on portfolios, freeing up capital for lending.
Bill Hethcock polled Realtors and discovered there’s still plenty of fear about how mortgage rates will affect buyers and sellers — but that the bigger problem remains a lack of inventory while the population continues to climb.
Alexa Reed ran down exciting restaurant and entertainment openings slated for the new year and found lots of high-end concepts banking on DFW’s continued affluence.
And Plamedie Ifasso checked in with nonprofits that have seen mounting demand for services such as help buying food and paying rent. As some see donations fall, leaders of these critical organizations have changed how they think about funding.
2023’s most-read stories
To find a list of the most-read DallasBusinessJournal.com stories, go here. You’ll find many of the usual suspects in the form of headquarters relocations and more accolades for desirable suburbs. But there was also evidence of 2023’s desultory nature, from a retail meltdown to the worsening affordability picture.
Those speak to the challenges ahead for DFW businesses. To be sure, the picture for 2024 is not all sunny. Yet there are many reasons for optimism, especially when you speak with the business owners and CEOs who have a lot of confidence in how they’re prepared for the year ahead. In providing a full picture of the North Texas economy, good and bad, DBJ strives to prepare readers for the future — however it may take shape.
Holiday news you might’ve missed
Many people tune out the news during the holidays. But there were some interesting and worthwhile stories that occurred while North Texans were spending time with family or otherwise relaxing. In no particular order:
• Sale of Dallas Mavericks majority stake to Adelson family OK’d by NBA governors
• These 25 North Texans will shape 2024’s biggest stories
• $18M multifamily tower to sprout near Bishop Arts District
• Real estate firm of Dallas Stars owner makes Texas play
• Decades at Goldman Sachs prepared him to lead Dallas firm P10
• North Texas construction company acquired
• Dallas North Tollway to be extended through Prosper, Celina
What’s coming
While I’ve got you, I want to highlight two upcoming events that should help start 2024 on a high note.
First is DBJ’s 2024 Economic Outlook, a breakfast scheduled for Jan. 25. Research into business leaders’ thoughts on 2024 will be shared and I’ll interview Cullum Clark, director, George W. Bush Institute-SMU Economic Growth Initiative; Kelvin Walker, CEO of the Dallas Citizens Council; and Daniel Oney, research director, Texas Real Estate Center.
And on Feb. 15, DBJ will honor a new class of Leaders in Diversity honorees — it’s a chance to hear from some of North Texas’ most inspiring figures and then shake their hands.
I hope you can join us at these events. I’d love to hear your thoughts on what’s in store for 2024.
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https://www.bizjournals.com/dallas/news/2024/01/01/2024-predictions-year-ahead.html