Other than add more to one of Sophia's positions in tech positions, the most interesting thing I did all morning was scroll through the companies relocating to Texas. This is an incredible list; absolutely amazing.
I was reminded to do that when CNBC reminded us today is the day that Elon Musk is moving twitter headquarters (X-HQ) from San Francisco to Texas. Wow.
Previous announcement: SpaceX headquarters will be moved from Hawthorne, California, to Starbase at Boca Chica Beach, not far from Brownsville, Texas.
Among all the moves, the most "egregious" was that announced by Allegheny. The entire C-suite will move to Texas but all other employees and operations will remain in Pennsylvania.
FLASHBACK. In the process of reviewing these relocations, I was reminded of this which I had completely forgotten or completely missed, link here:
From the Forbes article linked above:
A seismic shift is taking place in corporate America as even more companies announce plans to relocate from blue states to more business-friendly jurisdictions like Texas.
Last week [July, 2024], Elon Musk announced he would be moving the headquarters of two of his companies, X and SpaceX, from California to Texas. The “final straw,” according to Musk, was a new California law that blocks schools from notifying families if students change their gender identity.
But the underlying reasons for this ongoing migration go far deeper than one bad law.
The Great Corporate Migration Simply put, high living costs and operating costs in select metro areas are prompting companies to seek greener pastures elsewhere.
A staggering 465 headquarters have moved since 2018, with Texas welcoming the most at 209 relocations, according to commercial real estate firm CBRE (which itself moved from Los Angeles to Dallas in 2020).
By contrast, 79 companies left California’s Bay Area over the same period, 50 departed from Los Angeles and 21 moved away from New York City.
California’s losses are Texas’s gains. Between 2019 and 2022, the Golden State lost nearly $80 billion in tax revenue as residents fled high living costs and burdensome regulations, while Texas gained $31 billion (and Florida a whopping $116 billion). In 2022 alone, California lost about three times as much income to other states as it did in 2019.
Great graphic:
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