California Says, Texas – Stay Home!
February 20, 2019
In a head to head comparison between Texas and California, California wins!
Sacramento, CA – While the saying in Texas is Go Big which is a shortened version of Go big or go home; California has a message for Texas – Stay Home! Recent reports state that Texas executives and economic developers are in San Francisco this week trying to lure California companies to the Lone Star state. The practice of poaching is an old one and has not rung profitable for many companies that have moved to Texas.
When compared to California, Texas falls short in many of the areas that they claim to win.
Here’s a snapshot:
- In 2018, California landed 168 deals, offered over $500M in incentives which created over 30,000 jobs compared to Texas which landed 62 deals, offered over $200M in incentives which created a little over 20,000 jobs.
- California has 49 Fortune 500 companies compared to Texas with 48 Fortune 500 companies; Of these Fortune 500 companies, California companies are on average 116% more profitable than those in Texas.
- California has an educated workforce/talent base; California boasts more than 8 million (31.5%) people with a bachelor’s degree or higher to Texas with just over 5 million (27.8%).
- Venture funding lives in California; In 2018 venture funding in California hit $41 billion while in Texas venture funding was only $5.6 billion.
- Total job creation continues to increase in California where in 2018 205,922 jobs were added whereas in Texas only 155,028 jobs were added.
These are just a few reasons why California companies should stay in California but all the more reason for companies to move to California.
For more information, visit greatersacramento.com.
About the Greater Sacramento Economic Council
The Greater Sacramento Economic Council is the catalyst for innovative growth strategies in the Capital Region of California. The organization spearheads community-led direction to retain, attract, grow and scale new businesses, develop advanced industries and create jobs and investment throughout a six-county region. Greater Sacramento represents a collaboration between local and state governments, market leaders, influencers and stakeholders, with the sole mission of driving economic growth. The Sacramento Region was founded on discovery, built on leadership and fueled by innovation.
The Greater Sacramento Economic Council’s leadership has voted to oppose SB 939 for its potential to erode business confidence in California and undermine the tax base.
The Greater Sacramento Economic Council (GSEC) signed a Memorandum of Understanding (MOU) with Turton Commercial Real Estate, a boutique commercial real estate firm specializing in the sale and lease of properties in Sacramento’s urban core.
The California Association for Local Economic Development (CALED) is recognizing the Greater Sacramento Economic Council (GSEC) for their data-driven report on talent in the Greater Sacramento region.