By: Dallas Mayor Eric Johnson
It’s official: Another major firm is coming to Y’all Street.
Last week, Morgan Stanley announced that it has selected Dallas to be the home of a new $1.3 billion hub that will create more than 3,800 new, high-quality jobs. This landmark investment is another defining moment in the rise of Y’all Street. Morgan Stanley will expand opportunity for Dallas residents and further strengthen Dallas’s position as America’s leading financial center.
Morgan Stanley’s decision is an extraordinary vote of confidence in Dallas and reflects the strategy the City has pursued for the last seven years: maintaining a competitive business environment, developing a deep and talented workforce, and building a city where major employers and their people can thrive.
A United Front
Right now, Dallas has a Mayor and City Manager who are perfectly aligned when it comes to attracting new businesses—especially financial firms. In April, we led a Dallas delegation to New York City to personally meet with finance industry leaders and make the case for Dallas. This trip demonstrated firsthand that this city is serious about competing for investment and sent a clear message that Dallas is open for business.
Together, we have a two-pronged approach to attracting investment. I focus on explaining Dallas’s economic growth model and speaking to the market more broadly in order to make clear to potential investors Dallas’s pro-business orientation. At the same time, the City Manager and her staff work directly with interested companies on the specific deal terms that ultimately lead to tangible investment. And this approach is producing amazing results.
Return on Investment
Morgan Stanley’s decision followed an economic development agreement with the City, similar to those that helped attract major investments from Goldman Sachs and Scotiabank. Generating an exponential return on investment, these agreements demonstrate how targeted incentives can attract new development, new jobs, and new tax revenue.
The new Morgan Stanley and Goldman Sachs buildings are expected to add $2 billion to the City’s tax base, providing additional revenue that can be used to support public safety and other core services while reducing the tax burden on residents.
Beyond that direct return on investment, bringing these firms to Dallas is expanding opportunity for residents and transforming the local economy. Dallas is truly becoming the new center of America’s financial services sector.
Over the past seven years, finance employment in Dallas has grown faster than in other financial hubs across the country. As of June, finance jobs in this city were up about 25% from 2019, compared with just 6% in New York City. Today, financial activities account for a larger share of total employment in Dallas than in New York City, Boston, Chicago, and San Francisco.
And Dallas isn’t done yet. The City is continuing to pursue the companies, investment, and jobs that align with its identity and contribute to building the Dallas of the future.
That’s all for today. Stay safe, and have a great week!
Until next time,
