- The New York Stock Exchange is relocating its Chicago headquarters to Dallas.
- Texas is attracting businesses due to its favorable taxes and regulations.
- Texas is now home to 3.3 million startups and 1 in 10 US publicly traded companies.
The Lone Star State is on track to become a business hub, rivaling the likes of Silicon Valley and Wall Street.
The New York Stock Exchange announced Wednesday that it would be relocating its Chicago headquarters to Dallas. The fully electronic exchange will serve as a platform for companies to list and trade securities.
“As the state with the largest number of NYSE listings, representing over $3.7 trillion in market value for our community, Texas is a market leader in fostering a pro-business atmosphere,” NYSE Group president Lynn Martin said in a statement.
The NYSE did not respond to Business Insider’s request for comment.
Over the past decade, hundreds of businesses, including Charles Schwab, Oracle, and HPE, have established a base in Texas, their leaders citing business-friendly taxes and regulations.
Billionaire Elon Musk has added momentum to the migration. He moved Tesla’s headquarters to Austin in 2021. In July, he announced that he would also move X and SpaceX to Texas, and said that other companies would follow suit.
Texas is now home to more than 3.3 million startups and small businesses and 1 in 10 publicly traded companies in the US, according to a fact sheet from Texas governor Greg Abbott. At $2.6 trillion, it’s the eighth largest economy in the world, surpassing countries like Russia, Canada and Italy.
“Texas is the most powerful economy in the nation, and now we will become the financial capital of America,” Texas Gov. Greg Abbott said in a statement on Wednesday. “With the launch of NYSE Texas, we will expand our financial might in the United States and cement our great state as an economic powerhouse on the global stage.”
The arrival of the centuries-old NYSE signals that Dallas may be emerging as the state’s financial capital. In January, the Texas Stock Exchange — a smaller competitor backed by major financial institutions like BlackRock, Citadel Securities, Charles Schwab — announced that it had filed its Form 1 registration with the US Securities and Exchange Commission and was targeting a 2026 launch.
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