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Why Businesses Relocate to Texas

Audio version available here:

Length: approx. 1 min. 20 sec.


The Federal Reserve Bank of Dallas recently published a report revealing that Texas boasts the most jobs gained than any other state from businesses relocating. Between 2010 and 2019, more than 25,000 businesses relocated to Texas, primarily from California.


What are the incentives for relocating to Texas? The Lone Star State is an attractive option for businesses due to its “central location in the continental U.S., access to multiple large cities and business-friendly environment”. Additionally, the state’s government has several incentive programs in place, including the “Texas Enterprise Fund”, which offers performance-based cash grants.


Other factors, such as “low taxes, low regulations, a growing population, a relatively lower cost of living and less union activity” often have a larger impact than the incentive packages. So much so that “at least 75 percent of incentivized firms” reported that without the state government’s incentive program, they would have likely relocated regardless.


Does this mean it’s time to move or expand your business to Texas? Most businesses come to Houston or Dallas, but about a third settle in suburban areas. Anywhere you move, there are many benefits associated, but also paperwork. If you are in need of guidance around the financial and tax implications of relocating your business to Texas, reach out to the Houston-based XQ CPA team. Our tax experts are here to help you.


Phone: 832-295-3353


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Sources:


Close up of USA and Texas flags on flagpole at state Capitol building

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