Key facts
- Morgan Stanley plans to open a permanent Dallas hub by 2031, investing over $587 million in a 708,000-square-foot building.
- The new Morgan Stanley facility will house approximately 3,800 employees by the end of 2035.
- Goldman Sachs is spending $500 million on an 800,000-square-foot campus in Dallas, expected to open in 2028.
- Goldman Sachs' Dallas campus will be its largest U.S. workforce outside of New York, accommodating over 5,000 employees.
- Financial firms are increasingly choosing Texas for its low taxes, light regulations, and lower cost of living.
Financial giants like Morgan Stanley and Goldman Sachs are significantly expanding their presence in Dallas, Texas, a trend dubbed 'Y'all Street.' This expansion is driven by the state's favorable tax policies, lighter regulations, and lower cost of living, making it an attractive alternative to traditional financial centers like New York.
Morgan Stanley plans to open a permanent 708,000-square-foot hub in Dallas by 2031, investing over $587 million. This facility is expected to house around 3,800 employees by the end of 2035, with a commitment to hiring local residents for at least 25% of new or relocated roles. The bank will also collaborate with Dallas College on internship and apprenticeship opportunities.
Goldman Sachs is investing $500 million in an 800,000-square-foot campus in Dallas, which will serve as its largest U.S. workforce outside of New York. Scheduled to open in 2028, the campus will feature extensive amenities and is expected to employ over 5,000 people. The number of applicants to Goldman Sachs' Dallas programs has seen a 52% increase in the last five years, indicating growing interest in the region.