PLANO, Texas - Boeing announced on Wednesday that it's bringing its headquarters for a new branch to Plano.
The aerospace giant is one of a growing number of large companies setting up shop in the growing area.
As business continues to track to Plano, the population continues to track north and making the city and surrounding cities some of the hottest real estate markets in the country.
Local builders say they'll build 30,000 houses in DFW this year. Still, realtors say inventory is low.
One of North Texas' top realtors says the low inventory is because of the number of people relocating to Plano for work at a 250-acre $3 billion development that boasts some big names.
Legacy West, off 121 and the Dallas North Tollway, will house offices for Toyota, JP Morgan Chase, Liberty Mutual Insurance, FedEx and Boeing.
“Boeing is cleared for landing in Plano, Texas,” said Plano Mayor Harry LaRosiliere.
Executives with the company's global services unit will make Plano their headquarters and North Texas their home.
Cindy O'Gorman lives in Plano and is a top producing realtor for Ebby Halliday.
“In the last couple months, we've had quite a few sales between two and a half to five million,” she said.
O’Gorman says Legacy West is changing the market. Million dollar homes that weren't selling now are. Buyers who relocate to North Texas pay in cash and quickly.
“We're seeing more cash deals in the last two years than we've seen in a long time,” she said. “If people want it, they know they can't wait. They can't low ball anymore, and they're coming in with strong offers and many of them are coming in over list price.”
And O’Gorman says many who will work in Legacy West are choosing to live farther north.
“A lot of people used to think Frisco was far out. Now, Celina, Prosper, McKinney: that's not far out,” she said.
But there are perks to living in Plano. The city has the lowest tax rate in DFW. Half the city's tax base comes from businesses. Boeing will give that a boost.
“Everything we do in Plano is intentional, so this is not unexpected,” the mayor said. “It's not a surprise to us that we have the interest in our corporate park, and we're not done yet.”
The city is working on a comprehensive plan called Plano Tomorrow that will focus on building up rather than out. And it's received a lot of pushback, especially from citizens who don't want their suburban lifestyle to change as the city grows.
Boeing will not say exactly how many jobs will be at the Legacy West office. The company employs 20,000 people worldwide.