Plano is a dynamic hub of economic activity, fueled by industries that contribute significantly to its growth and success. The city’s economy thrives through six key industries: Financial Services, Healthcare, Information Technology (IT) and Telecommunications, Retail and E-commerce, Manufacturing, and Energy. These industries are essential in shaping Plano into a center for innovation, job creation, and economic opportunity. From established global firms to emerging local businesses, each sector plays a crucial role in propelling the city’s development. Plano’s strategic location within the Dallas-Fort Worth metroplex further enhances its position as a leading economic player in Texas.
Top 6 Industries in Plano are:
- Financial Services
- Healthcare
- Information Technology (IT) and Telecommunications
- Retail and E-commerce
- Manufacturing
- Energy
Table of Contents
1. Financial Services
Plano’s financial services sector is home to leading global institutions like JPMorgan Chase, Bank of America, Fisher Investments, Capital One, QuickFee, and Beal Bank. These companies drive the local economy, offering diverse career opportunities, supporting innovation, and contributing to Plano’s reputation as a financial hub.
JPMorgan Chase & Co., Fisher Investments, and Bank of America are major contributors to Plano’s thriving financial services sector. JPMorgan Chase employs a global workforce of 309,926 and reported a 7.4% increase in net revenue in 2024, reaching $173.36 billion, with investment banking fees surging by 49% in Q4 2024 to $2.5 billion. Employees benefit from competitive pay, with financial analysts earning $76,000 annually and software engineers $125,000 annually. Fisher Investments, managing $299 billion in assets as of December 2024, employs 6,000 individuals, offering salaries ranging from $107,000 to $199,000 for Investment Counselors and $57,000 to $76,000 for Client Service Associates. Its private equity stake in 2024 valued the firm at $12.75 billion, underscoring its strategic importance.
2. Healthcare
In Plano, healthcare plays a crucial role in the city’s economy and well-being, with 88.2% of residents having health coverage. The healthcare industry is a key contributor to the local economy, with major employers like Abbott, Texas Health Plano, Baylor Scott & White, and Medical City Plano. These top players are shaping the healthcare future of Plano, driving innovation, creating jobs, and supporting the community’s health.
Abbott, specializing in medical devices, diagnostics, branded generic medicines, and nutritional products, reported $42 billion in total sales for 2024, a 4.6% year-over-year increase. With 113,000 employees globally, Abbott’s products, such as the FreeStyle Libre glucose monitoring system, are transforming diabetes care. Abbott’s growth in Plano underscores its role in healthcare innovation, with Senior Quality Engineers earning between $75,300 to $150,700 annually. Texas Health Plano, a 366-bed acute care facility, employs over 10,000 people and became the first hospital in Collin County to achieve Magnet recognition from the American Nurses Association for excellence in nursing. Baylor Scott & White Health, Texas’ largest not-for-profit healthcare system, reported $7.6 billion in revenue for H1 2024, a 10.6% increase. With over 57,000 employees and more than 7,200 active physicians, Baylor’s expansion reflects the growth and strength of Plano’s healthcare sector.
3. Information Technology (IT) and Telecommunications
Plano, Texas, is a key hub for IT and telecommunications, significantly contributing to the broader Dallas–Fort Worth metroplex economy. Companies like Huawei Technologies USA, Tyler Technologies, Ericsson, and Alkami Technology are leading the way in 5G infrastructure, cloud computing, cybersecurity, and digital solutions. These industries bring jobs and foster economic growth, making Plano a vital player in the IT and telecom sectors.
Huawei Technologies USA, a global leader in ICT infrastructure and smart devices, operates in over 170 countries, serving more than three billion people. With 207,000 employees and $64 billion in revenue, Huawei plays a key role in shaping the future of communications. Its FOUR NEW Strategy focuses on helping carriers thrive in the digital and intelligence era, demonstrating the company’s commitment to sector advancement. Tyler Technologies, headquartered in Plano, provides software solutions for government and educational institutions. Employing 7,300+ people across 56 offices, Tyler has seen significant growth, raising its 2024 revenue forecast to between $2.13 billion and $2.15 billion, driven by strong demand for cloud solutions and IT services. Ericsson, a leader in 5G network equipment, employs 97,985 people and remains vital to the evolution of communication technology. Despite a decrease in 2024 sales to SEK 53.3 billion, Ericsson continues to innovate, supporting the global expansion of 5G infrastructure while maintaining a prominent role in Plano’s telecom sector.
Plano’s IT and Telecommunications sector thrives on innovation, with Managed IT Services Providers (MSPs) playing a key role in supporting the region’s technological growth. By offering services like network monitoring, cybersecurity, and cloud management, MSPs enable companies to focus on innovation while experts handle IT management. This partnership boosts operational efficiency, enhances data security, and reduces costs, helping companies scale and remain competitive. The adoption of MSPs strengthens Plano’s position as a leading technology hub, driving economic growth and positioning the city at the forefront of the global IT and telecom sectors.
4. Retail and E-commerce
Plano, Texas, continues to thrive as a key retail hub within the Dallas-Fort Worth metroplex. In 2023, the city’s retail sector saw significant growth, driven by major players like JCPenney, H-E-B, Collin Creek Mall, Neighborhood Goods, Sears Home Services, Legacy West, and The Shops at Willow Bend. These companies contribute to Plano’s diverse retail landscape, offering a mix of services and shopping experiences. As the retail sector expands, the Texas Workforce Commission projects that the state will add over 2.1 million jobs from 2022 to 2032, reflecting a 14.7% growth, further fueling the region’s economic momentum.
JCPenney, a longstanding department store chain, reported $1.5 billion in revenue for 2024, marking a 9.2% decline year-over-year as it struggles to recover from its 2020 bankruptcy. JCPenney is focusing on restructuring, including store closures and a shift to enhancing its online presence to compete with e-commerce giants like Amazon. H-E-B, a Texas-based grocery retailer, operates over 400 stores in Texas and Northern Mexico, generating an estimated $46.5 billion in annual revenue. The company, which employs 154,000 people, is expanding its operations, including opening a 55,000-square-foot e-commerce fulfilment center in Plano in 2023, aimed at improving online order fulfillment and delivery efficiency.
5. Manufacturing
Plano, Texas, plays a significant role in the manufacturing sector within the broader Dallas–Fort Worth metroplex economy. Companies like Toyota Motor North America, Krypton Solutions, and Stewart Systems are leading players in automotive, electronics manufacturing, and commercial equipment production. These industries contribute to job creation and economic growth, making Plano an essential part of the region’s manufacturing landscape.
Toyota Motor North America oversees all operations of Toyota in Canada, Mexico, and the U.S., employing 59,000 people. In the first quarter of 2024, Toyota sold approximately 705,000 vehicles, an increase of 23,000 units from the previous quarter. While Toyota’s operating income decreased by 22.6 billion yen ($144 million), the company remains a key player in the automotive manufacturing sector. Krypton Solutions, specializing in electronic manufacturing services, provides design, prototyping, and production services for industries like medical devices and telecommunications. With 121 employees and revenue ranging from $10M – $50M, Krypton Solutions continues to innovate through partnerships, such as with Wipro. Stewart Systems, a leading provider of commercial baking equipment, offers products like ovens, conveyors, and proofers, contributing to Plano’s diverse manufacturing sector.
6. Energy
The energy industry is a major contributor to Texas’s economy, with companies like 4Change Energy, Oncor Electric Delivery Company LLC, and Atomos Energy playing key roles in the sector. The industry employs 936,477 workers across various fields, including electric power generation, fuels, transmission, distribution, storage, and energy efficiency. The Dallas–Plano–Irving area has experienced significant growth, with a 15% increase in the energy and mining cluster from 2010 to 2017.
4Change Energy, a Texas-based retail electricity provider, employs 18 people and focuses on offering affordable energy plans while giving back to the community, donating 4% of its profits to local charities. The company reported $5.1 million in revenue and offers electricity plans starting at 16.1¢ per kWh with contract lengths of 12 and 24 months. Oncor Electric Delivery Company LLC, the largest electric utility in Texas, manages electricity infrastructure serving over 13 million Texans. It reported $1.492 billion in operating revenues for Q2 2024 and employs over 4,000 individuals. Oncor has committed $3.4 billion to enhance grid resilience, addressing wildfire and cybersecurity risks. Lastly, Atmos Energy, an S&P 500 natural gas distributor, reported $1 billion in net income in fiscal year 2024. With 5,019 employees, Atmos Energy is expanding its infrastructure and improving pipeline safety standards.
Why Plano’s Leading Industries Choose Managed IT Services for Success
Managed IT Services are essential for the success of Plano’s leading industries, offering the tools and expertise needed to achieve operational efficiency, robust cybersecurity, and scalable IT infrastructure. These services ensure seamless operations, safeguard sensitive data, and enable businesses to adapt and grow in an ever-evolving market. By leveraging managed IT services, companies in sectors like finance, healthcare, manufacturing, and technology are able to focus on their core objectives while leaving the complexities of IT management to trusted experts. Cloudavize, recognized as the premier Managed Service Provider in the Dallas metroplex, offers tailored IT solutions that empower businesses to reach their full potential. Known for innovation, reliability, and a commitment to excellence, Cloudavize is the ideal partner to drive success, enhance productivity, and foster long-term growth in Plano’s competitive landscape.
