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Most of the NYC Financial Majors have moved to Texas, especially Dallas. Their future hiring plans too are more Dallas centric, including pulling back jobs from their Asia operations. When jobs are being pulled back from Asia that shows their commitment to this new initiative. Some of their jobs are now shipped to Eastern Europe but Dallas is getting bulk of these jobs. Yes so far these jobs have been what's terms as the middle and back office. But now more and more technical jobs and support of business kind of technical roles too are moving to Dallas. Earlier NJ used to land those jobs.
Covid just might accelerate the shift though it wont be a drastic transition. But for those who are wondering where 'next' NYC and NJ is not the next when it comes to Financial Majors. But then equally strong is the move of New Tech, bleeding edge companies either moving from California or opening new offices in NYC/NJ. The workforce advantage of NYC and NJ is second to none. But in my experience I see the diversity of skillsets is nurtured due to the diversity of Industries. If NYC/NJ continues to bleed jobs then our advantage continues to erode. And Taxing the hell out of companies does not make for an attractive alternative no matter what industry we are talking about.
I wasn't impressed with dallas. Even the BBQ didn't say wow. Ft. worth was nicer. THe only thing I was impressed with was their passenger rail system.
I wasn't impressed with dallas. Even the BBQ didn't say wow. Ft. worth was nicer. THe only thing I was impressed with was their passenger rail system.
Neither was I. Granted, I went once, about 40 years ago, but I was shocked that the beef was so tasteless and had a weird texture. Had a couple of burgers and a steak and it was all meh. It's cattle country, I was expecting different. I mentioned it to someone who lives there, and he said, "Oh yeah, you can get good beef at the upscale restaurants, but most of the best beef gets sent to places like Chicago where they get the money for it."
It was just too Texas for me for anything but a vacation. The guys really walk around in those hats and they spend hundreds or thousands on boots made of snakeskin or lizard. All the guys had a gun in their boots and the women carried one in their purses, even my friend's mother who was born in Waco but lived for 25 years in Bronxville. It was like a TV show or something.
Did meet some guy who had a business sandblasting and painting oil tanks and who claimed to be Tony Dorsett's coke dealer. He drove us in his Maserati to a gated community where the guard seemed to know him and showed us what he said was Tony Dorsett's house. No one was home and we couldn't go in, but through the glass at the front you could see that the house was built so that it surrounded an outdoor pool in the middle. Pretty cool.
Neither was I. Granted, I went once, about 40 years ago, but I was shocked that the beef was so tasteless and had a weird texture. Had a couple of burgers and a steak and it was all meh. It's cattle country, I was expecting different. I mentioned it to someone who lives there, and he said, "Oh yeah, you can get good beef at the upscale restaurants, but most of the best beef gets sent to places like Chicago where they get the money for it."
It was just too Texas for me for anything but a vacation. The guys really walk around in those hats and they spend hundreds or thousands on boots made of snakeskin or lizard. All the guys had a gun in their boots
I used to know a Wall Street Bond Attorney. One of his first assignments was to fly to Ft. Worth in order to carry-out a bond transaction, and his reactions were very similar to yours. He thought that the steak was vastly inferior to what he usually ate in NYC, and--as he said--"There's more culture in a container of yogurt than you could find in this city".
But, the proverbial nail in the coffin for him was his experience when he visited the mall adjacent to his hotel. The number of drunken yahoos walking around in that mall with a gun on their hip was just too much for him, and when you consider that he lived on NYC's not-very-safe Upper West Side in the '70s, that should put things in perspective. He told his employer (Dewey, Ballantine) that he would resign if they ever sent him to Texas again, and they complied with his request to avoid ever again being sent to The Lone Star State.
Neither was I. Granted, I went once, about 40 years ago, but I was shocked that the beef was so tasteless and had a weird texture. Had a couple of burgers and a steak and it was all meh. It's cattle country, I was expecting different. I mentioned it to someone who lives there, and he said, "Oh yeah, you can get good beef at the upscale restaurants, but most of the best beef gets sent to places like Chicago where they get the money for it."
It was just too Texas for me for anything but a vacation. The guys really walk around in those hats and they spend hundreds or thousands on boots made of snakeskin or lizard. All the guys had a gun in their boots and the women carried one in their purses, even my friend's mother who was born in Waco but lived for 25 years in Bronxville. It was like a TV show or something.
Did meet some guy who had a business sandblasting and painting oil tanks and who claimed to be Tony Dorsett's coke dealer. He drove us in his Maserati to a gated community where the guard seemed to know him and showed us what he said was Tony Dorsett's house. No one was home and we couldn't go in, but through the glass at the front you could see that the house was built so that it surrounded an outdoor pool in the middle. Pretty cool.
I actually didn't see any open carry out west. I would get a custom made boots if I ever went back but I'd probably use them for horse back-riding if I ever take lessons.
I liked Arizona much better than texas. I think its the tougher state too. That heat in the summer was like no other though. The tacos and margaritas were amazing.
why would you rebuild/relocate an industry and its infrastructure in an area that won't he habitable in 20 years?
short term profits, long term losses...
why would you rebuild/relocate an industry and its infrastructure in an area that won't he habitable in 20 years?
short term profits, long term losses...
That's a bold claim. Don't you know Biden/Harris are here to save us from the climate change? /s
Some interesting perspectives on Dallas & Texas in general in this thread. I moved there sight unseen for my first job out of college 18 years ago, from New England. There was definitely an element of culture shock (for me, it was "everything is so new!" since the town I grew up in was incorporated in the 1700's.) As I was graduating in a recession, my goal was to get a 2-3 years of experience and then repatriate myself back to the northeast/civilization and join my college friends in NYC or DC. I ended up staying for 10 years, met my wife and made lifelong friends, who took me into their group within weeks of moving there.
I came in with plenty of stereotypes, egged on by some of my family "so, do you think you'll need to join a church to fit in?" Weirdly, lots of people thought it was in the desert for some reason. My grandmother gave me a cactus Christmas ornament my first year there, ha.
But I'll say this. Dallas, and Texas in general, is not a place that reveals itself immediately. You kinda need to know where to go. If you go downtown, you'll find a fairly bland hi-rise-ville with mediocre restaurants. Forget the suburbs, they suck. But there are many neighborhoods that have really cool, interesting things to see and do. There are also some really interesting, larger-than-life characters that you'll one day find yourself seated next to at the bar and talk about crazy stuff for like 6 hours. It's that kinda place. I never joined a church, btw, and I'd say less than 30% of my close friends we're religious. None carried firearms, and I can't even recall even seeing open carry, although I'll confess to rarely leaving the actual city of Dallas.
Oh, and the food is really, really good (national rankings tend to back this up as well). Not sure where everyone ate, but those comments really surprised me because I've been disappointed in my options in Hoboken vs. my old neighborhood. Obviously won't compare to NYC, but nowhere does.
Anyway, not sure why I decided to respond to this as I don't really have a dog in this fight anymore, other than my current property values if NYC were to see a mass exodus. But as someone who used to paint "flyover country" with the same broad brush, after living there you start seeing past the stereotypes. Been in NJ now for almost 8 years and really like it here too, but can't help but defend an old friend
The NYSE and Nasdaq data centers don't employ all that many people. Them moving out isn't going to have much effect, unless the rest of the financial industry follows... which ain't gonna happen.
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