North Texas draws new companies, including Goldman Sachs
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Goldman Sachs will employ 5,000 people in Dallas. Illustration: Henning Larsen Architects
Several businesses are making big moves in North Texas, even as some of the world's largest companies are pulling back on investment and hiring to prepare for the possibility of an economic downturn.
Why it matters: The investments validate our region's allure to outsiders seeking better opportunities for themselves and their employees.
The big picture: North Texas has welcomed over 175 new corporate headquarters since 2010, per the Dallas Regional Chamber.
- 21 companies, including two Fortune 500 companies, moved to our region in the last year.
- Earlier this year, equipment maker Caterpillar announced that it would move its headquarters from Deerfield, Illinois, to Irving.
Details: Samsung has leased over 670,000 square feet of space in Fort Worth for a new shipping hub and JCPenney plans to bring nearly 2,000 employees back to the Plano headquarters it left during the pandemic, per the Dallas Morning News.
- Goldman Sachs is in the process of designing a massive office tower near Victory Park that will house around 5,000 employees as part of its expansion beyond New York City.
- Even farther cities like Sherman have felt the boon, securing billions in promised investments from several international corporations that make semiconductors.
Yes, but: We are not completely immune from slowdown.
- PepsiCo is laying off hundreds of people in its corporate offices, including at the Plano location, per the Wall Street Journal.
- Grapevine-based GameStop also had a round of layoffs this month.
What's next: Texas is the fifth-best state in the country for business and the second-worst state to live in. The Dallas Regional Chamber hopes to change that in the coming years, with the help of new and older businesses in our region.
- "While opportunity abounds, we are clear-eyed about our challenges: Our region will not reach its full potential until we bridge the opportunity gap that has divided our community for far too long," DRC president Dale Petroskey said in the chamber's 2022 report, outlining priorities for 2023.