Dorothy Neufeld
2025-05-28 14:25:00
www.visualcapitalist.com
Where Are Companies Moving Their Headquarters To?
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Key Takeaways
- Dallas is the fastest-growing headquarter market in America, gaining 100 relocations between 2018 and 2024.
- The San Francisco Bay Area lost 156 corporate headquarters over the period, fueled by high taxes and stringent regulations.
- In just 2024 alone, California lost 17 headquarters, of which 12 moved to Texas.
Today, public companies based in Dallas-Fort Worth hold a combined $1.5 trillion in value—a figure doubling in the past five years.
Owing to its pro-business policies and lower cost of living, Texas is attracting scores of corporate headquarters, particularly from California. As a result, states are losing billions in tax revenues as the corporate landscape shifts south.
This graphic shows the fastest growing—and shrinking—headquarter markets in America, based on data from CBRE.
Corporate Headquarters Are Moving to the Lone Star State
Below, we show the top five markets nationally gaining the most headquarters since 2018:
| Top 5 Markets | Number of New Headquarters 2018-2024 |
|---|---|
| Dallas | 100 |
| Austin | 81 |
| Nashville | 35 |
| Phoenix | 31 |
| Houston | 31 |
As the country’s best state for doing business, Texas is home to three of the top five markets nationally.
Fueling this migration are its growing talent pool, the absence of corporate and personal income tax, and its lack of red tape. The state is notable in its diverse business landscape attracting Chevron, Charles Schwab, and SpaceX to relocate headquarters since 2018.
Additionally, companies are expanding their presence in the state. Goldman Sachs, for instance, plans to grow its headcount in Dallas to 5,000—up from 970 in 2016.
U.S. Markets Losing the Most Headquarters
By contrast, California is experiencing a corporate exodus.
With homes at least 50% more expensive than in Texas, along with the fifth-highest tax burden in the country, the state has lost at least 275 headquarters since 2018.
| Bottom 5 Markets | Number of Lost Headquarters 2018-2024 |
|---|---|
| San Francisco Bay Area | -156 |
| Greater Los Angeles | -106 |
| New York City | -27 |
| Chicago | -15 |
| San Diego | -14 |
As the above table shows, the San Francisco Bay Area stands as the hardest hit market, in a market facing one of the highest office vacancy rates in the nation.
Learn More on the Voronoi App 
To learn more about this topic from a population growth perspective, check out this graphic on the fastest growing states since 2003.
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