The Year Texas Took the Financial Lead: From Surplus to Stock Exchange
By Aaron Demerson (TxEDC)
f your business was headquartered in California, Illinois, or New York this past year, chances are you weren’t talking about surpluses, new exchanges, or corporate expansion. You were probably talking to a relocation consultant. And you were considering Texas. In 2025, while many states faced economic headwinds, regulatory uncertainty, and budget shortfalls, Texas moved in a different direction. One we like to call forward. From record surpluses to the launch of a new national stock exchange, the Lone Star State didn’t just benefit from national trends. It led them.
Helping drive this momentum is Texas’ historic budget surplus. In 2025, the state reported a record-setting $24 billion surplus. While shaped by a range of economic factors, that surplus reflects Texas’ consistent commitment to responsible budgeting, limited government, and long-term economic planning. It sends a clear signal to employers and investors: Texas manages success with discipline. Strong public finances create the foundation for reliable infrastructure, workforce investment, and economic resilience.
That foundation paved the way for one of the most consequential financial moves in a generation, the launch of the Texas Stock Exchange (TXSE). Backed by major institutional investors including BlackRock, Citadel Securities, Charles Schwab, and JPMorgan, TXSE is set to begin operations this year. It will offer a new national securities exchange based in Dallas, providing public companies with an alternative to legacy coastal markets. The goal is clear: expand access to capital, reduce regulatory drag, and modernize the public markets for issuers and investors alike.
In September 2025, the U.S. Securities and Exchange Commission approved TXSE to operate as a national exchange — a major milestone that signaled a shift in how and where capital formation can happen in America. The TXSE isn’t just another trading platform. It’s a statement of intent. It tells CEOs, investors, and policy leaders that the future of American finance doesn’t have to run through one ZIP code.
That shift is already visible on the ground. Over the past decade, more than 300 corporate headquarters have relocated to Texas, driven by tax stability, cost predictability, and access to a diverse, highly skilled workforce. That includes financial services. In 2025, PEAK6 Investments, a Chicago-based firm managing multiple fintech and capital market ventures, moved its global headquarters to Austin. Leadership cited Texas’ business climate, talent pipeline, and long-term growth potential.
And it’s not just private firms. In October 2025, the New York Stock Exchange announced plans to establish NYSE Texas, a regional expansion in Dallas that will relocate its Chicago options and technology operations. Around the same time, NASDAQ confirmed its own headquarters move to Texas, reinforcing what more companies are realizing: the gravitational pull of the finance sector is shifting south. With both NYSE and NASDAQ building long-term operational hubs here, Texas is no longer on the edge of the financial map. It’s becoming the center of it.
Investor sentiment reflects that shift. In June, BlackRock launched the iShares Texas Equity ETF, giving institutional and retail investors exposure to Texas-based public companies. The fund’s rapid uptake suggests what we already know: Texas isn’t just a great place to run a business. It’s a place to bet on long-term.
None of this happened by chance. Texas has built its brand on regulatory consistency, limited interference, and freedom to operate. That matters when you’re running a public company, allocating capital, or managing compliance across multiple jurisdictions. While some states experiment with reactionary tax hikes or overreach, Texas has stayed focused on what works. And to us, that’s clear laws, competitive taxes, and policies that reward entrepreneurship, not punish it.
The Texas Stock Exchange is symbolic of more than financial growth. It represents a realignment in American capital formation. The center of gravity is shifting toward states that prioritize certainty, talent, and investment. And Texas has put itself in the driver’s seat. And it hasn’t been through copying what others have done, but by doubling down on what makes this state different.
As we move forward through 2026, the message to financial leaders across the country is simple: Texas is not waiting for the future. We’re building it. And from surplus to stock exchange, the case has never been clearer.
