Why More Business Are Moving to Texas in 2021
Businesses Are Making the Move the Lone Star State
Texas may not exactly be what you have in mind when you think about big-ticket companies and million-dollar revenues, but the Lone Star State’s business scene has been thriving for years and its favorable business environment is now attracting some of Silicon Valley’s biggest entrepreneurs into its territory.
Last year, at least 35 companies, including popular tech companies, announced their relocation or expansion in Austin, according to the Austin Chamber of Commerce. Oracle, for example, will move its headquarters from Redwood City, California to Austin and Hewlett Packard Enterprises is planning an expansion to other cities in Texas.
In addition, FileTrail already moved to Austin, 8VC is moving its headquarters from Silicon Valley to Austin, and DZS, Inc. has announced its plans to move from Oakland, California to Plano, Texas as well.
But why exactly are businesses moving to Texas this year?
Texas has a strong tech presence.
Aside from California, Texas is one of only a few states that already have a strong tech presence thanks to companies that have been doing business in cities like Austin, Houston, and Dallas.
This is an important factor for tech companies because they already know that they have a market for their business and that they have the opportunity to build strong partnerships with companies in the same industry.
Texas has a favorable financial environment.
For starters, Texas doesn’t have a state income tax, which is very favorable for all kinds of businesses, including high-risk merchants. There is, of course, a long list of governmental regulations that these businesses have to constantly deal with regardless of where they operate, but companies that have operated in Silicon Valley for many years know how ridiculously high taxes and housing rates are. Texas, on the other hand, has lower costs of living, business-friendly tax laws, and more favorable regulations that will allow for these companies to not only save a lot of money but also work in a completely different environment.
Texas is handling COVID-19 well.
Texas was one of the states hit hardest by the COVID-19 pandemic. Between July and August last year, the Lone Star State experienced a huge surge in COVID-19 cases and it became one of the states with the most infections.
But Texas also learned a lot from its battle with the pandemic and it’s now better prepared for any surges in the future. Governor Greg Abbot has already issued executive orders that will help businesses and activities get back on track in Texas with the right precautionary measures.
The state follows the minimum standard health protocols that are outlined by DSHS and businesses are encouraged to implement other measures that will allow customers to slowly get back to transacting business without fear of getting the virus.
Texas is an ideal place to live and work.
Finally, Texas offers a completely different environment for companies that are now adjusting to the new normal of working from home. Texas has a lot to offer in terms of nature, good food, and just an ideal environment for innovations, new business ideas and opportunities for growth.
My interest in the financial world started to blossom in High School. However, my parents tell me I use to watch financial programs before the age of 5. So, I guess I was born with the Financial bug. In high school I was accepted into their Finance Academy, which I attended for 4 years. In addition to graduating high school, I accumulated a substantial amount of financial knowledge few people experience at such a young age. During which time, I won the State of Florida Stock Market Contest and I also finished in the top 100 in the CNBC stock market contest which had over 1 million participants throughout the country (including some of Wall Street’s elites) with a take home prize of $1 million. These achievements allowed me to be invited to many shows and events with top people in their fields of business from around the world.