Watching the world watch Texas.
Issue No. 4, 2024
In this issue of Branding Texas: North Texas becomes a viable alternative to Wall Street with major players like Goldman Sachs, JPMorgan Chase and Charles Schwab now very much present in Dallas; The exoneration and release of Benjamin Spencer puts the spotlight on criminal justice reform in Texas; New Texas laws taking effect in September demonstrate again the state’s formula for crafting business-friendly lures that hook national and global companies and relocate them to the Lone Star State; and University of Texas athletes shine on the world stage at the 2024 Paris Olympics.
Thomas Graham
Financial Boom in North Texas
Dallas is rapidly becoming a powerhouse of its own in the financial world, with its burgeoning financial district attracting major players like Goldman Sachs, JPMorgan Chase, and Charles Schwab, drawn by our intentionally favorable business climate, lower taxes, and cost of living. According to the Wall Street Journal’s Elizabeth Findell, this shift has now positioned Dallas as the second-largest financial hub in the U.S., only behind New York City.
The Journal believes Dallas has been transformed into a formidable financial ecosystem, attracting top talent and investment from across the country. The expansion includes a $500 million Goldman Sachs tower, new Wells Fargo office buildings, and a rapidly growing workforce in finance-related industries.
I have watched this influx reshape the North Texas economy and culture, blending traditional Texan values with a modern, dynamic business environment. Crosswind played a role in bio-med excellence messaging that drew the ARPA-H customer hub to Dallas in April – a huge win for the area. As more financial firms relocate to Dallas, the area’s influence in the world of big money continues to grow, making North Texas a critical player on the national stage.
Says Findell: “New York’s foothold on finance still dwarfs that of North Texas. But greater Dallas has largely shed its reputation as a financial backwater, memorialized in Michael Lewis’s 1989 book, “Liar’s Poker,” as a purgatory Salomon Brothers traders in New York feared being shipped off to.”
Texas Inmate Exonerated After 35-Year Wrongful
Imprisonment
The national media have been extensively covering a landmark case involving Benjamin Spencer, a Texas inmate wrongfully convicted of murder. Spencer has just been exonerated after enduring 35 years in prison.
I think Spencer’s release marks a significant victory for justice, following decades of tireless efforts by legal advocates, journalists, and his family to prove his innocence. New evidence, including witness recantations and previously overlooked details, finally led to his exoneration, bringing long-overdue closure to a case that had been marred by errors and misjudgments.
Reforming the criminal justice system in Texas is popular even inside the state. I particularly like the work of The Deason Criminal Justice Reform Center. This is a nonpartisan powerhouse for research and advocacy based in the law school at Southern Methodist University that is particularly focused on the problems of applying justice across the rural South, reaching beyond Texas to states like Mississippi. The Deason Center uniquely combines data-driven research and compelling stories to advocate for innovative criminal justice reform.
Governor Abbott Unveils Major Mental Health Initiatives
The formula in Texas that has drawn so many national and international businesses to Texas baffles many competing states but is a quite simple blueprint: The state’s laws and broader economic policies place a prime value on innovation, independence, and prosperity, making it one of the most desirable places for businesses of all sizes.
Major firms like CBRE, Oracle, Hewlett Packard Enterprise (HPE) and Charles Schwab have relocated their headquarters to the Lone Star State since the pandemic began, a move that commercial real estate giant CBRE says can help save a company 15% to 20% in employee wages. Now Elon Musk’s X and SpaceX will follow – Tesla, of course, is already headquartered here in Austin.
A slew of new Texas laws went into effect on September 1, 2024, impacting various aspects of daily life. There are new safety protocols and requirements designed to protect students and staff, including enhanced security measures and mental health resources.
But most important for business are new laws just coming into effect this month aimed at supporting small businesses and fostering economic growth. It’s always worth noting that Texas still has no state income tax or capital gains tax, making it an attractive home for high earners like Mr. Musk and some of his leading employees who are now packing their boxes for the move to the Lone Star State.
Rising Stars Shine at Texas Country Music Hall of Fame Auditions
The University of Texas (UT) Longhorns were well-represented at the 2024 Paris Olympics, with several prominent athletes making their mark on the global stage. Julien Alfred, the standout sprinter, delivered impressive performances, continuing to establish herself as a dominant force in track and field. Basketball superstar and UT alum Kevin Durant added to his Olympic legacy, playing a pivotal role for Team USA. On the golf course, Scottie Scheffler, another Longhorns alum, brought his A-game, further showcasing the depth of talent UT consistently produces.
Julien Alfred, a Saint Lucian sprinter and UT record-holder, carried the momentum from her collegiate career into the Olympics, competing in both the 100m and 200m events. Her speed and determination earned her significant recognition, reaffirming her status as one of the fastest sprinters UT has ever produced.
Meanwhile, Kevin Durant, a Longhorns legend, added another chapter to his storied Olympic career, representing Team USA in basketball. Known for his sharpshooting and leadership, Durant once again demonstrated why he’s considered one of the greatest players in basketball history, contributing crucial points and providing veteran experience to a younger U.S. squad.
Scottie Scheffler, one of the top-ranked golfers in the world, made waves in the golf competition. The former Longhorn has been a rising star on the PGA Tour, and his participation in the Paris Olympics was another milestone in a career filled with accolades. Scheffler’s precision and consistency on the course were emblematic of the Texas Longhorn spirit, further solidifying UT’s presence on the world stage.
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