Why NYC business owners should consider expanding to Texas
If you noticed that many NYC businesses are expanding to Texas, we are here to show you a couple of reasons why they do it. In case you’re looking to do business, why not do it in the “Best State for Business?” Only one location has been singled out for this recognition year after year by Forbes and CNBC-Texas. They are two of the most prominent business publications in the country. A first-rate setting for doing business can be found here. In fact, the business climate might be better here than in NYC. Nearly 90% of Texas businesses rated the state’s business climate in 2016 as “good” or “outstanding,”. For good cause, too. Texas has a light tax load, a robust economy, and a highly trained labor force. What more can we ask for? To keep you abreast of the most recent developments in commercial real estate, we’ll examine why businesses are relocating to Texas. Also, which firms are making the move, and which areas of the state they’re settling into?
Famous companies in Texas
Even during the pandemic, more than 150 businesses had already planned to move to or expand within the Lone Star State. This demonstrates that relocating your company’s headquarters to Texas isn’t required to take advantage of the state’s advantages. You can take advantage of the same pro-business regulation climate by opening or growing branch offices, but with less of a time investment. Here are some of the most famous companies in Texas :
As you can see, you will be in good company, so expanding to Texas is a smart choice.
Some businesses are moving completely from NYC to Texas
If you noticed a big number of people moving to Texas and you are thinking if you should follow them, stop and see what’s going on. Businesses are all moving or just expanding there. Listed below are some of the reasons why so many companies have relocated from New York to Texas:
New York City has a stiflingly strict regulatory atmosphere for businesses. Also, this city has an extremely high cost of living. That is not always good for businesses. NYC has a severe lack of readily available, low-cost skilled workers. There has been an increase in crime. There are several places where homelessness has become a serious issue. It’s not uncommon for there to be a power outage. The corporate income tax rate and the overall cost of living in New York are among the highest in the country. All those reasons are making some business owners move out and try their luck somewhere else. Texas is one of the first choices.
Texas hasn’t just won the title of “Best State for Business” once or twice. How do you like the sound of having held the title for the past 17 years? This proves beyond a shadow of a doubt that the Texas business sector is unparalleled.
- The largest state in the United States also has the world’s seventh-largest economy.
- Companies are falling over themselves to have a piece of this lucrative pie because of this giant’s reputation. The answer is obvious when you consider the workplace setting. There is a plethora of business-friendly benefits in Texas. Almost too many to count.
The state’s relatively low tax rate is a major selling point. Twenty-one percent of businesses thinking about moving to cite taxation as their primary issue, according to a recent survey. The International Economic Development Council frequently ranks Texas as one of the Top 5 States for Business. In large part due to the state’s 0% corporate income tax. The lower cost of living is mirrored by the low tax rate. Texas is very reasonably priced in comparison to other well-known states. Many things are more affordable in TX when compared to NYC. For example – most businesses need storage because a safe unit is the best option for all excess items and stuff you don’t need on a daily bases. But in NYC the rent can be more than the rent for an apartment in Texas. This low cost is beneficial not just to the business but also to the prospective employees. The low cost of living permeates all aspects of society, from home and business prices to gas prices.
Expanding to Texas – location, location, location
There is a sizable pool of talented people in Texas. Austin, Texas, and other similar places are attracting working professionals from across the country. However, there are other major urban centers in Lone Star State besides Austin. Depending on the vibe you’re going for, you can find it anywhere in the state. Texas’ most prominent urban centers consistently rank among the nation’s most affordable.
U.S. News & World Report consistently ranks Austin as the greatest American city to call home and do business. Since it has a high proportion of college graduates, it is often ranked as one of the top urban areas for young professionals. Graduates and companies aren’t the only ones moving to places like Austin. Even America’s top business minds are moving to Texas, demonstrating the state’s growing popularity. Both Dropbox and Splunk’s CEOs have relocated to Austen houses recently. Drew Houston of Dropbox and Douglas Merritt of Splunk. Elon Musk, also known as one of the most brilliant people in the United States, has relocated Tesla’s headquarters to Texas. Experts in their fields are flocking to Texas’ capital city of Austin. Furthermore, Austin has been dubbed “Silicon Hills” due to the influx of people from the Bay Area. So, the most desirable employees and competitors will be easily accessible to IT corporations.