How Dallas became a financial services hub

Dallas-Fort Worth is growing into a major financial hub, rivaling New York City — and catching the attention of the Wall Street Journal.

Why it matters: Texas has steadily been adding finance and insurance jobs since 1990, surpassing the number of employees in the industries in New York, according to Bureau of Labor Statistics data.

• The Texas Stock Exchange is launching in Dallas, and thousands of locals already work for Bank of America, Goldman Sachs, JPMorgan Chase and Wells Fargo.

State of play: Goldman Sachs is building a massive office complex near downtown as part of its expansion plans beyond New York City. The hub is expected to bring 5,000 jobs to Dallas.

• JPMorgan Chase has more employees in Texas than in New York. Nearly 13,000 people work at its campus in Plano, which has doubled its employees since it opened in 2017, per the Wall Street Journal .
• Also expanding in the Dallas area: Wells Fargo, Deloitte and Charles Schwab, which moved its headquarters from California to Westlake five years ago.

By the numbers: In January 1990, there were 324,600 Texans employed in finance and insurance. By June of this year, that number had grown to 658,600.

• Meanwhile, 624,200 New Yorkers were employed in finance in January 1990, compared to 544,900 now — less than in the Lone Star State.

Zoom in: Newcomers told the Journal they like Dallas for its lower taxes, flight connections, open space and family-friendly vibe.

What they're saying: "Wall Street remains the center of the investment universe, but Y'all Street is gaining rapidly," Waco-based economist Ray Perryman told the Journal.