Dallas A Financial Center?

Companies keep moving to Texas and Florida

Photo by R K on Unsplash

The international investment and banking firm, Goldman Sachs, is apparently opening a campus in Dallas. It will end up being the company’s second largest hub. The first will remain the headquarters located in Midtown Manhattan.

Goldman Sachs currently has two offices in the Dallas metroplex — an office at the Trammel Crow Center with over 1,000 employees and one in Richardson with about 600. It is planning to expand the latter by several hundred more workers. However, the new site will be much larger, moving the Salt Lake City office to number three in size stateside.

The investment behemoth currently has over 40,000 workers worldwide.

What is the motivation for the expansion in Texas? Do Goldman execs crave steak and cowboy boots? Are they trying to channel their inner JR?

One clue to the reason for this decision may be that the company is also considering expanding in Florida. What do the two states have in common?

Both are business friendly states with zero income tax. Both provide ample sunshine. Both also have lower property values than the country’s large coastal cities.

While these reasons have existed for a while, the pandemic probably accelerated the process…