Additional Coverage:
- The major companies which have relocated to Texas, from Tesla to Chevron (businessinsider.com)
Texas: The New Corporate Hotspot
Texas has become a magnet for corporate headquarters, attracting major companies from across the US, particularly from California. Since 2020, 200 companies have made the move, drawn by the state’s favorable regulatory environment, lower cost of living, and touted benefits for corporations. This relocation trend saw a significant surge in 2020 and 2021, with the pace stabilizing in subsequent years.
Here are some of the notable companies that have set up shop in the Lone Star State:
- KFC: Yum! Brands, KFC’s parent company, established dual headquarters in Plano, Texas, and Irvine, California, in February 2024. This move required the relocation of approximately 100 corporate employees from Louisville, Kentucky, to Texas.
- New York Stock Exchange Chicago: The NYSE announced the relocation of its Chicago branch to Dallas in February 2024, rebranding it as NYSE Texas. This decision reflects Texas’s status as a leader in fostering a pro-business environment.
- Chevron: Citing improved collaboration and engagement as key drivers, Chevron relocated its headquarters from San Ramon, California, to Houston in late 2024.
- X (formerly Twitter): Elon Musk announced the move of X’s headquarters to Bastrop, Texas, in 2024.
- Tesla: Tesla led the charge, relocating its headquarters from Palo Alto, California, to Austin in 2021. Musk cited the lack of affordable housing in the Bay Area as a primary reason for the move.
- Oracle: Seeking to offer employees greater flexibility, Oracle moved its corporate headquarters to Austin in 2020.
- CBRE: The commercial real estate giant moved its headquarters from Los Angeles to Dallas in 2020.
- AECOM: The Fortune 500 construction firm relocated its headquarters from Los Angeles to Dallas in 2021, highlighting Texas as a prime location for consulting and engineering talent.
- SpaceX: Following Tesla and X, SpaceX also moved its headquarters to Texas in 2024.
- Charles Schwab: The financial services company moved its headquarters to Westlake, Texas, in 2021, citing California’s high taxes as a major factor.
- McKesson: The healthcare company moved its headquarters from San Francisco to Las Colinas, Texas, in 2018.
Governor Greg Abbott has welcomed these corporate relocations, emphasizing the state’s business-friendly policies and quality of life. While the influx of companies has brought economic benefits to Texas, it also raises questions about the long-term impact on housing affordability and infrastructure.
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- The major companies which have relocated to Texas, from Tesla to Chevron (businessinsider.com)