Development in Dallas’ Victory Park, particularly the forthcoming Goldman Sachs campus, is signaling a growing financial presence in North Texas, prompting city leaders to actively pursue further expansion.
Dallas Courts Financial Firms
Dallas Mayor Eric Johnson, alongside City Manager Kimberly Tolbert, will lead a delegation of business and civic leaders to New York City next week, beginning February 26th and continuing through February 27th. The stated goal is to promote Dallas as a destination for financial services, investment, and innovation.
This push comes as Dallas competes with other Sunbelt cities, including Charlotte and Nashville, to attract financial firms. According to Donald Shelly at the SMU Cox School of Business, simply being “Dallas” is not enough; the city must actively demonstrate its value proposition.
The effort appears to be gaining traction. Scotiabank announced Thursday the opening of its Dallas office next week, a development expected to support over 1,000 local jobs. The city competed with Charlotte, long considered the second-largest banking hub, to secure Scotiabank’s investment.
Mayor Johnson stated, “Dallas means business,” emphasizing the competitive nature of economic development. He did not take questions at the press conference announcing the trip, but a city update confirmed that all nine members of the delegation will cover their own travel and lodging expenses.
Frequently Asked Questions
What is “Y’all Street”?
“Y’all Street” is a moniker used to describe the growing financial sector in Dallas, symbolized by the 800,000 square foot Goldman Sachs campus currently under construction in Victory Park.
Which cities is Dallas competing with for financial firms?
Dallas is competing with other Sunbelt cities, specifically Charlotte and Nashville, to attract financial firms.
How many jobs is Scotiabank expected to bring to Dallas?
Scotiabank’s new Dallas office is expected to support more than 1,000 local jobs.
Will Dallas’s efforts to attract financial firms succeed remains to be seen, but the city is clearly positioning itself as a viable alternative to more established financial hubs.
