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When JPMorgan Chase opened a 6,500-person campus outside Dallas, it wasn't chasing cheap rent. It saw the beginning of opportunity. The bank now employs more people in Texas, about 32,000, than in New York State, where its headquarters still sits. The Park Avenue tower isn't moving but the company's center of gravity already has.

That's the part of the Southern boom narrative most business leaders still misread. The question was never whether it's happening. The question is how long the window will remain open. The South's advantages are concrete, finite, and being consumed in real time. The AI build-out pouring hundreds of billions into Texas and Georgia is straining grids never designed for it. Water, not taxes, is becoming the binding constraint of the decade. The reapportionment that will hand the region outsized political clout doesn't arrive until 2030—but the land, power contracts, and talent pipelines that decide the winners are being locked in this year. Companies treating the South as a bet they can make at leisure are already arriving late.