As the pandemic continues to cause disruption in the business world, many companies are looking for new opportunities and locations to expand their operations. Oracle, Hewlett-Packard, Dell Technologies, Ericsson, Honeywell, Cuisine Solutions, and CBRE are just a few of the Fortune 500 companies that have recently moved their headquarters from California to Texas. Texas is an attractive destination for businesses due to its large civilian workforce and its central location in the United States. This allows companies that ship across the country to quickly meet customer expectations for fast shipping.
Additionally, the state has seen an influx of Californians since the start of the pandemic, with nearly 500,000 people moving to Texas. The Richardson Innovation Quarter (Richardson IQ) is a hub of activity for many of these companies. It is home to numerous well-known companies and is receiving significant attention from some of the world's leading telecommunications and software companies. The Governor's Office of Economic Development and Tourism reported that there has been a tremendous increase in the number of businesses communicating since the pandemic hit, with 237 relocation or expansion projects currently underway.
The city of Austin has also seen an influx of technology companies this year, with 39 relocating to the city as of November. San Antonio is also becoming a popular destination for businesses, with Cuisine Solutions recently opening its headquarters there. The reasons why companies are leaving California are varied and complex. The Hoover Institution released a report detailing some of these reasons, including high taxes, expensive housing costs, and overregulation.
Texas offers many advantages for businesses looking to relocate or expand their operations. With its large civilian workforce, central location in the United States, and attractive business climate, it is no wonder that so many companies are making the move from California to Texas.
