More than a quarter of corporate executives either already have or are considering moving their business operations in 2021, seeking locations with cheaper cost of living and talent, lower taxes, less expensive real estate and/or fewer regulations, according to a survey.
Texas and Florida are the top two states that 150 “C-suite executives” – those whose titles start with “chief” – are considering relocation to, according to a quarterly survey by New York City-based management consultancy West Monroe Partners.
The poll did not give percentages as to what percentage of the executives were considering any state, but listed Ohio as No. 3, followed by Tennessee and Colorado.
Cost of living and talent was by far the most prominent reason (39%), followed by lower taxes (21%), real estate (16%) and regulations (8%).
Four percent of the executives surveyed said they already have made a major move while another 25% are considering such a decision.
West Monroe's chief strategy officer, Tom Bolger, told the Axios website that the West Coast "had by far more companies looking to relocate than any other geographical area in the survey."
The survey echoes similar surveys from United Van Lines, which in August showed significant increase in the outflow of residents from states such as New York and New Jersey to Florida, Texas and other sunbelt states.
Other anecdotal evidence has been the high-profile relocations of billionaire businessman Carl Icahn from New York to Texas; PayPal, Square and LinkedIn startup executive Keith Rabios from San Francisco to Florida; and Elon Musk, who moved his SpaceX and Tesla factory from California to Texas.
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