Around 700,000 people left California last year, with more than 10% moving to Texas.
According to a new report by Yardi Systems, over 86,000 people abandoned the Golden State. In terms new Texas residents overall, ex-Californians constituted around 15%, according to the Dallas Morning News.
The influx of Californians should come as no surprise, as businesses have been migrating out of the high-tax, high-crime, heavily regulated state for cheaper pastures.
Last month, we reported that Charles Schwab’s relocation of their headquarters from San Francisco to Dallas, a move they expect to complete in the second half of 2020. Announced following the company’s $26 billion acquisition of TD Ameritrade, their new 70-acre Dallas-Fort Worth campus will cost around $100 million, and provide 500,000 square-feet of office space.
Chairman and founder Charles Schwab noted that one of the drivers behind the move from California was that “the costs of doing business here are so much higher than some other place.” – READ MORE