They are characterized by relatively low real estate costs, low electricity prices, no state income taxes, and a favorable environment for general business. In addition to the companies named above, Dell, Texas Instruments and Rackspace Hosting are headquartered in Texas, while AT%26T and others have significant presence. SpaceX founder and CEO Elon Musk is the latest high-profile tech figure to announce his move to Texas, but it's unclear where in the state he'll move. The decision to revoke the agreement came after Disney criticized a new state law, called Don't Say Gay by critics, that banned classroom discussion of sexual orientation or gender identity for elementary school students.
Texas has a history of successfully attracting large companies far from their roots to establish their base in the state, including Tesla, which has moved its headquarters from California to Texas. A Texas judge invited Disney to move from Florida to settle in the state amid the company's dispute with the governor. Many companies have decided to keep all their employees working from home, even when it's safe to return to work, and others are opting for hybrid models that may require their teams to only visit the office once in a while. According to Unacast, a relocation tracking company, 41% of businesses that moved to Palm Beach County were from the New York City area, most of the state.
The rise of remote work in the pandemic era has prompted companies and the people who work in them to reevaluate their locations and the lifestyle that comes with them. Future Tech Enterprise, an IT service provider, moved its headquarters from New York to Fort Lauderdale. Wanting to work in an area where it is more affordable for employees to live is not a sign of altruism for companies. Tesla, Oracle and Hewlett Packard are just some of the big names moving to Texas, and it's not just a final corporate decision.
California and New York may remain unparalleled in the long run, but the high status of Texas and Florida as today's top attractions could give the first two a chance for their money. Other newcomers range from high-tech companies to those dedicated to transportation and consumer products. Several unidentified companies are close to announcing their presence in the county, including a toy manufacturer, a retailer of boat and fishing supplies, and a Boston sales coaching firm. At %26 Bradstreet, the New Jersey-based business data and analytics provider, moved its 500-employee global headquarters to Jacksonville.
The days when businesses were willing to pay expensive rental rates for the prestige and other benefits associated with having a business address in Manhattan and Silicon Valley may be coming to an end.