314 corporate headquarters moved to Texas between 2015 and 2024. Nearly half chose Dallas-Fort Worth, where Goldman Sachs is building a campus for more than 5,000 people.

Who gets paid when that many businesses move in?

Office rents help explain the appeal: around $34 a square foot in Dallas-Fort Worth, compared with $78 in Manhattan. Samsung’s expansion plans in Central Texas exceed $37 billion, while Texas Instruments plans to invest up to $40 billion in Sherman.

In this episode, Niko Ludwig looks at why investors are putting so much money into Texas and who has already profited. We follow the investment into data centers and semiconductor factories, along with the businesses serving the people moving there.

We also examine the costs investors have to account for now, including grid connection delays, higher housing costs and property taxes.