New York report declares Texas the new leader in finance jobs
February 23, 2026 2026-02-23 12:27New York report declares Texas the new leader in finance jobs
New York report declares Texas the new leader in finance jobs
For years, Texas leaders have warned against becoming more like New York or California. Now, a new report from a New York think tank suggests it may be the other way around, with Texas emerging as the model for economic competitiveness.
The business group argues New York is already losing thousands of jobs to pro-business Texas—and warns that New York Mayor Zohran Mamdani’s push to raise corporate taxes would only accelerate the exodus. Mamdani has proposed increasing the state’s corporate rate from 7.25 percent to 11.5 percent, a move that would push New York City’s top combined marginal corporate tax rate to 22.48 percent if approved by the governor and state lawmakers.
“New York is already ranked last nationally for tax competitiveness and is consistently ranked among the bottom states for starting a small business and for small business growth,” the report states.
Since 2015, more than 300 companies have relocated their headquarters to Texas, many from higher-cost coastal states. The state’s lack of a personal income tax, combined with incentive programs like the Texas Enterprise Fund and the creation of a specialized business court system, has strengthened its appeal to corporate leaders weighing expansion or relocation.
