The Texas Longhorns announced on Wednesday that they will build a new stadium in the Dallas-Fort Worth metro area, a move that is expected to generate $2 billion in economic impact over a 25-year period.
The school, which has a major contract with the city of Dallas for a football stadium, has not yet made a formal announcement, but the stadium will be built in the Irving, Texas, suburb of Midland.
It is expected that construction will begin this year, and that the stadium, which will house Texas Tech football and the Longhorns men’s basketball team, will be completed by 2025.
“It is the largest stadium in Texas, and it’s going to be one of the largest in the nation,” Texas athletic director Mike Perrin said in a statement.
“With more than 5,000 seats, we are going to have the best seating in the country.”
The announcement comes less than a week after Texas lost to Florida in a home-and-home series, which Texas won in 2009.
The Longhorns are scheduled to play their first two games at the Cotton Bowl in Dallas this fall, followed by a trip to Arlington, Texas.
“The future is bright for the Texas Longhorn Football Program, and the time is right for us to make a big commitment to the city and state of Texas,” said Perrin.
The city of Midlanders, which includes the city’s downtown area, is the fourth-largest in Texas.
The city has been known to be among the most affordable in the U.S. The Texas Board of Trade is one of its largest employers.
“This is going to help us expand and become a bigger and better place, with a stronger economy and more jobs,” Midland Mayor Ron Stolper said in an email.
“Midland has a lot of jobs in the hospitality, tourism, and real estate sectors and this will add more employment opportunities for our residents and businesses,” he said.
The Midland Chamber of Commerce said in its statement that the announcement will “help the city expand and provide more jobs.”
The city has a strong tradition of hosting concerts and sporting events, including football games, and has seen its population increase by about 20 percent over the past decade.
In the past, the Texas Board, which oversees the state’s stadium contracts, has been slow to approve major stadiums, with most recently approving the construction of a $40 million stadium for the University of Texas at Austin in 2017.