Key Facts
- Goldman Sachs Dallas campus
- 800,000 sq ft, $700M, opening 2028, 5,000+ jobs
- Texas Fortune 500 companies
- Most in the nation, ahead of California and New York
- Texas Stock Exchange
- Opened for trading in July, backed by Goldman and BlackRock
- NYSE and Nasdaq in Texas
- Both opened Texas outposts since last year
- Dallas Mayor Eric Johnson
- Former Democrat, switched to Republican in 2023
Background
Goldman Sachs is building an 800,000-square-foot campus in Dallas, a $700 million project expected to open in 2028 and eventually employ more than 5,000 local workers. The site, still under construction, has become a symbol of the financial industry's growth in Texas.
Goldman already has its second-largest U.S. office in Dallas, after its global headquarters in Manhattan. The new campus is located in what Goldman partner Aasem Khalil calls 'the beating heart of Y'all Street,' a term local leaders use to describe the city's financial boom.
Texas has long attracted companies with lower taxes and lighter regulations. In recent years, it has drawn major firms like Tesla, SpaceX, Oracle, Charles Schwab, and McKesson, and now boasts the most Fortune 500 companies of any state.
Current Situation
Goldman's rivals, including JPMorgan Chase and Morgan Stanley, also have or are considering Dallas offices. The city's wealthy suburbs and the broader North Texas region are on track to reach 9 million people by next year, providing a deep talent pool.
Dallas Mayor Eric Johnson, a former Democrat who switched to the Republican Party in 2023, is actively courting CEOs and wealthy executives. He contrasts Texas with California and New York, citing California's proposed wealth tax and New York City's new democratic socialist mayor, Zohran Mamdani.
The Texas Stock Exchange, backed by Goldman Sachs and BlackRock, opened for trading in July after years of planning. In response, both the New York Stock Exchange and Nasdaq have opened Texas outposts, acknowledging the state's growing importance.
| Metric | Value |
|---|---|
| Goldman campus size | 800,000 sq ft |
| Goldman campus cost | $700 million |
| Goldman campus opening | 2028 |
| Goldman campus jobs | 5,000+ |
| North Texas population by next year | 9 million |
| Texas Stock Exchange opening | July |
| NYSE founded | Centuries old |
| Nasdaq founded | 1971 |
Impacts
The influx of financial firms is likely to bring high-paying jobs to Dallas, potentially boosting the local economy and housing market. However, it may also increase competition for talent and drive up costs in the region.
For New York, the trend could mean a gradual shift of some senior banking roles away from Wall Street, though firms like Goldman are not abandoning their headquarters. The impact on New York's financial dominance remains to be seen.
The Texas Stock Exchange faces an uphill battle against established exchanges like the NYSE and Nasdaq, which have dominated for decades. Its success could reshape U.S. stock trading, but it remains a challenger.
Future Outlook
Scenario analysis: The possibilities below are not certain predictions.
If the Texas Stock Exchange gains traction, it could attract more listings and trading volume, potentially challenging the NYSE and Nasdaq's dominance. However, if it fails to gain liquidity, it may remain a niche player.
Goldman's Dallas campus, if completed as planned, could become a major employment hub, drawing more financial firms to the area. This could further cement Dallas's status as a financial center, but it may also strain local infrastructure.
The political rhetoric around 'Y'all Street' may intensify, especially if California or New York adopt policies that push more businesses to Texas. Yet, the outcome depends on broader economic and regulatory trends that remain uncertain.
Source: southcarolinapublicradio.org
