Tesla isn’t the only California company to move its headquarters to Texas. There are more. Lots more.
At least 139 companies moved their headquarters to Texas since Feburuary 2020 and 40% are from California, according to Texas Standard.
Besides Tesla, other tech companies such as Oracle and HP all have moved their headquarters to Texas in the past few years. But it’s not only tech companies that are moving here: other industries are, too. Mclaren, a British supercar company, moved its US headquarters to Coppell and Caterpillar, a construction equipment manufacturer, also relocated to The Lone Star State. Movie industries are interested in Texas too. A 72-acre studio called Super Studio is under a construction in the Dallas-Fort Worth area. Read more about it here on Local Profile
More companies mean more jobs and people. The population increased by 1.5 million since 2020 and this year the state has gained 600,000 new jobs.
“COVID-19 caused a lot of people and companies to move to the state,” Alexandra Suich Bass, a correspondent of The Economist says. “And there’s also been a huge influx of federal money as a result of the Biden administration’s policy through the Infrastructure Act, Inflation Reduction Act and the CHIPS Act.”
Although this act seems to only bring benefits to Texas, Bass discusses the potential risks it has. She is concerned that the state is appropriately investing in the long-term future to ensure its continued success. “The state doesn't want to have a large safety net,” she said. “But Texas’s future depends on investments in the people who are the workforce of the future.” She thinks improvement in public education and health care is necessary to help and support the workforce and family of theirs.
Check Local Profile’s previous coverage to see more companies that moved to Frisco.