These are the 5 biggest companies that have chosen to move from California to Texas
Austin’s vibrant skyline, bustling business environment, and burgeoning population have been steadily growing, largely due to an influx of Californians relocating to the area. When it comes to corporations, the tech scenes in Austin and Texas are becoming hot spots for major companies moving from the Golden State.
Chevron
Chevron, a titan of the energy industry, recently announced it will be moving its corporate headquarters from San Ramon, California to Houston, Texas by year end. CEO Mike Wirth, Vice Chairman Mark Nelson, and other top executives will also be making the move. According to Forbes’s latest Fortune 500, Chevron is the 15th highest ranking company. This move doesn’t just signify a major relocation, but marks a significant trend of California corporations moving to Texas.
Tesla
In 2021, Tesla, the pioneering automotive manufacturer, relocated its Palo Alto headquarters to Austin. The new headquarters is host to a $1.1 billion manufacturing facility, Giga Texas, which has been instrumental in Tesla’s growth. It produces the Model 3, the newly released Cybertruck and various vehicle batteries, employing more than 10,000. Currently ranked 40th on the Fortune 500, Tesla’s relocation strengthens Texas’ position as an attractive destination for big tech.
Oracle
Oracle, the esteemed database management company, shifted its headquarters from Silicon Valley to Austin in 2020. The move has greatly contributed to Austin’s tech boom over recent years. Even as Oracle holds the 89th spot on Forbes’ 2024 Fortune 500 list for revenue, reports suggest that the company may consider another move, this time to Nashville, Tennessee.
CBRE
The global real estate service company, CBRE, set up its headquarters in Dallas in 2020. Previously headquartered in Los Angeles, CBRE moved due to Texas’ appealing business environment and cost efficiencies. Now, CBRE is a leading force in Austin’s real estate landscape and ranks No. 138 on the Fortune 500 list.
Hewlett-Packard
Last but not least, Hewlett-Packard (HP), a long-standing giant in the tech industry, moved from its historic base in Palo Alto to Houston in 2020. Citing lower costs and a friendlier business environment, HP’s decision to relocate adds further credence to the ongoing trend of tech companies leaving California for Texas. With a rank of 147 on the Fortune 500, HP continues to be an influential player in the IT world.
The corporate moves of Chevron, Tesla, Oracle, CBRE, and HP underscore a growing trend of companies leaving California for Texas — a shift that has far-reaching implications for both states’ economies and demographics. Only time will tell how this migration will shape the future of business in the United States.