New York has Wall Street, but in Texas, things are done with a bit more southern charm.
Meet Y’all Street. This is Dallas’s financial district and it’s the second largest hub for finance jobs in the US, home to Fortune 500 companies like Fidelity, Charles Schwab, TD Ameritrade, and JPMorgan Chase.
As it continues to grow, both in value and popularity, we want to take a closer look at how it came together.
The past
Reports show Texas has been attempting to grow its financial industry as early as 1990, but experts agree the last two decades is when things have taken off. This includes expansions and investments from Deloitte, Goldman Sachs, and Wells Fargo. In 2020, these companies also created a coalition to work on common goals and solve problems in the industry.
The present
There have been plenty of big bets on Y’all Street within the last year. In 2023, Goldman Sachs announced plans for an 800,000-sqft high-rise capable of housing 5,000+ investors. Deloitte followed that up by unveiling its plans for a 625,000+ sqft building, expected to be built by March 2025.
This massive building from Goldman Sachs will be nearby popular places like the American Airlines Center. | Rendering via Goldman Sachs
But, why here? Just like celebrities leaving LA for Texas, it’s because of our relatively low tax rates and affordable housing. There’s also plenty of room for large-scale developments, all coming together to create the perfect financial storm.
The future
The Texas Stock Exchange seems to be the next step. It aims to start operations in 2025 and begin listing companies by 2026, according to its website. It currently has been backed by 24+ investors, totaling $120+ billion in support. It will operate similarly to Wall Street for investors and clients, but it hopes to build its roster by gaining businesses frustrated with the old system.
