Dallas is aiming to establish itself as a major financial hub with the upcoming launch of the Texas Stock Exchange, marking a significant step in the city’s long-term goal to rival Wall Street. The exchange, the first of its kind based in Texas, plans a phased rollout beginning with test stocks and hopes to introduce corporate listings by this fall. While the initial launch is modest, city officials view it as a cornerstone of their broader effort to promote Dallas as an emerging center for finance.
This initiative comes at a challenging moment for downtown Dallas, which has recently faced high-profile departures that have raised concerns among residents and city leaders. In early 2026, AT&T announced plans to relocate its global headquarters from downtown to the suburbs, following the telecom giant’s move in January. Shortly afterward, both the Dallas Mavericks basketball team and the Dallas Stars hockey team indicated they might also leave downtown, with the Stars progressing plans for a new arena in Plano. Additionally, Neiman Marcus said it would close its flagship downtown store after more than 100 years, shifting retail operations to a mall in North Dallas.
Dallas Mayor Eric Johnson acknowledged the difficulties, characterizing the situation as a period when “the knives are out” for the city. Business and civic leaders have for years sought to revitalize the city center, grappling with aging office buildings and a decline in downtown occupancy. The Texas Stock Exchange represents part of an effort to rebrand Dallas as “Y’all Street,” a nickname reflecting its ambitions to become an alternative financial capital.
The Dallas-Fort Worth metro area has experienced notable growth in the financial sector, with finance-related jobs increasing from approximately 212,000 in 2000 to nearly 393,000 by the end of 2025, according to U.S. Bureau of Labor Statistics data. Major financial institutions are expanding their footprint in the region. Goldman Sachs is developing its second-largest U.S. office in Dallas, projected to house over 5,000 employees by 2028, supported by an $18 million economic incentive package from the city. Morgan Stanley is also considering an expansion in Dallas that could add nearly 4,800 jobs, pending city council approval of tax incentives; the firm declined to comment on the proposal.
Other recent additions to Dallas’s growing financial landscape include Scotiabank, which opened a regional hub this year after receiving tax abatements and state grants. The absence of state and city income taxes in Texas continues to be a key factor attracting companies.
Although the departures of the Mavericks and Stars are not yet confirmed, Dallas remains optimistic about its financial future. Economic experts note that Neiman Marcus’s closure reflects broader challenges in the retail sector, while uncertainty about the sports teams’ relocations has spurred conversation about downtown’s vitality. Still, Dallas’s strong financial growth has helped Texas become home to the most Fortune 500 companies in the U.S., narrowly surpassing California.
Dallas City Council members remain focused on maintaining momentum. On June 24, they unanimously approved a tax incentive plan for Morgan Stanley’s potential expansion, a decision framed as vital amid recent business fluctuations. Council member Adam Bazaldua emphasized that while companies come and go in alignment with wider market trends, Dallas continues to compete actively for corporate growth and job creation.