Y’all Street: Could Dallas oust New York City as global financial capital?

​​​DFW – The 2015 report, by the business group Partnership for New York City, lays out the reasons that the Big Apple is slowly losing its grip on the finance industry, as major players in the sector shift operations elsewhere.

So where are those jobs going?

Dallas, of course.

Though the report listed competition from “emerging financial centers in the developing world” as New York’s No. 1 “threat,” Dallas ranked second on a Forbes list showing New York’s top competitors for those jobs within the United States, behind Phoenix.

Last year alone, Dallas-Fort Worth’s financial sector jobs grew by 4.7 percent—more than double the national rate, according to the Bureau of Labor Statistics.

Experts in corporate recruitment and site selection say that as technology improves, physical proximity to an industry hub is less important and, of course, it’s just much more expensive to do business in New York City than in Texas.

In North Texas especially, it’s paid off in the form of gleaming new corporate campuses, complete with thousands of high-paying positions.

Liberty Mutual Insurance is building a 5,000-job campus in Plano and State Farm recently completed its 8,000-worker regional office campus in Richardson. In addition to relocating its North American headquarters to Plano, including auto finance operations, Toyota also recently chose Dallas for its heavy equipment financial services arm.