From Wall Street to Y’all Street: Why Dallas is Rising Fast as a Core Finance Hub

They say everything’s bigger in Texas. Apparently, that now includes financial ambitions.

For years, the city of Dallas has been vying for recognition as a true financial hub. Now, as the NYSE decides to swap Chicago’s lakefront for a taste of Texas hospitality, the city’s prominence in the sector is undeniable.

If you’re an accounting or finance professional in Dallas, you may be wondering what this means for your career. Is it good news or bad news? And, more importantly, what moves should you be making to thrive on Y’all Street? Read on to find out.

Who’s migrating to Dallas—and why?

The tech sector’s migration into Texas—especially Austin and Houston—has made headline news for years. Dallas’s rise as a core finance hub, on the other hand, has flown under the radar.

Because it’s not just the NYSE that’s moving south:

• Bank of America hosts 6.8% of its workforce in Dallas, which is more than New York
• JPMorgan Chase, likewise, has more employees living in Texas than New York
• Goldman Sachs has invested in a $500 million state-of-the-art campus that, once complete, will hold up to 5,000 employees
• The launch of a Texas-based stock exchange to rival New York and Chicago

Today, the city boasts a large number of financial institutions, including banks, private equity firms, hedge funds, Fintech, and more.

But why are companies making this change? Surely it’s not for the BBQ and sweet tea? While, yes, those are certainly perks, there are deeper factors at play:

• A robust economy, including an unemployment rate that undercuts both Texas and national averages (6% as of December 2024)
• An absence of state income tax and other favorable tax and regulatory policies
• Statewide incentive programs and city initiatives to encourage economic development
• Access to a range of developing industries, not just finance—tech, healthcare, manufacturing, and more
• A growing talent pool, as people find a place to live that’s economically advantageous and a better cultural fit

Why is this migration great news for Dallas-based businesses and talent?

Dallas’s booming finance industry isn’t just good news for financial institutions and professionals. It’s good news for the entire business community, whether long-time residents or brand new startups.

With more access to capital and financial services, it’s easier to acquire funding and investments to launch or grow a business. On top of that, low taxes, pro-business regulations, and economic incentives can reduce overall expenses, enabling businesses to invest more capital directly into growth.

On top of that, Dallas’s business infrastructure is growing—and fast. Not only are more and more major corporations building their headquarters in the city, but there’s rapid development of public infrastructure to support the city’s booming workforce.

And, of course, for finance and accounting professionals, the demand for talent has increased significantly. Here are some of the roles that have unprecedented opportunities in this new environment:

• Financial analysts, who can navigate the city’s complex business environment and assist with financial planning, strategy, and forecasting
• Senior accountants, who help to ensure financial statement accuracy and compliance
• Accounting managers, whose oversight of financial strategies is critical in a space where accuracy directly impacts business outcomes
• Staff accountants, who keep financial processes running smoothly: managing ledgers, financial reporting, reconciliations, and more
• Tax accountants, who can help navigate the complexities of Texas tax laws, like the state’s franchise tax, as well as federal obligations

If you’re looking to relocate to Dallas, read our top tips to make the change as seamless as possible.

Future outlook

While it’s impossible to say for certain what the future holds for the Big D, we expect the move toward a thriving finance hub to continue in full swing over the next 5-10 years. The NYSE and Texas-based stock exchanges will continue to grow, the commercial real estate market is expanding, and more financial institutions are expected to follow the major players.

Bottom line: you’re a finance or accounting professional that lives in, around, or is considering moving to Dallas, the future is bright.

The fastest way to seize the day on Y’all Street is with a trusted career partner. With Concero in your corner, you can leverage our decades of financial relationships to get your foot in some impressive doors.

Want to learn more? Contact us to get started today.