Can Y’all Street outflank Wall Street?

A few months ago, a reporter found herself in the middle of a dusty construction site in Dallas, surrounded by workers and freight elevators. It will be the new Dallas office for Goldman Sachs, a 14-story campus costing more than half a billion dollars, set to open in 2028 with thousands of employees. Goldman is one of several major financial firms setting up or expanding in the Dallas area. Locals are calling the emerging financial hub "Y'all Street"—a Texas-twanged rival to Wall Street. And since everything is bigger in Texas, some of the people behind it hope Y'all Street can one day outflank the original.

This episode of The Indicator from Planet Money asks what exactly is happening on Y'all Street, and whether Texas can really steal Wall Street's financial crown.

The Business Climate That Draws Banks to Dallas

The appeal of Texas for financial firms comes down to a few concrete factors. Goldman Sachs, like other big banks, competes for the business of the largest companies and the wealthiest individuals, and Texas now has plenty of both. It is home to more Fortune 500 companies than California, New York, or any other state—not just oil companies and American Airlines, but also Tesla, Charles Schwab, and the pharma giant McKesson. A population boom makes it easier for employers to hire.