Dallas’ “Y’all Street” – Texas’ own counterpart to the preeminent Wall Street in New York City – has expanded with one of the largest banks in North America establishing a major regional office in the financial district.
The Bank of Nova Scotia’s (Scotiabank) opted for Dallas following the approval of an incentives package offered by the city as well as a state-issued $10.8 million grant to support the expansion.
The grant was delivered through the Texas Enterprise Fund (TEF) – a program provided to help businesses relocate or expand into Texas. These awards give Texas an advantage in attracting companies to set up in-state sites when competing against out-of-state locations. Investing in these notable companies helps attract significant capital investment, create good-paying jobs, boost the economy and position Texas as a financial and commercial leader in the nation.
On top of the TEF grant, Dallas offered a $2.7 million incentives package and a 10-year property tax break to lure the bank from Charlotte. Scotiabank estimates that it will invest more than $60 million in capital funding to convert 133,000 across four floors of an existing building into its new regional headquarters.
As the latest company to join Y’all Street, Scotiabank anticipates that it will create more than 1,000 jobs. According to Mayor Pro Tem Jesse Moreno, the company will prioritize hiring city residents to staff the building. The bank will also establish a Dallas Neighborhood Empowerment Zone to help find and recruit employees.
Lassoing Scotiabank as the latest addition to Dallas’ financial district validates both the city and state as a leader in financial services for the nation. The bank will join other companies that have made plans to set up shop in the district, including Goldman Sach’s and Wells Fargo. The New York Stock Exchange has also revealed that it will be establishing its own Texas-based operations in the city.
Photo by TexasStar, CC BY 3.0 <https://creativecommons.org/licenses/by/3.0>, from Wikimedia Commons
