Many companies are leaving California and relocating to Texas due to its favorable fiscal climate. The Lone Star State offers a business-friendly environment with generous incentives and lower taxes. This makes it an attractive destination for businesses looking to expand or relocate. Texas is one of the best states when it comes to offering incentives to companies.
It has a skilled, growing workforce, low taxes, and competitive incentives. Plus, there's no state personal income tax, which means employees can save on housing and taxes. The state also has a civilian workforce of more than 14 million people, access to infrastructure, and the nation's largest deal closure fund. All of these factors make Texas an ideal place for businesses to expand or relocate.
Technology companies have been particularly drawn to the state due to its lower housing costs, lower tax rates, and fewer regulations. The Governor's Office of Economic Development and Tourism reported that 237 relocation or expansion projects were underway in September 2020. Even during the pandemic, around 150 companies have outlined plans to move or expand to Texas. As more companies discover the benefits of moving to Texas, the rate of corporate relocations is expected to increase in the coming years.
