2013 already exceeds previous 5-Year average of Richardson jobs and occupancy

It’s only August, but if one just stopped at the accompanying list of year-to-date new/retained jobs and square feet of non-retail commercial occupancy, 2013 would rank as far and away the best year in the history of Richardson’s economy. Of course, the State Farm campus, with five cranes now in place, pushed 2013’s numbers to all-time highs; but even without them, 2013-to-date would be ranked as a fantastically productive year.

In addition to State Farm, Extend Health (medicare supplemental insurance), United Healthcare (medicare supplement insurance) and IQor (asset recovery) are financial service companies that have found Richardson to be a superb vantage point from which to attract a wide variety of technical and business expertise. Between the former two companies, Richardson will soon have a contingent of over 2,000 workers specializing in supplemental health plans and creating a circle of excellence in that fast-growing financial services niche. From a real estate perspective, it is interesting that the landlord’s ability to provide 6:1000 up to 8:1000 parking was a crucial factor in making all of these transactions viable.

The attractiveness of Richardson to financial service companies has been key to diversifying the local economy and insulating Richardson against the type of economic downturn that occurred in 2001. That trend began in 2003 with the addition of 3,000 jobs by Countrywide Financial (now Bank of America) and was emphatically reinforced with State Farm’s decision late last year to bring nearly 7,000 jobs to Richardson.

At the same time, the technology sector, including telecom, is alive and well. Samsung’s leasing activity is indicative of its growth and that of the wireless telecom sector, seconded by the decision of California wireless component maker 123eWireless to lease space here. Iphotinix and Prodea  have some exciting new communications technologies to offer.