The South’s rise is closing fast

When JPMorgan Chase & Co. opened a 6,500-person campus outside Dallas in 2017, it wasn’t chasing cheap rent. The 1 million-square-foot facility allowed the banking giant to consolidate regional offices and unify half of its North Texas workforce under one roof, while capitalizing on the area’s explosive economic and population growth, leveraging significant tax incentives. The bank now employs nearly 30,000 people in Texas, more than in New York State, where its headquarters stil...