Business abounds in the burgeoning burbs of Dallas

Everywhere you look, gleaming new office buildings rise from the plain; trendy restaurants, apartments and entertainment venues open weekly; corn fields have been covered by affluent neighborhoods and sports complexes; highway construction crews race to accommodate the surging population. This is the scene across much of the Dallas-Fort Worth Metroplex, but nowhere is it more pronounced than in Collin County, the nearly 900 square miles encompassing the North Dallas suburbs of Plano, Allen, Frisco, McKinney and 24 other municipalities.

“I grew up around here, and 25 years ago most of this was nothing but farmland,” said Coleman Moore, North Dallas market executive for Bank of Texas.

Today’s Collin County presents a very different tableau, as the population has more than doubled since 2000, reaching 1.25 million. Much of the growth has been driven by the rapid influx of corporations drawn to the area for its affordable cost of living, central location, strong schools and business-friendly tax incentives. And the growth doesn’t seem to be slowing. In 2024, four Collin County cities ranked among the 10 fastest-growing cities in the country. Data from the Texas Demographic Center suggests the population of Collin County will double again by the year 2060.

For area businesses and residents, such explosive growth presents unprecedented opportunities and complex challenges.

A massive chain reaction
Collin County has landed more than its share of major organizations in recent years, including Toyota’s North American headquarters, regional hubs for JP Morgan Chase and Liberty Mutual, the Dallas Cowboys’ “Star in Frisco” campus, the new home of the PGA of America and an upcoming Universal theme park. However, the story of growth and development goes far beyond these household names, said Moore.

“The big companies get all the headlines, but then they bring lots of employees to the area, and that creates a larger talent pool and more business opportunities for companies of all kinds and all sizes,” he said. “It’s a repeating cycle that continues to build on itself.”

Wes Barnes, private wealth market executive with Bank of Texas, said the diversity of industries and jobs flowing into the area has been great for the community and quality of life.

“The development boom has been across the board, creating jobs from the highest corporate executives to construction and manufacturing,” Barnes said. “There are some growing pains—like more traffic and rising home prices—but the various cities have done a good job of working together and learning from each other to manage the growth effectively. And it’s resulted in a great place to live and work.”

A proportionate boom in financial services
It’s no coincidence that the financial services industry north of Dallas is booming alongside the nonstop flurry of commercial activity. Every company needs a bank, and every new business deal is fueled by capital.

“We’ve seen a lot of companies and people relocate from out of state, and they find themselves in need of a local partner who has an established presence and knows the nuances of the area,” said Moore. “Fortunately for them, they have plenty of choices. Every major financial institution is here, as are many smaller banks. There is no pocket of banking and financial services that is not well represented.”

Bank of Texas is no exception, as it continues to expand its five-year-old office at the border of Plano and Frisco.

But it’s not just about serving new arrivals to Texas, said Barnes. He explained how the growth in the area has been life-changing for a lot of businesses and people that have been here all along.

“Many of the companies that were born here and are built here have followed the same trajectory as the local economy, and they need help managing that growth or—as many Baby Boomers are now retiring—passing down a much-larger business to the next generation of leaders,” he said.

Thanks to the thriving commercial ecosystem they’ve helped to create, businesses have more options and support than ever before, and the North Texas horizon has never looked so broad.