The California Headquarters Exodus Continues
27th October 2022
A new Hoover Institution (Stanford University) report indicates that California continues to shed corporate headquarters locations to other states.
Hoover Institution Senior Fellow and UCLA distinguished professor of economics Lee Ohanian and Joseph Vranich of Spectrum Locations Services show that “In 2021, California business headquarters left the state at twice their rate in both 2020 and 2019, and at three times their rate in 2018. In the last three years, California lost eleven Fortune 1000 companies, whose exits negatively affect California’s economy today. But California also is risking its economic future as much smaller but rapidly growing unique businesses are leaving, taking their innovative ideas with them.”
Including companies outside the Fortune 1,000, Ohanian and Vranich indicate that California lost 153 corporate headquarters between in 2021. This is more than double the totals for each of the three years from 2018 to 2020.