New York report declares Texas the new leader in finance jobs
Instead of Texas becoming New York or California, corporate America is adapting to Texas.
The business group argues New York is already losing thousands of jobs to pro-business Texas—and warns that New York Mayor Zohran Mamdani's push to raise corporate taxes would only accelerate the exodus. Mamdani has proposed increasing the state’s corporate rate from 7.25 percent to 11.5 percent, a move that would push New York City's top combined marginal corporate tax rate to 22.48 percent if approved by the governor and state lawmakers.
"New York is already ranked last nationally for tax competitiveness and is consistently ranked among the bottom states for starting a small business and for small business growth," the report states.
Since 2015, more than 300 companies have relocated their headquarters to Texas, many from higher-cost coastal states. The state's lack of a personal income tax, combined with incentive programs like the Texas Enterprise Fund and the creation of a specialized business court system, has strengthened its appeal to corporate leaders weighing expansion or relocation.
PFNYC backed up its arguments with a series of data points highlighting Texas' momentum:
- Texas surpassed New York in 2024 as the state with the most financial services employees, excluding insurance and real estate
- 314 companies relocated their headquarters to Texas between 2015 and 2024, according to the Texas Economic Development & Tourism Office.
- Nearly half of the relocations (156 companies) one of them moved from California, while 23 moved from New York.
- Financial services recruitment in Texas outpaced New York by nine percent in job postings in 2025.
- While New York's financial sector remains larger—generating $330 billion in gross regional product in 2024, about 71 percent more than Texas—
- Texas' sector grew faster over the past decade, with GRP rising 121 percent compared to New York's 72 percent.
PFNYC also highlighted high-profile corporate expansions, such as Wells Fargo opening a new Dallas campus in 2025, and JP Morgan Chase announced in 2024 it employed more people in Texas than any other state, prompting them to open a Fort Worth office that will double the city's employee capacity by 2027.
The report also points to structural shifts in finance and capital markets. A planned Texas Stock Exchange, backed by major institutional investors, is positioning Dallas as a potential alternative hub for trading and listings—a development that underscores what the report describes as a broader decentralization of traditional financial power.
For New York, the findings amount to a competitive warning that the state risks ceding ground in key sectors. For Texas, they reinforce a long-held claim: that its economic model—lower taxes, lighter regulation and aggressive recruitment—is translating into measurable gains in jobs and investment.
Still, the report raises a broader question about how much of Texas’s advantage is sustainable. While corporate relocations and financial sector growth have accelerated, companies often maintain a dual presence in both Texas and legacy hubs like New York. And critics argue that infrastructure strain, property tax burdens and workforce challenges could complicate long-term growth.
For Houston, the implications are just as significant; as Texas attracts more financial services firms and corporate headquarters, the state's largest city—already a powerhouse in energy, health care and logistics—stands to gain from the flow of capital and executive decision-making moving south. The question is whether Houston can convert that statewide momentum into local headquarters wins, or whether Dallas and Austin will continue to capture the lion's share.
The PFNYC report ultimately frames Texas not as an up-and-coming challenger, but as an established competitor reshaping the national economic map—one that even traditional power centers are now studying.
Nidhe Israel Synagogue in Bridgetown, the capital of the island of Barbados, in 2016. 