17th February 2013
Insurance chain State Farm is reportedly buying up substantial workspace in Texas, which may signal a coming exodus from the company’s home state of Illinois.
State Farm is keeping the move quiet so as not to alarm employees. But the Dallas Morning News reports that it is a “major business relocation” already underway and that this is “one of the biggest stories in the Dallas-area real estate market and will ultimately involve thousands of workers.”
Goodbye Blue State, Hello Red State.
At the end of 2010, in a special session, the Illinois Legislature passed a 67% hike in its corporate and personal income tax. The state is struggling with a structural deficit and its credit rating was recently lowered. The state now has the worst credit rating in the country. A number of businesses have floated the idea of leaving the state. A move by State Farm, however, would devastate the downstate economy.
Welcome to Texas! Oh, look — my wallet is no longer empty.
Illinois Democratic Sen. Dick Durbin does not seem to be buying it either. While he told Breitbart News’ Kerry Picket he needs “to learn a little bit more about” the specifics of the State Farm moves, he expressed some concern over the potential Illinois may lose a huge workforce. “It’s a very respected important business in Illinois,” Durbin said of State Farm. “It’s a very large workforce in Bloomington.”
‘That’s why we’re trying to rape it.’