Is Texas Emerging as a Dominant Economic Force?
- September 19, 2024
- Posted by: Regent Harbor Team
- Category: Finance
Y’all Street: Texas’ Financial Boom Amid New York’s Decline
New York’s Struggles
Ah, New York – the so-called financial capital of the universe. Yet, lately, its anti-business policies are making folks pack their bags and flee. Texas, specifically Dallas, is cashing in like Wall Street in the 80s, folks. This place is on fire.
The Numbers Don’t Lie
Fast forward to July 2024. Dallas-Fort Worth boasts about 367,000 people in finance jobs, forming 9.8% of the area’s nonfarm workforce. Now compare that to New York’s 836,000 finance gigs, already impressive but just 8.1% of its workforce. Get this: while New York’s finance jobs only crawled up by 1.6% since the pandemic, Dallas shot up by an insane 12.4%. These numbers don’t just speak; they yell.
Wall Street South: Financial Giants Flock
JPMorgan, Bank of America, Goldman Sachs – they’re entrenched in Dallas like it’s the new Wall Street. Fun fact: JPMorgan employs more folks in Texas than back home in the Big Apple. Crazy, right?
Why the Migration? Policies Matter
What’s driving this Texan gold rush? Look at the Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index. Texas is sitting pretty at 6th for economic outlook, while New York… not so much. New York’s sky-high personal and corporate income taxes are a killer.
Texas: An Economic Haven
- Zero Personal Income Tax
- Low Business Taxes
- Right-to-Work Protections
These are huge selling points. Chevron, the oil bigwig, shifted from California to Texas, just as an example. Texas is now host to more Fortune 500 companies than New York.
Population Boom
From 2011 to 2021, Texas netted over 1.6 million new residents from domestic migration. In just one year, between 2021 and 2022, more than $10 billion in adjusted gross income flowed into Texas. People, wealth, and businesses are all hopping on the Texas Express.
The Texas Stock Exchange: The New Kid on the Block
Hold up, it’s not just about jobs and businesses. The Texas Stock Exchange (TXSE) is in the works, raising enough capital to go toe-to-toe with the NYSE and Nasdaq. Imagine that: a Lone Star stock exchange grabbing the spotlight.
| Metric | Dallas (DFW) | New York (NYC) |
|---|---|---|
| Finance Jobs (July 2024) | 367,000 | 836,000 |
| Workforce Percentage | 9.8% | 8.1% |
| Job Growth (Post-Pandemic) | 12.4% | 1.6% |
The Future
As long as Texas keeps singing to that business-friendly tune, its economy will keep soaring. More people, more companies, more cash – Texas is all about growth. The big question now is, will other states take the hint and adopt the “Y’all Street” model? Time will tell, but for now, Texas is in the spotlight.
Final Thoughts
So, New York, the old champ, find yourself a new strategy or keep watching the exodus. Meanwhile, down in Dallas, it’s business as easy as Sunday morning. Who would’ve thunk it?
If you’re looking for a newer, sunnier "Y’all Street," you know where to go.
