Dallas Growth in Financial Sector

• Texas, especially the Dallas-Fort Worth metro area, is now the second-largest financial services hub in the U.S following NYC.
• Major financial firms, including Goldman Sachs and JPMorgan Chase, are attracted by lower taxes, affordable housing, and a welcoming business climate.
• Finance-related employment has surged across Texas, outpacing growth in traditional financial centres like NYC.

In a dramatic shift that’s redefining the U.S. financial landscape, Texas—particularly the Dallas-Fort Worth area—has rapidly emerged as the second-biggest financial hub in the country.

As more financial firms flock to Texas, Andy Lilliman, our Director of Talent Acquisition, who recruits Senior professionals for Public Accounting and Advisory Firms in Texas commented ‘Whilst NYC remains the undisputed financial capital of the nation, the growth of the Texas financial services sector is undeniable.  The state’s central location and major airport also make it an attractive destination for companies looking for a more welcoming and accessible business culture. Texas has won over many executives who have relocated from the East and West coasts, making this a very exciting time for Recruitment.’

From business opportunities to increasingly vibrant cultural offerings, there is a multitude of reasons why so many companies and talented individuals are choosing Dallas, and Texas more broadly.  Today, there are 658,600 Texans working in finance compared to New York’s 544,900 workforce. Investment banking and securities employment has skyrocketed 111% in the past two decades. Since the pandemic, that number is 27% trouncing New York’s 16% and 5% respective growth.

Once seen as ‘small’ compared to NYC, the D-FW metro area now hosts some of the country’s largest financial operations, including a $500M Goldman Sachs (GS) tower under construction in downtown Dallas, which will house more than 5K bankers and investors, making it the firm’s second-largest office after NYC. 

Dubbed “Y’all Street,” this burgeoning financial centre is attracting major firms drawn by low taxes, affordable housing, and the state’s business-friendly environment.

This boom has helped Dallas shed its old reputation as a financial backwater, as major players like JPMorgan Chase (JPM), Charles Schwab (SCHW), and Deloitte continue to expand their presence.

Simply put, the rise of “Y’all Street” is reshaping the U.S. financial landscape as we know it. As more firms and talent migrate to the state, Texas’ role as a major financial hub is expected to grow, solidifying its place on the national and global stage.

Timing is perfect if you are looking for your next career opportunity or looking to expand your team contact Andy Lilliman, Director of Talent Acquisition at Astute Recruitment on (945) 468-2727 or email [email protected]