Report: More California companies moving headquarters out-of-state than ever before
SACRAMENTO — It's an unprecedented exodus. More California company headquarters are relocating out-of-state than ever before, according to a new report published by the Hoover Institution.
In all, 153 California corporations relocated in 2021, which was double the number from a year earlier. The top five states the companies relocated to are Texas, Tennessee, Nevada, Florida and Arizona.
Toney Sebra, a California native, is now part of the state exodus.
"So we opted for Utah, for a number of reasons, you know, very business-friendly state," Sebra said. "We were tired of the business climate. We were tired of the political climate and all these things wrapped up in a decision we opted to get the heck out."
Josh Wood is CEO of Region Business, an association of businesses across Sacramento, and said he is seeing his members leave, too.
"It's the accumulation of 1,000 cuts. It's wage prices. It's red tape. It's processing and timelines," Wood said. "And the reality is that people who are business owners, people who are entrepreneurial, they go to where they can be successful."
For Sebra, his California dream is now in Utah.
"Most of our friendships are also in California, but it certainly wasn't enough to keep us," Sebra said.
The report predicts that without policy changes, California will continue to lose more businesses large and small, and some that could be the giants of tomorrow.
