Where Headquarters — And Now Securities Exchanges — Migrate
Is it possible for a single state to count in its workforce one-tenth of the nation’s professional services and corporate operations employees? It sounds far-fetched, but it’s true in the case of Texas. About 3 million people work in the state’s business services and corporate headquarters and financial services clusters. That’s equal to the population of Iowa or Arkansas. Not only does the sector account for 10% of such workers in the U.S., but it also accounts for 8% of the industry’s contribution to the national GDP.
The business services and corporate headquarters cluster includes a range of industries, including software and computer programming, outsourcing, legal and marketing services and others. Employment in these fields grew 56% between 2011 and 2021. As for corporate headquarters, think of Texas as a magnet. Since 2015, 314 companies have relocated their headquarters to Texas — half of which moved from California. Fifty-two Fortune 500 companies are headquartered in Texas; the Houston metro is home to 25, and the Dallas-Fort Worth-Arlington metro has 24.
“Texas is the headquarters of headquarters,” said Gov. Abbott in a June 2023 statement. “With our strong and growing workforce and welcoming business climate, Texas is where businesses find the freedom to flourish, and people find opportunities to prosper. ‘Made in Texas’ is already a powerful global brand. With significant, continuing investments in education and training, workforce development, infrastructure and innovation, we are building an even brighter Texas of tomorrow for generations to come.”
Move Over, Wall Street — Welcome to Y’all Street
It’s on the financial side of the professional services cluster where Texas is giving financial fortresses like New York City a run for their money. Nearly a million people already work in banking, commodity trading, brokerage and other financial-sector businesses. Now securities exchanges are establishing footprints in the Lone Star State.
In September 2024, Gov. Abbott announced the planned launch of the Texas Stock Exchange (TXSE) during a press conference at the Governor’s Mansion in Austin, joined by TXSE Group Inc. Founder and CEO James Lee, former U.S. Secretary of Energy Rick Perry, members of the Texas Legislature and other business and community leaders.
In January 2025, TXSE filed Form 1 with the U.S. Securities and Exchange Commission, as it seeks to establish the premier venue for listings, with high standards centered on quality, along with a fully electronic, innovative platform for trading. TXSE will be headquartered in Dallas and plans to serve U.S.-based and international issuers, investors and market participants.
About 3 million people work
in the state’s business services
and corporate headquarters and
financial services clusters.
That’s equal to the population of
Iowa or Arkansas.
NYSE Comes To Texas
In February 2025, Gov. Abbott also celebrated the announcement by the New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), of plans to launch NYSE Texas, a fully electronic equities exchange to be headquartered in Dallas.
“With the launch of NYSE Texas, we will expand our financial might in the United States and cement our great state as an economic powerhouse on the global stage.”
— Greg Abbott, Governor of Texas
“Texas is the most powerful economy in the nation, and now we will become the financial capital of America,” said Gov. Abbott at the announcement. “With the launch of NYSE Texas, we will expand our financial might in the United States and cement our great state as an economic powerhouse on the global stage. I thank the New York Stock Exchange for choosing Texas. Working together, we will continue to advance pro-growth economic policies that allow entrepreneurs and businesses to thrive and will make Texas stronger and more prosperous than ever in the history of our great state.”
NYSE Texas officially opened on March 31, 2025.
Trump Media and Technology Group Corp. (TMTG), which operates the Truth Social media platform among other brands, is the first new stock to list on NYSE Texas. “We’re honored to become the initial listing for NYSE Texas, which is a great fit for TMTG as we diversify into financial services and other realms,” said TMTG CEO and Chairman Devin Nunes. “Texas provides a fantastic climate for business and entrepreneurship that aligns with TMTG’s mission.”
Nasdaq’s Big D Plans
At a March event in Dallas attended by the governor, Nasdaq announced a new regional headquarters will open in the city, underscoring the technology marketplace’s commitment to Texas. Nasdaq reports it currently generates over $750 million in revenues in Texas and the Southeast region of the U.S., partnering with over 2,000 clients, approximately 800 of which are based in Texas. Nasdaq is home to over 200 listed companies headquartered in the state, representing $1.98 trillion in market capitalization as of December 2024.
The event in part recognized the contributions of entrepreneur Ross Perot, Jr., chairman of Hillwood and the Perot Companies, to Texas’ economy.
“We’ve seen an acceleration over the past decade in the growth of the financial sector in Texas,” said Gov. Abbott. “And that growth continues today, with Nasdaq announcing its going to have a regional headquarters here in the great state of Texas. There is not a more diversified state economy anywhere in the United States of America, and that is because of leaders like Ross Perot, Jr.
“Texas has become the home of capital of the United States,” he continued, “and now it is just a natural evolution for Texas to become the home of capital markets in the United States. Texas truly is the epicenter of business in the United States.”
