Goldman Sachs is building a major new campus in Dallas set to open in 2028, representing a significant expansion of the investment bank’s presence in Texas. The $700 million project will span 800,000 square feet and eventually employ more than 5,000 workers, making it a visible symbol of Wall Street’s growing footprint in the state. Goldman already operates its second-largest U.S. office in Dallas and is one of several major financial institutions expanding operations there.
Texas has become increasingly attractive to financial firms and their clients due to several factors. The state hosts more Fortune 500 companies than California or New York, including Tesla, SpaceX, Oracle, Charles Schwab, and McKesson. Texas offers lower taxes, lighter regulations, and business-friendly laws designed to fend off shareholder litigation and attract companies from Delaware. The North Texas region is experiencing rapid population growth, projected to reach 9 million people by next year, creating both a labor pool for financial services and a growing wealth base for potential clients.
Local and state officials have aggressively marketed Texas as a business-friendly alternative to states like California and New York. Dallas Mayor Eric Johnson and Texas Governor Greg Abbott have emphasized the state’s “pro-business” environment and framed it as a refuge from what they characterize as hostile policies in other states. Financial executives and politicians have adopted the marketing term “Y’all Street” to describe the emerging financial hub.
Competitors including JPMorgan Chase and Morgan Stanley are also establishing or expanding Dallas operations. The Texas Stock Exchange, a newly launched startup backed by Goldman Sachs and BlackRock, began trading in July and has prompted both the New York Stock Exchange and Nasdaq to open Texas outposts. However, established financial institutions emphasize they are expanding in Texas in addition to, rather than replacing, their traditional Wall Street operations. Despite the enthusiasm surrounding Texas’s financial growth, New York Stock Exchange leadership acknowledges Texas has become the exchange’s largest state market.
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