These are the 5 Biggest Companies That Have Chosen to Move from California to Texas
In a shift that redefines the corporate landscapes of both states, several prominent companies have chosen to relocate their headquarters from the tech-centric and pricy environment of California to the more business-friendly Texas. Here, we highlight the five biggest companies making a move according to the latest Forbes Fortune 500.
Chevron
Stepping into the limelight this month, Chevron has announced its plan to move its corporate headquarters from San Ramon, California to Houston, Texas by the end of this year. The company’s Chairman, Vice Chairman, and other senior leaders are also expected to move to Houston to aid in the transition. According to the Forbes’ latest Fortune 500, Chevron took the 15th spot, making it not only the latest but also the highest-ranking company to make such a decision.
Tesla
Switching gears, we find Tesla, the electric vehicle maker grandly shifting its corporate headquarters to Austin from Palo Alto in 2021. The new Tesla HQ now sits in Giga Texas, a bustling $1.1 billion manufacturing facility that serves as the production ground for the Model 3, the recently released Cybertruck, and vehicle batteries. Giving employment to more than 10,000 workers, Tesla is the 40th company on the Fortune 500 list, basking in its recognition as the most valuable car brand globally.
Oracle
At number 89 on the Fortune 500 list is Oracle, a database management firm that moved its headquarters from Silicon Valley’s Redwood Shores to Austin in 2020. Oracle’s move added to the tech boom in Austin. Despite this, rumors are rife about Oracle contemplating another move, this time to Nashville, Tennessee.
CBRE
Famous for its transition from San Francisco to Los Angeles and then Dallas, CBRE has staked its global headquarters in Texas since 2020. Ranked as the 138th company in the Fortune 500 list, the shift was justified by pointing out Texas’ favorable business environment and cost efficiencies. The real estate firm has notably led several ventures in Austin.
Hewlett-Packard
Last, but definitely not least, is the Silicon Valley giant, Hewlett-Packard. Making a significant move in 2020, the information technology and services firm shifted its headquarters from Palo Alto to Houston. Citing lower costs and a business-conducive environment as its main reasons, HP is 147th on Fortune 500 list.
Texas: The New Business Hub?
Observing these colossal and deliberate corporate shuffling, it’s clear that Texas is emerging as a choice destination for businesses seeking cost-effective and conducive environments. Whether this trend will continue or inspire other states to adapt remains to be seen.