The distribution of corporate headquarters across the United States is undergoing a dramatic transformation, with traditional strongholds like New York City and San Francisco steadily losing ground to emerging boomtowns such as Dallas and Austin. This shift, highlighted in a recent analysis by Visual Capitalist based on CBRE data, encompasses 561 corporate headquarters announcements made between 2018 and 2024. The data reveals that three Texas markets—Dallas, Austin, and Houston—ranked among the five fastest-growing destinations for new headquarters, while three California markets—San Francisco Bay Area, Los Angeles, and San Diego—were among the five that lost the most headquarters during the same period.
Notably, the Bay Area lost 156 headquarters, the greater Los Angeles area shed 106, New York City lost 27, Chicago lost 15, and San Diego lost 14. In contrast, Dallas led the nation with 100 new headquarters announcements, followed by Austin with 81, Nashville with 35, and both Phoenix and Houston with 31 each. High-profile moves by companies such as Chevron, Oracle, and X (formerly Twitter) from the Bay Area to Texas underscore the magnitude of this trend.
Recent developments over the past six months have only accelerated this momentum. In 2024, the number of corporate headquarters relocation announcements surged to 96, a significant jump from just 18 the previous year, marking the second-highest annual total in the past seven years. Texas continues to dominate as the top destination for these relocations, accounting for more than a quarter of all moves in 2024. Dallas, in particular, has solidified its status as the leading city for corporate headquarters relocations in the U.S. as of early 2025.
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The business climate in Texas has proven particularly attractive to companies seeking lower costs, pro-business policies, and a favorable regulatory environment. The Dallas-Fort Worth region, for example, has doubled the combined value of public companies based in the market to $1.5 trillion over the past five years. The region’s growing prominence is further underscored by the impending launch of the Texas Stock Exchange in Dallas, which aims to challenge Wall Street and attract companies looking for alternative listing venues. Major financial institutions are also expanding their presence in Texas, with Nasdaq announcing a new regional headquarters in Dallas in early 2025 and the Intercontinental Exchange, parent of the New York Stock Exchange, increasing its operations in the state.
Corporate expansions are also on the rise. Goldman Sachs is moving forward with a major office complex in Dallas, planning to grow its headcount there to over 5,000 employees. Other notable recent moves include Ecoer HVAC Systems relocating its headquarters from Virginia to Texas, Yum! Brands consolidating its KFC U.S. corporate office employees in Plano, and Chevron confirming its headquarters move from California to Houston. SpaceX, meanwhile, transferred its incorporation from Delaware to Texas and is expanding its Bastrop facility, with plans to create more than 400 jobs and invest over $280 million. Schneider Electric has also announced an expansion of its El Paso manufacturing facility, creating 300 new jobs.
Much of this activity is being driven by technology and manufacturing firms, which are attracted by Texas’ affordable talent pool, supply chain advantages, and alignment with long-term growth strategies. Companies frequently cite cost savings, hybrid work accommodations, and proximity to target markets as primary reasons for relocating, with labor availability and the consolidation of operations also playing significant roles.
Austin, in particular, remains a top destination for corporate relocations, especially among tech companies. The city’s highly skilled workforce, thriving startup ecosystem, and lack of state income tax have made it an attractive option for firms like Oracle and Tesla, both of which have moved their headquarters there in recent years.
Meanwhile, California’s major metros continue to experience a net loss of headquarters, as high taxes and regulatory burdens prompt companies to seek more business-friendly environments. The ongoing exodus from the Bay Area and Los Angeles underscores a broader national trend: the corporate map of America is being redrawn, and Texas is at the center of this new landscape.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
