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Texas is America Inc's new centre of gravity

economist.com

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Re: Texas is America Inc's new centre of gravity

#51

Post by woodruffw »

alephnerd wrote: post #9

Additionally, Apollo (the world's second largest PE firm after Blackstone) has just selected Austin as it's second HQ [0] as it is looking to shift the bulk of it's hiring and headcount outside of NYC [1]. This is a huge deal, just like how Wachovia-Wells Fargo merger helped build NC's PE industry and Citadel's new HQ in Miami helps put Florida on the map for high finance. [0] - https://www.ft.com/content/036a838f-82…

I’m skeptical about this, at least for finance. Your second link points out that these firms are between a rock and a hard place: senior employees and leadership are already established in NYC, and junior employees/new hires want to move there (both for the experience, but also because it exposes them to competitors/alternative employers).

Perhaps it’s different this time, but the underlying message in the past has been more about negotiation with the city and state rather than an earnest intent to relocate to an entirely new state (and regulatory environment, etc).

Re: Texas is America Inc's new centre of gravity

#54

Post by toomuchtodo »

scoofy wrote: post #40
water-data-dude wrote: post #11

As a gay dude I will never take a job in Texas. Companies may enjoy the lax regulatory environment and favorable tax laws, but there are many bright people who - for one of a NUMBER of reasons - will never move there. It is repressive and frightening. Who knows if that will be enough to move the needle on any of this, but companies aren't just buildings and incorporation paperwork, they're also the people.

People who "refuse to move" to Texas honestly have no idea what they're talking about. Yes, you probably wouldn't like it, but it's certainly not what you think it is. I grew up in Texas (mostly Austin), and later in life moved to California, and genuinely can't stand the navel-gazey "I've never been there but I know I'd hate it" type of attitude that prevails here. Texas is a gerrymandered purple state, not a red st…

Texas policy is actively hostile to women and the poor (healthcare, labor protections, etc). You’re probably fine if of means, and not a woman of reproductive age. Everyone else is existing in Texas as an economic human factory farm.

https://spectrumlocalnews.com/tx/south-texas-el-paso/news/20...

https://www.cnbc.com/2024/07/13/10-states-worst-quality-of-l...

https://www.propublica.org/article/texas-abortion-ban-miscar...

https://www.propublica.org/article/texas-maternal-mortality-...

https://www.propublica.org/series/life-of-the-mother

Re: Texas is America Inc's new centre of gravity

#55

Post by tadfisher »

kelseyfrog wrote: post #24
stouset wrote: post #17

Earlier quoted context omitted.

And have increased their standing to the world’s fourth largest economy. Absolutely terrible.

You have to understand that to a conservative, living in CA feels like dying. It's a feeling of constant intense psychic pain.

Plenty of conservative areas in CA and the Left Coast in general. They don't have to live in fear of smelling marijuana on the streets of SF.

Re: Texas is America Inc's new centre of gravity

#56

Post by NewJazz »

kmeisthax wrote: post #39
baggy_trough wrote: post #8

[flagged]

...turning a bunch of Boomer homeowners into members of a landed gentry is progressive?

Democrat = Liberal = Progressive in these folks minds. I think that already starts the discussion off on a challenging foot.

Re: Texas is America Inc's new centre of gravity

#57

Post by jleyank »

scoofy wrote: post #40
water-data-dude wrote: post #11

As a gay dude I will never take a job in Texas. Companies may enjoy the lax regulatory environment and favorable tax laws, but there are many bright people who - for one of a NUMBER of reasons - will never move there. It is repressive and frightening. Who knows if that will be enough to move the needle on any of this, but companies aren't just buildings and incorporation paperwork, they're also the people.

People who "refuse to move" to Texas honestly have no idea what they're talking about. Yes, you probably wouldn't like it, but it's certainly not what you think it is. I grew up in Texas (mostly Austin), and later in life moved to California, and genuinely can't stand the navel-gazey "I've never been there but I know I'd hate it" type of attitude that prevails here. Texas is a gerrymandered purple state, not a red st…

Purple, eh? Guess the blue ones weren't around when the various abortion issues were voted on. The OB/GYN population must not like the sun.

Re: Texas is America Inc's new centre of gravity

#59

Post by qwerpy »

Nesco wrote: post #26
baggy_trough wrote: post #8

[flagged]

[flagged]

Every forum with overly online people goes this way. I’ve stopped visiting Reddit, and let Google summarize their content for me so I don’t have to wade into the sewage. HN isn’t as bad yet but it has noticeably gotten worse since the 2024 election.

Re: Texas is America Inc's new centre of gravity

#60

Post by alephnerd »

woodruffw wrote: post #51
alephnerd wrote: post #9

Additionally, Apollo (the world's second largest PE firm after Blackstone) has just selected Austin as it's second HQ [0] as it is looking to shift the bulk of it's hiring and headcount outside of NYC [1]. This is a huge deal, just like how Wachovia-Wells Fargo merger helped build NC's PE industry and Citadel's new HQ in Miami helps put Florida on the map for high finance. [0] - https://www.ft.com/content/036a838f-82…

I’m skeptical about this, at least for finance. Your second link points out that these firms are between a rock and a hard place: senior employees and leadership are already established in NYC, and junior employees/new hires want to move there (both for the experience, but also because it exposes them to competitors/alternative employers). Perhaps it’s different this time, but the underlying message in the past has b…

I don't expect it to displace NYC but it's a good shift and it's good to have additional clusters arise.

For example, if you were always specialized in Energy, Houston/Dallas would have always been comparable to NYC, or if you were specialized in TMT then LA and SF were similar.

Reading between the lines, I'm assuming Austin was chosen not just for QoL but also to solidify an Energy and probably AI and Data Center thesis as well. Also, I'd assume most backoffice roles like Accounting, Compliance, IT, etc would be shifted to Austin similar to what JPMC did in Dallas.

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