December 17, 2018 Comments Off on 1,800 Companies Left California in a Year, Texas Remains Top Destination Views: 7692 California News, Top California

A new study shows that 1,800 companies left California in 2016, the most recent year figures were available. The main destination for those relocations to more business-friendly states was Texas, according to research by Spectrum Location Solutions LLC.

Spectrum Location Solutions’ Joseph Vranich, the study author, says, “Departures are understandable when year after year CEOs nationwide surveyed by Chief Executive Magazine have declared California the worst state in which to do business.”

Vranich added, “The top reason to leave the state no longer is high taxes. The legal climate has become so difficult that companies should consider locating in jurisdictions where they will be treated fairly.”

The top 10 states starting in the order of those that gained the most from California business relocations were (1) Texas, which has held the first-place distinction for at least a decade, (2) Nevada, (3) Arizona, (4) Colorado, (5) Oregon, (6) Washington, (7) North Carolina, (8) Florida, (9) Georgia and (10) Virginia.

The top 10 municipalities gaining company migrations from California were (1) Austin, (2) Reno, (3) Las Vegas, (4) Phoenix, (5) Seattle, (6) Dallas, (7) Portland, OR, (8) Denver, (9) San Antonio and (10) Scottsdale.

During the study period, $76.7 billion in capital funds were diverted out of California, along with 275,000 jobs. Companies acquired at least 133 million square feet elsewhere, a figure that may not reflect the total, since not all relocation facility footage was reported, notes Vranich.

Read more at Spectrum Report

Connect With Spectrum Location Solutions’ Vranich



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Tags: Economy, Employment, Research

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1,800 Companies Left California in a Year, Texas Remains Top Destination

Dennis Kaiser