{"id":320884,"date":"2026-06-03T13:03:09","date_gmt":"2026-06-03T13:03:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-tx\/320884\/"},"modified":"2026-06-03T13:03:09","modified_gmt":"2026-06-03T13:03:09","slug":"the-world-is-choosing-texas-is-yall-street-taking-over-as-the-new-financial-capital-of-america","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-tx\/320884\/","title":{"rendered":"‘The world is choosing Texas’: Is ‘Y’All Street’ taking over as the new financial capital of America?"},"content":{"rendered":"

\"A Gunter Max Photography \/ Getty Images <\/p>\n

The home of the Texas Longhorn is branding itself as the nation\u2019s financial leader. In late May, Gov. Greg Abbott issued an official proclamation<\/a> at a Texas Bankers Association convention, declaring Texas the \u201cFinancial Capital of America.\u201d<\/p>\n

\u201cAmerica is choosing Texas,\u201d Texas Banking Association CEO Chris Furlow chimed in<\/a>. \u201cThe world is choosing Texas.\u201d<\/p>\n

Must Read <\/p>\n

In an interview<\/a> with Site Selection (a publication geared to CEOs, realtors and site selection consultants), Abbott said Texas had the \u201clargest financial services workforce in the nation, even surpassing New York.\u201d<\/p>\n

So is it true \u2014 or just hype? Here\u2019s a look at whether Y\u2019All Street is taking over Wall Street.<\/p>\n

Texas lures financial heavyweights <\/p>\n

Certainly a lot of financial heavyweights have moved to the Dallas-Forth Worth region in the past few years, attracted by business- and tax-friendly regulations (notably, there are no state income taxes<\/a> in Texas).<\/p>\n

A ready supply of capital is also appealing. By GDP, Texas is one of the world\u2019s top 10 economies<\/a>, second only to California in the US and ahead of New York. It\u2019s also a convenient hub for business with Latin America, given its geography.<\/p>\n

According to The Guardian<\/a>, there are now 386,000 financial-sector employees in Texas. JPMorgan (NYSE: JPM) employs more people in Texas<\/a> (31,000) than New York (24,000), including 12,000 workers at a corporate hub in Plano, Texas.<\/p>\n

Charles Schwab (NYSE: SCHW) relocated its headquarters from California to Dallas-Fort Worth in 2021. Goldman Sachs (NYSE: GS) is building<\/a> a $500-million financial center in Dallas to house 5,000 employees \u2014 the firm\u2019s largest site outside of its New York, where 7,800 work at corporate headquarters.<\/p>\n

Texas plans to launch a Texas Stock Exchange<\/a>, with $270 million in capital investment<\/a> to date from Ken Griffin\u2019s Citadel Securities, Goldman Sachs, JPMorgan, Bank of America (NYSE: BAC) and BlackRock (NYSE: BLK).<\/p>\n

Meanwhile, the New York Stock Exchange has set up a satellite exchange \u2014 NYSE Texas <\/a>\u2014 in Dallas.<\/p>\n

As The Guardian reports<\/a>, Dallas Mayor Eric Johnson\u2019s team is actively reaching out to Wall Street execs who might be put off by New York Mayor Zohran Mamdani\u2019s plans to increase property taxes. Citadel\u2019s billionaire CEO Ken Griffin has already talked about relocating in the face of Mamdani\u2019s new pied-a-terre tax<\/a>,<\/p>\n

But not all financiers are convinced that the financial map has to be redrawn just yet. Drew McKnight, co-CEO Fortress Investment Group, sees Texas as an up-and-comer but not a replacement at this point. After all, every big financial firm that\u2019s set up in Texas still has a presence in New York, including JPMorgan, which opened<\/a> up its $3-billion headquarters last fall.<\/p>\n

\u201cNew York is still the financial capital of the US and one of the financial capitals of the world,\u201d he told the New York Post<\/a> last fall. \u201cBut Texas can compete.\u201d<\/p>\n

That\u2019s just what the governor plans to do. But he faces some economic headwinds.<\/p>\n

Read More: Taxes are going to change under Trump\u2019s \u2018big beautiful bill\u2019 \u2014 4 reasons you can\u2019t afford to waste time<\/a><\/p>\n

Economic challenges in Texas <\/p>\n

The Texas governor is promoting the financial sector as part of the state\u2019s economic growth, including employment, but economic growth does not always translate into job growth.<\/p>\n

According to the Dallas Federal Reserve Bank\u2019s 2026 Texas Financial Outlook<\/a>, the state grew in 2025 without adding jobs, something that \u201chasn\u2019t happened since the jobless recovery of 2002-2003.\u201d Employment in the state is expected to grow just 1.1% this year.<\/p>\n

Most of the job growth in Texas is not in finance, but in commercial construction amid an AI data center boom. And while there are no income taxes in Texas, there are high property taxes \u2014 the very thing that\u2019s putting off New York billionaires \u2014 and housing and insurance costs are rising. The Dallas Fed notes this may be why Texans are struggling with mortgage delinquencies, only behind New York and Atlanta. It may also reflect the growing number of wealthy executives who\u2019ve moved to the area, driving up property values.<\/p>\n

You May Also Like <\/p>\n

Join 250,000+ readers and get Moneywise\u2019s best stories and exclusive interviews first \u2014 clear insights curated and delivered weekly. Subscribe now.<\/a><\/p>\n

This article originally appeared on Moneywise.com<\/a> under the title: ‘The world is choosing Texas’: Is ‘Y’All Street’ taking over as the new financial capital of America?<\/a><\/p>\n

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.<\/p>\n","protected":false},"excerpt":{"rendered":"Gunter Max Photography \/ Getty Images The home of the Texas Longhorn is branding itself as the nation\u2019s…\n","protected":false},"author":2,"featured_media":320885,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[13868,114944,392,188,53738,27,29,46468,28],"class_list":["post-320884","post","type-post","status-publish","format-standard","has-post-thumbnail","category-texas","tag-america","tag-financial-leader","tag-greg-abbott","tag-new-york","tag-nyse","tag-texas","tag-texas-headlines","tag-texas-longhorn","tag-texas-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/320884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=320884"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/320884\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/320885"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=320884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=320884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=320884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}