The Lone Star State is home to some of the most companies that went public last year, according to recent data from the Securities and Exchange Commission.
Texas continues to grow its reputation as a financial powerhouse. Last year, Texas was home to 14 of the companies in the United States that went public, nearly 10% of all Initial Public Offerings (IPOs). Only California, at 33 (23.4%), and New York, at 26 (18.4%), had more.
The stat is hardly surprising given the desirability of the state for major corporations in recent years. In 2023, one study ranked Texas as the best business climate in the country.
The Lone Star State has experienced a notable increase in its reputation as a financial hub. Next year, the Texas Stock Exchange is expected to debut, and Nasdaq Inc. has announced plans to open a regional headquarters in Dallas in an attempt to boost its presence in the state.
Texas got yet another boost recently with the news that one of Canada’s major banks, Scotiabank, will open a major regional office in Dallas. The move is expected to create over 1,000 jobs, with the financial institution investing more than $60 million in the expansion. With over $1 trillion in assets, Scotiabank ranks among the top 10 banks in North America.