Boom Belt governors tout Texas Stock Exchange bringing in businesses from the south

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(The Center Square) – Florida Gov. Ron DeSantis and Texas Gov. Greg Abbott are highlighting how Republican-led southern state policies are driving the economy, attracting businesses and residents relocating there.

The governors spoke at a Texas Stock Exchange (TXSE) roundtable in Miami this week along with Securities and Exchange Commission Chairman Paul Atkins, Citadel Securities President Jim Esposito and Texas Stock Exchange Founder & CEO Jim Lee.

Abbott for years has led the effort for Texas to have its own stock exchange. The TXSE, based in Dallas, is the only national securities exchange built and headquartered in Texas. 

The TXSE is offering “something really unique,” DeSantis said. “As you see the movement of businesses and people to this Boom Belt, I think the importance of the Texas Stock Exchange is only going to continue to grow.” 

“I often tell people as governor of Florida, my job is to closely follow California, Illinois, New York, so I can do precisely the opposite of what they do,” he added. "A lot of these states, including Delaware, have made it more difficult to do business. There's been a variety of factors that have led an unprecedented movement of people and capital into states like Texas and Florida.”

He also said healthy competition among Republican-led southern states “has been really good, not just for the people of our individual states, but for the region as a whole. And I think we've shown a great framework for how you can succeed and really grow your economies and give people more opportunities.” 

“Florida and Texas represent two of the anchors of the 11 states that comprise the Boom Belt,” Abbott said. “All 11 states contribute mightily to the most robust economy of any region in the United States of America.”

In contrast to Democratic-led states now burdened by high taxes, restrictive regulations and hostile business policies, Boom Belt states rank as the best states for doing business and CEOs are making more capital investments in them than any other region in the U.S., Abbott said. The Boom Belt ranks first for business relocation, for attracting the most talented workforce, and for Generation Z and millennials moving there, more than any other quadrant in the U.S., he said. Boom Belt states also rank first for power generation and have the lowest retail electricity prices of any other region in the U.S., Abbott said. 

Their successes are the result of “purposeful policy choices, laws and regulations and we are never satisfied with the status quo. We're constantly searching for ways in which we can improve on the success we've already achieved,” Abbott said.

He described how state lawmakers listened to voters and businesses to pass new laws, including permanently banning a state income tax, death tax and transactions tax through constitutional amendments. After passing extensive tort reform, Texas created a new business court that has drawn businesses to incorporate in Texas, leaving Delaware, The Center Square reported.

“Policy decisions like these create a durable, predictable environment for businesses to succeed,” Abbott said. This was a key factor ExxonMobil cited when incorporating its headquarters in Texas, leaving New Jersey after more than 100 years. 

He also pointed to billionaire Elon Musk moving his business operations to Texas in response to California COVID-era lockdown policies. The Tesla Giga factory Musk built near Austin was operational in less than 18 months due to Texas’ business friendly environment. It would have taken that long just to get permits in California, The Center Square reported. 

“The center of gravity of American capitalism is now headquartered in the Boom Belt,” Abbott said. “The Texas Stock Exchange is the natural extension of that capitalism. It ensures that capital markets will reflect the quadrant that is driving American growth.”

Abbott also encouraged companies to move to the Boom Belt for public companies or those considering going public to “bring your primary listing to the Texas Stock Exchange. The foundation for that has already been built. The policies for that are already in place. The only question is whether or not you and your business are going to be a part of that success.” 

Plans for the Texas Stock Exchange were first announced in June 2024, The Center Square reported. 

Since Abbott's been in office, more than 325 corporate headquarters have relocated to Texas. Texas is also home to 54 Fortune 500 companies and “is the headquarters of headquarters,” Abbott says.