There’s been a tidal wave of Californians moving to Texas over the past few years, and I don’t see that trend stopping soon.
Texas is huge, wide open and has plenty of room for growth, and has been a magnet for businesses who don’t want to miss out on the opportunity for growth.
Big Business
Some of the largest tech companies from Silicon Valley, like Oracle and Hewlett-Packard Packard, have moved their headquarters to Austin, Texas. Austin is also the place where Tesla is moving its new giant Gigafactory and Apple is moving its second largest campus here. Governor Abbott made his pitch for Texas as TikTok headquarters on Twitter. CBRE didn’t waste anytime and moved its headquarters from Los Angeles to Dallas, with Charles Schwab officially moving its headquarters to Denton County earlier this year.
The Shift Has Already Begun
According to Steve Brown of the Dallas Morning News, relocation to North Texas from San Francisco jumped by more than a third last year. Greg Willett, the top economist for Richardson-based RealPage, mentioned he understands why the move to DFW continued last year, even though the number of jobs in the area declined.
“The relationship between where we live and where we work has been loosening for a while now, and the shutdown of offices during the COVID pandemic underlined that many people can work effectively from remote locations”, Willett said. “That shift tends to drive households toward metros with comparatively affordable living costs, while it makes the country’s most expensive markets less attractive”, Willett continued.
As a result, out-of-state investors and new homeowners are placing bids on homes, without ever stepping foot on the property.
Tax Breaks
Texas has huge tax breaks that have attracted wealthy individuals like Elon Musk, Joe Rogan, Drew Houston, and Joe Lonsdale. As the economies ninth largest business hub, Dallas has always been an attractive city for businesses want to compete in. Dallas has always been one of the financial capitals of the state. Toyota and State Farm also moved here to get a piece of the pie. The Lone Star state has also been one of the top exporters in the country, for 18 consecutive years.
The cost of living is also a major factor in why Californians have moved to Texas. Tech companies and big businesses caught on to the trend and wanted to maximize their return on investment, and the Lone Star state was the best place to plant their flag.
If you or anyone you know is looking to move to the DFW area, contact Aaron Everett at 214.403.0805.
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