Website listing and data company Realtor.com is the latest California-based company moving to Texas. As they traveled from Santa Clara to Austin, the alarm bell rang out in Silicon Valley, losing another high-profile tech business to Lone Star State.
“As a result, the company has created the best recruitment location in Austin and committed to the long-term growth of its Texas team and office footprint,” Realtor.com announced on February 6th, adding that the local community’s position was the best in recruiting locations. Affordable living expenses will be ideal home bases for “Aspirational Lifestyle” and “spread technical and academic community.”
Realtor.com is a News Corp unit NWS nwsa)).
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Affordable prices and lifestyle
In conjunction with this move, and in a blow to California’s fame, Realtor.com said: A dynamic and vibrant city at the heart of technology, academic community and Texas’ thriving state. There is no good place for us to call home. ”
It continued: “Over the next few years, we are committed to increasing our presence by hiring great local talent and bringing new recruits to Texas. Basing in Texas Realtor.com places us at the heart of innovation and inspiration at the moment of the American national economic renaissance. We are committed to providing opportunities for personal growth, professional success and community outcomes. We are proud to be housed in a state that understands the important role it plays. Investing in Austin is a down payment for the American Dream.”
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Realtor.com’s announcement repeated oil major chevron CVX Last year I moved from California to Texas. The company is currently based in Dallas.
“I believe there are many policies in California that will raise costs, hurt consumers, and block investment. Ultimately, I don’t think that’s good for California’s economy and consumers.”
A flood of businesses leaving California for Texas
Realtor.com joins the deluge of businesses that traded Golden State for Lone Star State. These include Chevron, SpaceX, X, and Tesla TSLA Charles Schwab Schw.
Recently, the meta platform Meta CEO Mark Zuckerberg is reportedly exploring moving trusts and safety workers to Texas and moving the social media giant’s legal residences to the state. Smaller and more well-known companies, such as TV chef Gordon Ramsay’s restaurant business, also made headlines by moving from California to Texas.
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Other large companies including CBRE Group cbregreen dots gdotHewlett Packard Enterprise HPEOracle orclAccording to Concordia University, Pabst Brewing Company has moved to Texas in recent years.
Population surge
Apart from different politics, many companies cite shortages in cost of living, affordable land, and national income taxes as a driver of mobility. Texas’ population had grown by 1.6% per year by July 2022, Newsweek reported, citing data from the Census Bureau. Over the same period, California fell by 0.3% and New York fell by 0.9%.
Bloomberg reported that Realtor.com has around 60,000 square feet at its headquarters in Austin, with some workers who were once based in Santa Clara being instructed to work remotely. However, the Austin construction boom has resulted in nearly 30% of office vacancies, according to commercial real estate broker Cushman & Wakefield.
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