Look out, New York: Texas is taking your businesses and jobs, report warns

According to the new report, 314 companies moved their headquarters to Texas from 2015 to 2024, including 23 from New York.

DALLAS — A new report from the nonprofit Partnership for New York City says Texas is gaining a competitive advantage over New York and attracting thousands of jobs, corporate relocations and investment — particularly in financial services.

The research, released Feb. 17, 2026, highlights that Texas has surpassed New York as the state with the highest number of financial services employees when insurance and real estate jobs are excluded. Over the past decade, the state has combined tax advantages, legal modernization, workforce growth, and aggressive economic development tools to attract headquarters, talent, and capital, the report states.

According to the document, 314 companies moved their headquarters to Texas from 2015 to 2024, including 23 from New York. Relocations are driven by better business climates and consumer bases, growth opportunities, real estate costs, and labor availability.

Several major financial firms are expanding in Texas while maintaining New York operations. The report notes that Wells Fargo opened a Dallas campus in 2025, creating space for 1,500 employees, and that JPMorgan Chase employs more people in Texas than in any other state. The bank is also planning a large new Fort Worth office expected to double its local workforce by 2027.

The Texas financial job market is outpacing New York’s: in 2025, recruiters posted 9% more financial jobs in Texas than in New York, the report says.

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Texas’s gross regional product from financial services grew 121% over the last decade, compared with 72% growth in New York.

Beyond jobs, Texas is creating new financial infrastructure. The state-approved Texas Stock Exchange aims for a 2026 launch, while existing exchanges are opening Texas branches.

The report also highlights Texas’s economic incentives — including grants and tax caps — designed to lure companies and workers.

And on taxes, the analysis points out that Texas’s absence of personal or traditional corporate income tax remains a key lure, especially as New York lawmakers debate raising corporate rates. The Tax Foundation’s 2026 State Tax Competitiveness Index ranks Texas No. 7 while New York is last at No. 50.