The Lone Star State continues to be the destination of choice for large corporations looking for a more business-friendly climate. That is the conclusion of a recently released report by YTexas.
The elite business network’s Relo Tracker Report says 62 corporations moved to Texas in 2021. The network’s CEO Ed Curtis says several factors have led these large companies to relocate their headquarters.
Notable reasons for the migration to Texas
The Relo Tracker Report identifies and analyzes key trends and reasons for notable businesses moving to Texas. Here are the chief considerations identified in the report:
- Lower cost of living
- Favorable business tax rates
- No state income tax
- Fewer regulations
- Access to a talented workforce
- World’s 9th largest economy
In 2021, Texas added nearly 700,000 jobs and is on the precipice of reaching a population of 30 million residents.
California’s loss is Texas’ gain
The report says businesses relocated to Texas from 17 states and three countries. Over a third – 25 – came from California. Some of the most notable are Hewlett Packard, Tesla and Oracle, along with others from Silicon Valley.
Twenty-nine businesses moved to Central Texas, while North Texas was just behind, gaining 27 new corporate headquarters. Of the 62 businesses relocating, 15 different industries are represented, with technology leading the way, followed by manufacturing.
An increasingly remote workforce offers new opportunities
Since the pandemic began, more companies are adopting remote employment opportunities, meaning employees can work from anywhere. In addition to financial incentives for large companies, workers enjoy a lower cost of living, many being able to afford a home, which was not an option in California. Experts say even those working in an office enjoy shorter commutes and cheaper gas prices. Many also have a variety of educational opportunities at a more reasonable price.