Billionaire entrepreneur Elon Musk's announcement on Tuesday that he will relocate the corporate headquarters of SpaceX and X from California to Texas comes as the latest high profile examples of businesses moving to the Lone Star State for a more favorable business climate.
Here's a look at some of the notable companies that have relocated their headquarters to Texas in recent years: Investment advisory firm Fisher Investments moved its HQ from Camas, Washington, to Plano, Texas, following a decision by the Washington State Supreme Court upholding the state's capital gains tax.
Heavy equipment manufacturer Caterpillar announced it would move its world headquarters from Deerfield, Illinois, to Irving, Texas in June 2022. Caterpillar said the move was in the "best strategic interest" of the company and noted it had a presence in Texas dating to the 1960s, while Illinois remained the largest concentration of Caterpillar employees at that time.
Software giant Oracle announced it would move its world HQ from Redwood City, California, to Austin as it implemented a "more flexible employee work location policy" and saying the moves "best position Oracle for growth and provide our personnel with more flexibility about where and how they work." This year, Oracle announced plans to move its world HQ to Nashville, with the Austin facility remaining a U.S. headquarters location.