Tesla moved its headquarters from California to Texas. So did Chevron.
Time to panic?
Not so fast, says a June report from Public Policy Institute of California (PPIC).
Although high-profile companies moving out of California have made headlines and raised concerns, the report from the nonpartisan think tank found that the number of firms whose headquarters have left the state was small. The report also named tax and regulatory burdens as likely factors in the relocations.
Not Even 2 Percent Left
Between 2011 and 2021, a net of 789 headquarters, or 1.9 percent of the state’s more than 47,000 corporate headquarters, left California, said the report. Roughly half of those that relocated were in manufacturing, wholesale trade, or business services….