Company headquarters leaving California in unprecedented numbers
By Ronald Stein |August 26th, 2021
In advance of the September 14th Recall election of Governor Gavin Newsom, many companies have voted early and often, with their “feet”, as they have exited California, along with their employees, and the good-paying jobs and tax revenue that came with them, for other locations in America.
The Hoover Institute research report issued August 24th documents the accelerating departures of company headquarters from the Golden State. This staggering data does not bode well for Governor Newsom as the recall election date of September 24th is fast approaching.
The research by Joe Vranich and Lee Ohanian provides the most detailed and comprehensive data on relocations of California business headquarters from 2018 to the first half of 2021, documenting those departures during the first half of this year are double the rate for each of the three previous years.
Joseph Vranich of Spectrum Location Solutions is a site selection consultant providing location advisory services to corporations. In recent years he has discussed California’s business environment with more than 100 economic development agencies located in North America and Europe.
Lee Ohanian is a Senior Fellow, Hoover Institution and Distinguished Professor of Economics, UCLA. He writes for California on Your Mind, a twice-weekly journal published by the Hoover Institution about California politics and economic policies, and how they affect California’s economy.
https://www.cfact.org/2021/08/26/company-headquarters-leaving-california-in-unprecedented-numbers/#