The analysis says California is ‘risking its economic future.’
The downtown San Francisco skyline at sunrise. The city likely won't come close to its all-time record high during the impending heat wave.The rate of California businesses leaving the state more than doubled in 2021, leading a new analysis to posit that the state may be “risking its economic future.”
There were 153 companies that relocated headquarters in 2021, more than double the 75 that left in 2020 and more than triple the 46 that exited in 2018, according to a recentat Stanford University. The conservative think tank said economics was the primary cause of relocation, citing other states’ lower regulation, lower taxes, and lower cost of living.
Eleven Fortune 1000 companies were among those that exited California in the past three years. McKesson, the biggest U.S. drug distributor and number nine on Fortune’s list, left the state in 2018 for Texas. The Lone Star State is the most popular for relocations —
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