Choose Energy Names Top 5 Texas Cities for Restaurant Owners
DALLAS, Sept. 8, 2016 /PRNewswire/ — As Dallas and Houston conclude National Restaurant Weeks, Choose Energy, the leading online marketplace for energy choice, has ranked the top Texas cities in which to operate a restaurant. They have done this by evaluating sometimes overlooked operating costs that – in addition to traffic and location – can influence where a restaurateur decides to operate.
The top three operational costs that any restaurant owner is confronted with are payroll, rent and electricity. The Choose Energy team compared these costs with the population growth and economic development in each city to determine the best markets in which to operate a restaurant in Texas.
Plano ranks first, due to factors that include declining rent costs and the extensive development planned for headquarters and operations expansion of major multi-national corporations.
- Population growth: 8.10%
- Average rent per square foot: $14.09
- Average hourly wage: $11.02
- Energy costs per square foot: $ 0.53
Fort Worth’s supply of efficient retail space for restaurants is increasing due to local company expansion and upgrades, including the Stockyards, the Federal Aviation Administration and Facebook. Facebook’s new data center is estimated to have a $250 million economic impact on the city and will be powered by 100% green energy. The Stockyards are currently being considered for a $175M upgrade which will include more space for restaurants and nightlife.
- Population growth: 8.00%
- Average rent per square foot: $13.75
- Average hourly wage: $10.77
- Energy costs per square foot: $ 0.54
Major sporting events including the Super Bowl, Final Four, NCAA Championship Game bring an estimated $120M of revenue to Arlington. The $200 million mixed use complex in development makes Arlington a highly desirable market for restaurants.
- Population growth: 4.90%
- Average hourly wage: $10.23
- Average rent per square foot: $14.47
- Energy costs per square foot: $ 0.53
With a remarkable 10.50% population growth rate in the last five years, Katy has a number of factors fueling its attractiveness. Katy had the highest median household income among the cities assessed at $80,000 annually, almost twice the national average. In addition to higher incomes, Katy has a lower than average median home price and residents have a higher disposable income ratio than other suburban metro areas.
- Population growth: 10.50%
- Average rent per square foot: $22.68
- Average hourly wage: $10.58
- Energy costs per square foot: $ 0.55
Even though energy costs are 34 cents below national average for Sugar Land restaurants, they were the highest of any city on our list. Sugar Land is projected to have a 19% increase in job growth over the next five years, almost triple the national average of 7%, and population growth in the area is among the highest in the nation at 10.10%.
- Population growth: 10.10%
- Average rent per square foot: $23.89
- Average hourly wage: $10.65
- Energy costs per square foot: $ 0.60
“The favorable economic climate in Texas is fueling a significant increase in jobs, most of which pay almost double the national average annual salary – this leads to a growing customer base with disposable income,” said Jerry Dyess, Chief Commerce Officer Choose Energy. “Juxtapositioning the top operational costs of rent, energy costs and payroll, it is clear that there are many favorable factors in place right now for restaurant operators in Texas.”
More detailed information and an infographic about the top Texas towns for restaurant owners are available at: chooseenergy.com/for-business/.
About Choose Energy
Choose Energy was founded in 2008 with the vision to make energy choice simple and easy for everyone. On the Choose Energy marketplace, consumers and businesses can select from thousands of electricity and natural gas plans from every major energy retailer across the U.S. Choose Energy is the only online energy marketplace that’s dedicated to guiding customers through the energy choice process and keeping customers well informed of their ongoing energy options. The Choose Energy small business marketplace operates in Connecticut, Illinois, Maryland, Massachusetts, New York, Ohio, Pennsylvania, and Texas.
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