— Rob C. Holmes
Chairman, President & Chief Executive Officer

As inflation, geopolitical volatility and discord over interest rates continue to beset the national economy, Texas is charging forward. What we have built here is not just resilient; it is a fundamentally different model of economic dynamism. With an economy now ranked eighth largest in the world, Texas is setting the pace for America’s next chapter. As a result, financial giants, founders and investors from across the nation are making the deliberate shift toward a future that is faster and more focused. This is not a relocation trend — it is a redefinition of where American finance and innovation live.

Recently, major players across capital markets and exchanges have joined a remarkable migration from the coasts to the American heartland – where Texas’ fast-paced growth as a financial hub has earned it the nickname “Y’all Street.”¹ In February, the New York Stock Exchange (NYSE) announced plans to launch an exchange in Texas², where 10% of its listings are already headquartered. Nasdaq, where listed Texas companies have a combined market cap approaching $2 trillion, is also dedicated to a greater Texas presence. Next year, the Texas Stock Exchange (TXSE)³ will offer a new option for companies and investors.

As a greater share of the nation’s economic activity shifts to Texas, executives are positioning their companies accordingly. While Texas already has more listings on the NYSE and Nasdaq than any other state, I expect to see more Texas companies seeking a home on an exchange.
 
So why now? Texas is reaching critical mass as an economic powerhouse. More industry-leading corporate headquarters. More investors with more capital. More high-end talent across industries, with a nation-leading job participation rate⁴. More new and cutting-edge breakthroughs where no single sector accounts for more than 9% of the state’s GDP⁵. This virtuous cycle continues to feed on itself, making Texas increasingly attractive across the board not just as a destination for companies, entrepreneurs and investors, but as a serious player in the global capital markets.

Our state’s effective approach to taxing, spending and regulating will also allow Texas and Texas companies to effectively manage concerns around tariffs, the tax bill, future Fed action and other federal policy considerations that continue to roil markets and challenge business leaders. It will perpetuate growth in sectors critical to Texas’ future. 

The finance industry in Texas has grown by 27% since the pandemic, outpacing New York’s 5%. Investment banking and securities employment in Texas has increased by 111% over the past 20 years. These are not marginal additions; they are a fundamental reshaping of America’s financial landscape. 

What NYSE Texas, Nasdaq and TXSE bring is institutional credibility. These exchanges will give businesses more options for raising capital, create new opportunities for investors and further cement Texas as a global financial hub. 

This is not just about relocation — it is about expansion. Companies moving to Texas are expanding by hiring more employees, investing more capital and establishing a presence in the economy. Here in Texas, we cultivate talent into a catalyst for further growth.

Texas continues to foster a pro-business environment that drives growth while ensuring economic opportunities are broadly shared across the state. Our philosophy contrasts with the realities faced in other major financial centers — high taxes, excessive regulation, housing shortages, declining quality of life, population stagnation. Here, our fundamentals remain strong:

• A pro-growth environment: Our tax and regulatory approach is straightforward — create an environment where businesses can thrive, and the economy will follow.
• Room to scale: Unlike traditional financial hubs limited by geography, Texas offers space for companies to expand, build and innovate.
• Affordable, accessible energy⁶: The AI revolution requires energy and lots of it. Texas, as an all-of-the-above energy state driving innovation, is poised to capitalize. 

Once upon a time, the combination of tax and regulatory policy, open space and energy abundance told the whole story. No longer. Texas’ growth⁷ is increasingly driven by a dynamic population that is producing a young, skilled workforce⁸. 

The talent pool is so broad and deep that companies across critical growth industries now call Texas home, with more on the way. AI, financial services and medical technology are as much the future of the state’s economy as staples like energy. The firm I lead, Texas Capital, has a financial services platform and senior leadership team that can compete with anything New York has to offer. The continued success of Texas as an economic engine is not guaranteed — it must be nurtured. As more companies and talent relocate, ensuring that Texas remains accessible to workers at all income levels must be a priority. 

Texas has already proven that, when we create the right conditions, businesses and their team members thrive here – and are well-equipped to weather any economic storm.