In recent years, Dallas and the surrounding area have seen rapid economic expansion as new companies move to the city and surrounding areas.
The most recent Dallas business plans include building a Goldman Sachs office tower and relocating the Caterpillar global headquarters.
The office tower being established by Goldman Sachs Group Inc. is an expansion of the bank that is based in Manhattan, Bloomberg reported over the summer. Around $500 million will be invested in the tower, and Hunt Realty will build it.
A Goldman Sachs spokesperson explained that the bank will keep growing a Dallas presence but could not share anything on additional future projects.
The Dallas City Council approved an $18 million taxpayer-funded incentive package, under the guarantee that the bank will create at least 5,000 jobs by 2028.
Councilmember Tennell Atkins defended the move, saying, “This is a no-brainer. We are an international city and I don’t believe that any private business or any private entity would do business without some kind of public subsidy.”
There are already Goldman sites in North Texas, including Richardson and downtown Dallas, which altogether employ around 4,000 people.
Also in June, Caterpillar announced its headquarters would be relocated from Deerfield, Illinois, to Irving, Texas, according to a press release from the company.
The CEO and chairman, Jim Umpleby, shared that the relocation made the most sense for the company.
“We believe it’s in the best strategic interest of the company to make this move, which supports Caterpillar’s strategy for profitable growth as we help our customers build a better, more sustainable world,” Umpleby explained.
Caterpillar began transitioning into the Lone Star state this year, but it has had a presence here since the 1960s. However, Illinois still has the most company employees of anywhere else in the world, according to the press release.
Sherman, one of the North Texas cities furthest from Dallas, has also experienced business growth. Multiple internal companies that make semiconductors have promised investments of over $35 billion to the city, as previously reported by The Dallas Express.