Major corporations like Apple Inc. and Oracle are investing in Texas as part of their expansion plans. Last year, Apple announced that it will invest $1B into a new Austin campus and build a 133-acre complex. The said complex will have a capacity of more or less 15,000 employees.
Meanwhile, software giant Oracle also plans to expand its five-story building in Southeast Austin and add 450,000 square feet to the existing building. Currently, the headquarters in Austin houses 2,500 employees and is expected to increase due to the expansion.
Republican Texas Gov. Greg Abbott states that Texas “is becoming the Alabama when it comes to recruiting college football players.” With tons of corporations now investing in Texas, it is now among the top states when it comes to business ranking.
“Those are just two of dozens of examples of what’s happening in Austin, Texas, just this year. We get to pick the 5-star recruit companies that are coming to the Lone Star State,” said Gov. Abbott.
In an article published by CNBC last July 2018, Texas has added approximately 350,000 jobs in 2017. This number continues to rise each year, with more corporations choosing to move to Texas.
One of the reasons why businesses eye Texas for headquarters or main offices is the low taxes on real estate and business-friendly regulations. With NY and California among the states with the highest property taxes, some corporations just couldn’t follow through and eventually get eaten up with the taxes. Hence, the decision to move to a different state with lower property taxes.
Toyota Motor, Core-Mark and Charles Schwab are among the brands that have moved their corporate offices or opened regional centres in Texas.
