Along with household names like Google, Apple, Dropbox and Oracle — which all recently built or expanded major campuses in Austin — nearly two dozen Bay Area tech companies also reportedly relocated to Texas or opened outposts there since 2014. Thousands of residents made a similar trek throughout the 2000s, taking roughly $1 billion in taxable income out of California and into the Lone Star State, according to a Chronicle analysis of Internal Revenue Service data.
Texas’ growing tech sector doesn’t mean the Bay Area’s is faltering; Silicon Valley is still the heart of the industry. It also doesn’t mean the state’s economy is hurting; most forecasts show strong job growth and shrinking unemployment in California. The expansion of Bay Area firms into Texas does, however, reveal a strong business pipeline between the two regions, particularly for companies trying to escape California’s high taxes and the Bay Area’s soaring cost of living.
Sunday, February 14, 2016
Tech pipeline to Texas: Tax money, people flow out of Bay Area
Austin is looking to be a favorite alternative to SF. Housing in Austin is CHEAP. I think the quality of life is much better.