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California Business Exodus Accelerates, Poses Long-term Risk

Dec. 23, 2021, 6:01 PM

Companies are moving out of California at a faster pace, posing a long-term risk to the state, according to a report from Bank of the West Economics.

  • In the first six months of 2021, 74 companies relocated. That’s more than the full-year 2020 tally of 62 businesses: report
  • Outmigration is happening across a broad range of industries and firms of all size
  • Most common reasons for leaving include taxes, high labor and energy costs, regulations, and a declining quality of life
  • A continued exodus represents a long-term negative for state’s economic outlook
  • “While the most obvious loss is the disappearance ...

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