By Bethany Blankley
Oracle is the latest multi-million dollar company to announce its exodus from Silicon Valley and relocate to Texas.
Oracle Corporation, a multinational computer technology company that has been headquartered in Redwood Shores in California is now headquartered in Austin. The company already had a strong presence in Texas.
Less than two weeks ago, Hewlett Packard Enterprise announced that it was relocating its global headquarters from California to Spring, Texas.
"We believe these moves best position Oracle for growth and provide our personnel with more flexibility about where and how they work," Oracle said in a statement.
"Depending on their role, this means that many of our employees can choose their office location as well as continue to work from home part time or all the time."
“While some states are driving away businesses with high taxes and heavy-handed regulations, we continue to see a tidal wave of companies like Oracle moving to Texas thanks to our friendly business climate, low taxes, and the best workforce in the nation," Texas Gov. Greg Abbott said.
“Most important of all, these companies are looking for a home where they have the freedom to grow their business and better serve their employees and customers, and when it comes to economic prosperity, there is no place like the Lone Star State,” Abbott added.
Texas has no personal or corporate income tax.
Texas has ranked first for attracting California companies for more than 12 years, according to a report by Spectrum Location Solutions. Roughly 660 California companies moved 765 facilities out of state in 2018 and 2019.
"California companies leave because the state's business climate continues to worsen, particularly with the harsh employment, immigration and spending measures that Gov. Gavin Newsom has approved," said Joseph Vranich, the author of the study. "I foresee more exits because California politicians have a level of contempt for business that has reached epic lows."