Wiith an accelerating trend of headquarters and operations relocating, especially after 2020, driven by high costs, taxes, and regulatory burdens, although California still attracts many businesses and remains a major economic power. Major firms like Tesla, Oracle, and Chevron have moved to states like Texas, Florida, and Arizona, with relocations particularly strong in tech, manufacturing, and corporate services.
Key Trends & Data
- Accelerated Exits: The rate of California headquarters leaving the state more than doubled between 2020 and 2021, with significant increases in subsequent years, notes the Hoover Institution.
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- Volume: While the percentage of firms leaving is relatively small (around 1.9% net between 2011-2021), it involves major companies and significant job impacts, according to the Public Policy Institute of California.
- Popular Destinations: Texas, Florida, Arizona, Nevada, and New York are common destinations for relocating companies.
Notable Companies That Have Left
- Tesla: Moved to Austin, citing Bay Area limitations.
- Oracle: Shifted headquarters to Texas.
- Hewlett Packard Enterprise (HPE): Left California in 2020.
- Chevron: Moved its headquarters.
- SpaceX, Twitter (X), Charles Schwab, and Toyota Motor North America are also on the list of major departures, reports California Globe.
Why Companies Are Leaving
- High Costs: High corporate taxes, regulatory costs, and housing expenses are significant factors.
- Business Environment: Some cite the state’s political climate and business regulations as reasons for moving.
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