Haltom City Business Vacancy Rate Rises, Sparking Concerns Over Economic Decline
TL;DR
Haltom United Business Alliance has proposed reforms to revitalize declining parts of the city, attracting more businesses and creating a stronger tax base.
The business alliance ordered a business census in 2022 and 2023, revealing a decline in business occupancy in the main corridors of Haltom City.
The revitalization plan aims to prevent further degradation in the southern and central parts of the city, creating a better environment for residents and businesses.
The study conducted by a third-party revealed a 4% decline in business occupancy in the main corridors from 2022 to 2023.
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Haltom City, Texas, is facing a growing economic challenge as recent data shows a significant increase in business vacancies along its main corridors. According to a business census conducted by the Haltom United Business Alliance (HUBA), the vacancy rate in key areas of the city has risen from 16.8% at the end of 2022 to 20.1% by the end of 2023, marking a 4% increase in empty commercial spaces.
The census, which focused on major thoroughfares including Denton Highway south of Loop 820, Carson from Belknap to Beach, Northeast 28th from Belknap to Beach St., and Belknap west to Beach St., paints a concerning picture of the city's economic trajectory. This decline is particularly noteworthy in the central and southern parts of Haltom City, areas that have been struggling to attract and retain businesses.
Joe Palmer, HUBA's Communications Director, expressed frustration with the city's response to the situation, stating, "I don't understand why Haltom City is unwilling to address this decline in the main corridors." Palmer argues that while the city touts development in the northern areas, it fails to acknowledge or address the visible deterioration in other parts of the city.
The alliance has been advocating for policy reforms that they believe would cost the city nothing while making it easier for businesses to establish themselves in Haltom City. These proposed changes include revising parking requirements, streamlining special use permits, and updating the city's use matrix, which HUBA claims is outdated and overly restrictive.
This situation highlights a broader issue facing many urban areas: the challenge of maintaining economic vitality across all sectors of a city. While Haltom City has successfully attracted large businesses to its northern region, the central and southern corridors are experiencing a decline that could have long-term implications for the city's overall economic health and attractiveness to potential residents and businesses.
The increasing vacancy rate not only affects the city's tax base but also impacts the perception of the area to visitors and potential investors. With over 1,000 people reportedly moving into North Texas daily, Haltom City's declining population stands out as an anomaly in Tarrant County, suggesting that the city's economic challenges may be deterring potential growth.
As cities across the nation grapple with changing economic landscapes and the shift away from traditional retail and office spaces, Haltom City's situation underscores the importance of adaptive urban planning and responsive local governance. The debate between city officials and business advocates like HUBA reflects a larger conversation about how to revitalize urban areas and create sustainable economic growth in an evolving business environment.
Curated from 24-7 Press Release
