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Florida, Texas rank as top destination for relocating businesses

The exodus from high-tax states has accelerated over the past decade as companies have flowed into Republican-controlled states.

Texas and Florida led the nation in attracting companies to relocate from other parts of the country from 2010 to 2019, according to a new report published by the newspaper. federal reserve Dallas Bank.

More than 25,000 facilities moved to Texas during this period, bringing more than 281,000 jobs. This offsets the loss of 18,000 businesses leaving the state, resulting in a loss of approximately 179,000 jobs. In total, Texas saw a net relocation of 7,232 businesses and an increase of approximately 103,000 jobs. This is the highest number among any other state in the country.

New York and California each lost $1 trillion in assets as financial companies fled south.

Aerial view of the downtown Austin, Texas skyline on April 11, 2023. (Photo by Brandon Bell/Getty Images/Getty Images)

in net employment increaseTexas followed Florida, Georgia, Michigan and Arizona.

Meanwhile, Florida was the top destination for companies looking to relocate, followed by Texas, South Carolina, North Carolina and Arizona.

According to the report, Texas is attractive to businesses due to its business-friendly environment, including low taxes and lax regulations, its central location in the continental United States, its growing population, and abundant energy resources. Examples include.Texas and Florida income tax.

The “Great Migration” continues as more and more Americans flee to Florida and Texas

“A lower tax burden is a core part of Texas’ attractiveness to businesses,” the report states.

At the other end of the spectrum, California was one of the states in the nation to lose the most jobs and businesses. From 2010 to 2019, the Golden State moved more than 44,000 jobs to Texas. This represents about 16% of all jobs moved to the state. Meanwhile, Texas sent just 14,700 jobs to California.

downtown los angeles

A residential complex stands in front of the downtown Los Angeles skyline on August 30, 2023. (Photo courtesy of Mario Tama/Getty Images/Getty Images)

Companies aren’t the only ones leaving California. According to some information, more Americans are moving to places like Florida and Texas. bank of america analyst notes This is based on aggregated and anonymous internal customer data.

“Our near real-time estimates of domestic migration flows show that pandemic migration trends have not reversed,” the analysis said. Starting in the first quarter of 2023, the data “suggests that cities that saw large influxes of people during the pandemic are still growing faster than other cities in recent quarters.”

San Francisco’s population declined sharply at the beginning of the year, dropping by more than 1% in the first quarter of 2023 and by more than 3% from 2020 to 2022, according to an analyst note.

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The city is suffering from a sharp increase in property crimes, according to the California Department of Justice’s Criminal Justice Statistics Center.

“This demographic shift paints a clear picture,” said Janelle Fritz, a policy analyst at the nonpartisan Tax Foundation. “People pay off high taxes, high cost states They want lower-tax, lower-cost alternatives. ”

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