Posted on 11/03/2022 6:13:10 AM PDT by Oldeconomybuyer
The rate of California businesses leaving the state more than doubled in 2021, leading a new analysis to posit that the state may be “risking its economic future.”
There were 153 companies that relocated headquarters in 2021, more than double the 75 that left in 2020 and more than triple the 46 that exited in 2018, according to a recent report from the Hoover Institution at Stanford University. The conservative think tank said economics was the primary cause of relocation, citing other states’ lower regulation, lower taxes, and lower cost of living.
Eleven Fortune 1000 companies were among those that exited California in the past three years. McKesson, the biggest U.S. drug distributor and number nine on Fortune’s list, left the state in 2018 for Texas. The Lone Star State is the most popular for relocations — Tesla, Oracle, Hewlett Packard Enterprise and Charles Schwab all left for Texas in the past three years.
There were 125 migrations of company headquarters from Bay Area counties since 2018, and if businesses continue to flee, it could have ripple effects on the region’s economy beyond just loss of tax revenue and job opportunities. “Another consequence will be the negative impact on the housing market,” said Suparna Chakraborty, UCSF Professor of Economics.
“According to professionals in the business relocation industry, our head count may be too low by a factor of five,” the report reads. “Moreover, our calculation does not take into account California businesses that are retaining their headquarters in California but who are making large facility investments in other states, such as Apple and Wells Fargo, who are building large campuses in Texas, and Disney, who is doing the same in Florida.”
(Excerpt) Read more at sfgate.com ...
That’s going to leave a mark ,LOL
That should make gruesome Newsom happy.
Newsom: “I know how to fix it! Raise taxes. Biden is doing that in energy. It’s bound to work.”
Yea, but think of all those homeless persons moving in! Good trade San Francisco! Taxpayers for trough suckers, that will build a vibrant economy, OH, watch out for the Deuce on the sidewalk!
In the Real World, actions speak louder than words
People eventually vote with their feet and wallets
From Blue to Red, from Blue to Red Happenin’ ALL over
Dims need to use ignorant people and commit voter fraud to stay in power, bc their “ideas” are and have been DOA They are wrong about everything
Obviously another threat to democracy
Winter is coming on in Denver. I really think our ever growing drug addicts living on the streets should look for greener pastures.
the old saying was “will the last person leaving please turn out the lights”
in the case of CA they will already be out
No worries.
The illegal alien-loving governor will replace those businesses with destitute foreigners (who are already flooding into the state) who will start businesses all on their own to save the economy, pension systems and Social Security.
I live in Texas and see TV ads inviting us to vacation in Los Angeles
Fat chance.
Already the state is underwater in its revenue-to-spending ratio. The exodus will continue to gain speed. And the new congress is unlikely to hand a few trillion rescue bucks to Gavin.
Bookmark
Smart.
California needs to go belly up, so it can re-invent itself
in the Founder’s likeness.
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