Goldman Sachs is building an 800,000-square-foot, $700 million campus in Dallas, due to open in 2028 with room for more than 5,000 staff, as part of a wider push by Wall Street banks and financial firms into Texas. Dallas leaders and executives have branded the trend "Y'all Street," positioning the state as a genuine rival to New York's financial dominance, driven by rapid population growth, an influx of corporate headquarters, and a business climate seen as friendlier than California's or New York's.

Texas is now the fastest-growing US state and home to more Fortune 500 companies than California or New York, with North Texas alone projected to reach nine million residents by 2027. Firms such as Tesla, SpaceX, Oracle, Charles Schwab and McKesson have already relocated operations there, drawn by lower taxes, lighter regulation and new laws making it harder to bring shareholder lawsuits, prompting some companies to reincorporate from Delaware to Texas. The newly opened Texas Stock Exchange has spurred the NYSE and Nasdaq to set up their own Texas outposts, though industry figures, including NYSE president Lynn Martin, stress this is not a zero-sum shift, as Goldman and other banks are expanding in Texas while keeping their New York headquarters intact.