Why are companies leaving California? Silicon Valley, in the northern part of California, a southern region of the San Francisco Bay Area, has a mild climate, educational opportunities, and job opportunities that have attracted workers, including expats, and students for more than a century. The name Silicon Valley was coined by an entrepreneur name Ralph Vaerist in the 1970s to describe the region’s large volume of silicon chip manufacturers. This helped turn the area and in effect the state, into the epicenter of the tech industry. However, California appears to be fast losing its status as the center of the tech universe. Why? What states are gaining from this? This will be our focus today in this video. Please, relax and enjoy our enlightening findings. Are They Really Moving? Are companies really moving out of California? We’ve analyzed the facts and the opinions of captains of industry and we can share that with you. Let’s look at the population figure. From 2000 to 2020, the state experienced a net population decrease of 2.6 million, no thanks to Californians' movement to other states. Before then, California’s total population growth had been due to natural population increases and constant foreign immigration. In 2020, however, foreign immigration decreased while the state’s birth rate continued to decline. This reduced the state's total population by 182,000 during the 20 years. In 2021, California’s population decrease was for the first time apparent. The state is now developing a two-tiered society. The higher-income, educated tech workers, are starting to cluster in the major coastal cities. The lower-income, less-educated workers find themselves relegated to the interior of the state. In instances where the two groups are forced to live together, it’s to their detriment. Recent studies are showing that business headquarters are leaving the state at a record pace. Lee Ohanian is an Economist at the Hoover Institution at Stanford University while Joseph Vranich is president of Spectrum Location Solutions, a site selection consulting firm. They both collected reliable data on the rate at which business relocated their headquarters from California from January 2018 to June 2021. They found 265 headquarters relocations over the three-and-a-half-year period. That was an average of 6 relocations per month. We would love you to tell us what you make of this in your comment. And you’re free to share other data you’ve found informative.
To Where?
Now, if you could agree that indeed companies are moving out of California, the next question would be, to where? As you likely have observed from the title of this video, we’re particular about their movement to Texas, and for good reasons. But while Texas is the number one state that companies moving out of California are heading to, we won’t close our eyes to the fact that they’re also moving elsewhere. So let’s tell you a bit about what the figures reveal. Florida has been another option for firms and their CEOs, thanks to a few similarities they have with Texas. Georgia is another southern state benefiting from the Californian exodus. In the Midwest, Indiana, and Minnesota are receiving those moving out of the state. The mountain states they’re also moving to are Colorado and Idaho while Arizona and Oregon are among the western states them benefiting from California’s losses. These are not all. But they’re common destinations with considerable figures. Yet, there’s no other state that has become home to companies moving out of the Golden State like Texas the Lone Star State.
The Biggest Movers
We’ve resisted the temptation to give you many figures about the companies leaving California for Texas. The truth is that the figure is not in the public domain. We’ve found many companies that have moved out who were not accounted for in the official documents. For this reason, we mention only the most prominent companies that have changed their base.
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