Florida, Texas rank as top destination for relocating businesses
foxbusiness.com'Kudlow' panelists Russ Vought and Michael Faulkender discuss the Trump administration's tax code.
The exodus from high-tax states accelerated over the past decade as Republican-controlled states saw an influx of businesses.
Texas and Florida led the nation between 2010 and 2019 in attracting businesses relocating from other parts of the country, according to a new report published by the Federal Reserve Bank of Dallas.
More than 25,000 establishments relocated to Texas during that period, bringing more than 281,000 jobs with them. That offset the 18,000 establishments that left the state, costing about 179,000 jobs. In total, Texas saw a net migration of 7,232 firms and an addition of nearly 103,000 jobs – the highest among any other state in the country.
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In an aerial view, the downtown skyline is seen on April 11, 2023, in Austin, Texas. (Photo by Brandon Bell/Getty Images / Getty Images)
In net jobs gain, Texas was trailed Florida, Georgia, Michigan and Arizona.
Florida, meanwhile, was the top destination for businesses looking to relocate, followed by Texas, South Carolina, North Carolina and Arizona.
The report said Texas appeals to businesses for a number of reasons, including its business-friendly environment such as low taxes and light regulation, central location within the continental U.S., growing population and abundant energy resources. Neither Texas nor Florida have an income tax.
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«A lower tax burden is a central part of Texas' appeal to business,» the report said.
On the other end of the spectrum, California emerged as one of the biggest losers of jobs and
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