Major corporations and financial firms continued shifting operations and talent out of New York City in early 2026, with low-tax states like Florida and Texas emerging as prime destinations amid concerns over taxes, regulations and quality of life.
New York City lost nearly 5,000 businesses in the past year, according to reports from the city's Economic Development Corporation and other analyses. While some relocations involve full headquarters moves, many involve significant expansions or talent shifts southward. Financial services firms, hedge funds and asset managers lead the trend, often described as the "Wall Street South" migration.
