{"id":115235,"date":"2024-10-17T16:12:03","date_gmt":"2024-10-17T09:12:03","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=115235"},"modified":"2024-10-17T16:12:03","modified_gmt":"2024-10-17T09:12:03","slug":"californias-economic-growth-is-slipping-behind-texas","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=115235","title":{"rendered":"California&#8217;s Economic Growth Is Slipping Behind Texas"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<ul class=\"summary-list\">\n<li>Texas&#8217; economy is growing faster than California&#8217;s as it woos big companies and new residents.<\/li>\n<li>While California still has the highest GDP in the US, Texas is close behind.<\/li>\n<li>But some Texas residents are feeling increasingly fed up and priced out of the state.<\/li>\n<\/ul>\n<p><!-- Excluded mobile ad on desktop --><\/p>\n<div class=\"inline-newsletter-signup&#10;                          headline-regular loading&#10;                          insider-today\" id=\"formContainer\" data-component-type=\"inline-newsletter-module\" data-event-label=\"insider_today\" data-newsletter-id=\"1\" data-newsletter-title=\"Insider Today\" data-acq-source=\"economyinlinesignup\" data-track-view=\"{&quot;product_field&quot;:&quot;bi_value_unassigned&quot;,&quot;element_name&quot;:&quot;inline_newsletter&quot;}\">\n<section class=\"inline-newsletter-content\">\n<div class=\"success-container__mobile d-none\">\n<p>Thanks for signing up!<\/p>\n<p>\n                              Access your favorite topics in a personalized feed while you&#8217;re on the go.<br \/>\n                              <button class=\"rounded-button headline-semibold white-button download\" type=\"white\"><br \/>\n                                download the app<br \/>\n                              <\/button>      <\/p>\n<\/p><\/div>\n<form id=\"emailCapture\" action=\"javascript:void(0);\" method=\"POST\" novalidate=\"\">\n<div class=\"sign-up-tos headline-regular\" id=\"nlTos\">\n                                  By clicking \u201cSign Up\u201d, you accept our <a class=\"tos-anchor\" href=\"https:\/\/www.insider-inc.com\/terms\" target=\"_blank\" rel=\"noopener\">Terms of Service<\/a> and <a class=\"tos-anchor\" href=\"https:\/\/www.insider-inc.com\/privacy-policy\" target=\"_blank\" rel=\"noopener\">Privacy Policy<\/a>. You can opt-out at any time by visiting our Preferences page or by clicking &#8220;unsubscribe&#8221; at the bottom of the email.\n                              <\/div>\n<\/p><\/form>\n<\/section>\n<div class=\"inline-newsletter-img-wrapper-desktop\">\n<div class=\"lazy-holder lazy-holder  has-transparency\" style=\"padding-top: calc(100% * 124 \/ 111)\">\n<p>                              <img decoding=\"async\" class=\"lazy-image has-transparency\" viewbox=\"0 0 1 1\" src=\"https:\/\/www.businessinsider.com\/public\/assets\/rebrand\/newsletter-bull.png\" alt=\"Bull\"\/><\/p>\n<p>                              <noscript><br \/>\n                                  <img decoding=\"async\" src=\"https:\/\/www.businessinsider.com\/public\/assets\/rebrand\/newsletter-bull.png\"\/><br \/>\n                              <\/noscript><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>California may boast the <a target=\"_blank\" class=\"\" href=\"https:\/\/www.businessinsider.com\/california-economy-ranks-5th-in-the-world-beating-the-uk-2018-5\" data-analytics-product-module=\"body_link\" rel=\"noopener\">top economy<\/a> in the country, but Texas is close on its heels.<\/p>\n<p>Since 2020, big-name companies and hundreds of thousands of residents have ditched California for Texas, and the Lone Star State&#8217;s economic growth has surpassed that of its coastal counterpart.<\/p>\n<p>California&#8217;s economy, while still on the up and up, has grown &#8220;relatively slowly&#8221; in recent years, according to an October 2024 <a target=\"_blank\" class=\"\" href=\"https:\/\/www.ppic.org\/publication\/californias-economy\/?utm_source=ppic&amp;utm_medium=email&amp;utm_campaign=epub\" data-analytics-product-module=\"body_link\" rel=\"nofollow noopener\">fact sheet<\/a> from the Public Policy Institute of California, averaging an uptick of 2.3% annually from 2020 to 2023. That figure is down from a 3.9% average increase in California&#8217;s gross domestic product in the prior four years, according to the nonprofit research institute.<\/p>\n<p>Meanwhile, Texas has seen its GDP grow at a rate of 3.9% since 2020, according to the Public Policy Institute. That figure is even stronger for the fourth quarter of 2023, which saw Texas&#8217; GDP grow at an annual rate of 5% \u2014 a jump that Texas Gov. Greg Abbott <a target=\"_blank\" class=\"\" href=\"https:\/\/gov.texas.gov\/news\/post\/texas-economy-again-expands-faster-than-nation#:~:text=%E2%80%9CTexas%20is%20again%20outpacing%20the,America%2C%E2%80%9D%20said%20Governor%20Abbott.\" data-analytics-product-module=\"body_link\" rel=\"noopener\">attributed<\/a> to the state being &#8220;the best business climate&#8221; in the country.<\/p>\n<p><!-- Excluded mobile ad on desktop --><\/p>\n<p>The margins between the behemoths are close and growing closer. California&#8217;s economy ranks 5th internationally, per the report. Its $3.9 trillion GDP accounts for 14% of the national GDP, according to the report. But Texas isn&#8217;t far behind, comprising 9% of the country&#8217;s total economy and coming in eighth internationally, according to <a target=\"_blank\" class=\"\" href=\"https:\/\/www.bea.gov\/news\/2024\/gross-domestic-product-state-and-personal-income-state-4th-quarter-2023-and-preliminary\" data-analytics-product-module=\"body_link\" rel=\"noopener\">data<\/a> released by the Bureau of Economic Analysis earlier this year.<\/p>\n<p>California and Texas, which rank first and second in US population, respectively, have both seen their economies grow faster than the nation&#8217;s overall economy in the last quarter-century. Since 1998, the US economy has increased 75%, while California&#8217;s has jumped 111%, according to the Public Policy Institute of California.<\/p>\n<section class=\"dad-related-posts-component at-inline related-posts \" data-component-type=\"dad-related-posts\" data-delay-third-party-scripts=\"true\" data-size=\"2\" data-container-index=\"in_content_recirc_1\" data-included-verticals=\"economy\" data-placement=\"inline\" data-prevent-collision=\"true\" data-excluded-verticals=\"bi-video\" data-root-margin=\"250px 0px\" data-track-view=\"{&quot;event&quot;:&quot;module_in_view&quot;,&quot;element_name&quot;:&quot;in_content_recirc&quot;,&quot;subscription_experience&quot;:&quot;bi_value_unassigned&quot;,&quot;product_field&quot;:&quot;in_content_recirc_1&quot;}\">\n<p><h2 class=\"content-recommendations-title headline-semibold ignore-typography \">\n                                Related stories<br \/>\n                              <\/h2>\n<\/p>\n<\/section>\n<p>But Texas has them both beat with growth of 128% over that same time period, per the fact sheet.<\/p>\n<h2 id=\"9e346c45-d5ad-41de-84b8-ba0fb92f4093\" data-toc-id=\"9e346c45-d5ad-41de-84b8-ba0fb92f4093\"><strong>Texas has wooed major money<\/strong>&#8211;<strong>makers<\/strong><\/h2>\n<p>Texas&#8217; speedy financial growth comes as the state has increasingly <a target=\"_blank\" class=\"\" href=\"https:\/\/www.businessinsider.com\/elon-musk-moving-spacex-x-texas-headquarters-california-law-2024-7\" data-analytics-product-module=\"body_link\" rel=\"noopener\">marketed itself as a corporate haven<\/a> for businesses and an economic refuge for people seeking a more affordable cost of living.<\/p>\n<p><!-- Excluded mobile ad on desktop --><\/p>\n<p>Many of the businesses and people who have flocked to Texas come directly from California.<\/p>\n<p>A wave of large companies, including <a target=\"_blank\" class=\"\" href=\"https:\/\/www.businessinsider.com\/elon-musk-wants-move-spacex-x-headquarters-texas-tesla-california-2024-7\" data-analytics-product-module=\"body_link\" rel=\"noopener\">Tesla<\/a>, Charles Schwab, and Oracle, have ditched The Golden State for Texas in recent years. <a target=\"_blank\" class=\"\" href=\"https:\/\/www.businessinsider.com\/texas-company-headquarters-hq-tesla-chevron-charles-schwab-california-economy-2024-8\" data-analytics-product-module=\"body_link\" rel=\"noopener\">Chevron<\/a>, which had been in California since 1879, is the latest business to leave for Texas after California sued the company last year over fossil fuel risks.<\/p>\n<p>Gov. Abbott welcomed Chevron to the state last month with a clear message: &#8220;Drill baby drill,&#8221; he tweeted.<\/p>\n<p>Corporate fans of Texas, chief among them billionaire Elon Musk, say the <a target=\"_blank\" class=\"\" href=\"https:\/\/www.businessinsider.com\/moving-to-texas-because-california-regulations-too-tough-on-business-2024-2\" data-analytics-product-module=\"body_link\" rel=\"noopener\">state offers lower taxes and less regulation<\/a>. The Tesla CEO moved the company&#8217;s HQ from Palo Alto, California, to Austin in 2021.<\/p>\n<p><!-- Excluded mobile ad on desktop --><\/p>\n<p>Since then, several major corporations have followed suit. As of 2024, Texas is <a target=\"_blank\" class=\"\" href=\"https:\/\/www.visualcapitalist.com\/map-the-number-of-fortune-500-companies-in-each-u-s-state\/\" data-analytics-product-module=\"body_link\" rel=\"nofollow noopener\">home<\/a> to 52 Fortune 500 companies, according to <a target=\"_blank\" class=\"\" href=\"https:\/\/fortune.com\/ranking\/fortune500\/search\/?statename=California\" data-analytics-product-module=\"body_link\" rel=\"nofollow noopener\">Fortune<\/a>.<\/p>\n<p>While California still has Texas beat with 55 Fortune 500 companies based in the state, including tech giants like Apple, Alphabet, Meta, and Nvidia, the state&#8217;s lead is growing ever thinner. According to CBRE, a global real estate company that itself moved from California to Texas in 2020, <a target=\"_blank\" class=\"\" href=\"https:\/\/www.cbre.com\/insights\/local-response\/the-shifting-landscape-of-headquarters-change-among-the-fortune-500\" data-analytics-product-module=\"body_link\" rel=\"nofollow noopener\">found<\/a> that eight Fortune 500 companies left California from 2018 to 2023, seven of which moved to Texas.<\/p>\n<h2 id=\"baf0885e-765f-4f23-b1e6-69005786fc91\" data-toc-id=\"baf0885e-765f-4f23-b1e6-69005786fc91\"><strong>Some Texas residents are less happy<\/strong><\/h2>\n<p>As Texas&#8217; economy soars, some residents are feeling <a target=\"_blank\" class=\"\" href=\"https:\/\/www.businessinsider.com\/texas-housing-market-home-prices-falling-austin-dallas-moving-trends-2024-10\" data-analytics-product-module=\"body_link\" rel=\"noopener\">increasingly fed up and priced out.<\/a><\/p>\n<p>Hundreds of thousands of Americans <a target=\"_blank\" class=\"\" href=\"https:\/\/www.businessinsider.com\/moved-california-to-texas-will-never-go-back-expensive-2023-5\" data-analytics-product-module=\"body_link\" rel=\"noopener\">flocked to Texas<\/a> in the years since the COVID-19 pandemic began, many seeking cheaper living and <a target=\"_blank\" class=\"\" href=\"https:\/\/www.businessinsider.com\/conservative-moved-california-to-texas-back-orange-county-dallas-2024-7\" data-analytics-product-module=\"body_link\" rel=\"noopener\">pandemic and political freedoms<\/a>. Between 2021 and 2022, the state gained 668,000 new residents, according to the US Census Bureau <a target=\"_blank\" class=\"\" href=\"https:\/\/www.census.gov\/data\/tables\/time-series\/demo\/geographic-mobility\/state-to-state-migration.html\" data-analytics-product-module=\"body_link\" rel=\"noopener\">data<\/a>.<\/p>\n<p><!-- Excluded mobile ad on desktop --><\/p>\n<p>During that same period, however, <a target=\"_blank\" class=\"\" href=\"https:\/\/www.businessinsider.com\/leaving-texas-political-freedom-property-taxes-housing-costs-2023-11\" data-analytics-product-module=\"body_link\" rel=\"noopener\">Texas also lost nearly half a million people<\/a>, per census data.<\/p>\n<p>Some people <a target=\"_blank\" class=\"\" href=\"https:\/\/www.businessinsider.com\/california-moved-texas-homeless-want-to-go-back-2024-9\" data-analytics-product-module=\"body_link\" rel=\"noopener\">who left California for Texas<\/a> in recent years ended up returning to the Golden State, telling BI that the <a target=\"_blank\" class=\"\" href=\"https:\/\/www.businessinsider.com\/couple-moved-california-texas-back-santa-cruz-rosenberg-2023-11\" data-analytics-product-module=\"body_link\" rel=\"noopener\">intense weather<\/a> and <a target=\"_blank\" class=\"\" href=\"https:\/\/www.businessinsider.com\/leaving-texas-political-freedom-property-taxes-housing-costs-2023-11\" data-analytics-product-module=\"body_link\" rel=\"noopener\">politics<\/a> in Texas were too much for them. Others told Business Insider they were dismayed to discover that the <a target=\"_blank\" class=\"\" href=\"https:\/\/www.businessinsider.com\/moved-california-to-texas-not-cheap-politics-2024-8\" data-analytics-product-module=\"body_link\" rel=\"noopener\">cost of living in Texas <\/a>didn&#8217;t meet their expectations.<\/p>\n<p>In the Dallas, Fort Worth, and Arlington areas, consumer prices have jumped 25% over the last five years, <a target=\"_blank\" class=\"\" href=\"https:\/\/fred.stlouisfed.org\/series\/CUURA316SA0\" data-analytics-product-module=\"body_link\" rel=\"nofollow noopener\">according<\/a> to the Bureau of Labor Statistics.<\/p>\n<p>The state&#8217;s big cities have primarily been the site of these small-scale exoduses, Business Insider&#8217;s Jennifer Sor previously reported. Dallas has seen a slight population decline over recent years, losing about 5,000 people from mid-2020 to mid-2023, according to <a target=\"_blank\" class=\"\" href=\"https:\/\/www.census.gov\/data\/tables\/time-series\/demo\/popest\/2020s-total-cities-and-towns.html\" data-analytics-product-module=\"body_link\" rel=\"noopener\">census data. <\/a>Meanwhile, <a target=\"_blank\" class=\"\" href=\"https:\/\/www.businessinsider.com\/austin-home-prices-falling-texas-mortgage-rates-housing-crisis-success-2024-9\" data-analytics-product-module=\"body_link\" rel=\"noopener\">Austin<\/a> ranks as the fifth most moved-out-of city in the US year to date, according to a May <a target=\"_blank\" class=\"\" href=\"https:\/\/www.pods.com\/blog\/moving-trends\" data-analytics-product-module=\"body_link\" rel=\"nofollow noopener\">analysis<\/a> from moving firm PODS.<\/p>\n<p><!-- Excluded mobile ad on desktop --><\/p>\n<p>Texas realtors also told BI that the <a target=\"_blank\" class=\"\" href=\"https:\/\/www.businessinsider.com\/home-prices-falling-florida-texas-us-housing-market-pandemic-boomtowns-2024-10\" data-analytics-product-module=\"body_link\" rel=\"noopener\">housing market has cooled<\/a> amid less demand. Median home prices, meanwhile, have fallen about 7% from the mid-2022 highs, according to <a target=\"_blank\" class=\"\" href=\"https:\/\/www.redfin.com\/state\/Texas\/housing-market\" data-analytics-product-module=\"body_link\" rel=\"nofollow noopener\">data<\/a> from Redfin previously <a target=\"_blank\" class=\"\" href=\"https:\/\/www.businessinsider.com\/texas-housing-market-home-prices-falling-austin-dallas-moving-trends-2024-10\" data-analytics-product-module=\"body_link\" rel=\"noopener\">cited<\/a> by BI.<\/p>\n<\/p><\/div>\n<p><script>window.allScripts = window.allScripts || []; window.allScripts.push({ type: \"load\", script: \"%3Cscript%20id%3D%22meta-pixel-script%22%3E(()%3D%3E%7Bvar%20e%3D%7B69531%3A()%3D%3E%7Bvar%20e%2Cn%2Cr%2Ct%2Co%2Ci%3Bfunction%20s()%7Bwindow.Fenrir%3F.cm%3F.ccpaApplies%26%26%22ACCEPT%22%3D%3D%3Dwindow.Fenrir%3F.cm%3F.userConsent.OPT_OUT%3Ffbq(%22dataProcessingOptions%22%2C%5B%22LDU%22%5D%2C0%2C0)%3Afbq(%22dataProcessingOptions%22%2C%5B%5D)%2Cfbq(%22init%22%2C%221988166924554892%22)%2Cfbq(%22track%22%2C%22PageView%22)%7De%3Dwindow%2Cn%3Ddocument%2Cr%3D%22script%22%2Ce.fbq%7C%7C(t%3De.fbq%3Dfunction()%7Bt.callMethod%3Ft.callMethod.apply(t%2Carguments)%3At.queue.push(arguments)%7D%2Ce._fbq%7C%7C(e._fbq%3Dt)%2Ct.push%3Dt%2Ct.loaded%3D!0%2Ct.version%3D%222.0%22%2Ct.queue%3D%5B%5D%2C(o%3Dn.createElement(r)).async%3D!0%2Co.src%3D%22https%3A%2F%2Fconnect.facebook.net%2Fen_US%2Ffbevents.js%22%2C(i%3Dn.getElementsByTagName(r)%5B0%5D).parentNode.insertBefore(o%2Ci))%2Cwindow.Fenrir%3F.cm%3F.cmStarted%26%26window.Fenrir%3F.cm%3F.userConsent%3Fs()%3AsetTimeout(s%2C1e3)%7D%7D%2Cn%3D%7B%7D%3Bfunction%20r(t)%7Bvar%20o%3Dn%5Bt%5D%3Bif(void%200!%3D%3Do)return%20o.exports%3Bvar%20i%3Dn%5Bt%5D%3D%7Bexports%3A%7B%7D%7D%3Breturn%20e%5Bt%5D(i%2Ci.exports%2Cr)%2Ci.exports%7Dr.m%3De%2Cr.c%3Dn%2Cr.o%3D(e%2Cn)%3D%3EObject.prototype.hasOwnProperty.call(e%2Cn)%2C(()%3D%3E%7Br.S%3D%7B%7D%3Bvar%20e%3D%7B%7D%2Cn%3D%7B%7D%3Br.I%3D(t%2Co)%3D%3E%7Bo%7C%7C(o%3D%5B%5D)%3Bvar%20i%3Dn%5Bt%5D%3Bif(i%7C%7C(i%3Dn%5Bt%5D%3D%7B%7D)%2C!(o.indexOf(i)%3E%3D0))%7Bif(o.push(i)%2Ce%5Bt%5D)return%20e%5Bt%5D%3Br.o(r.S%2Ct)%7C%7C(r.S%5Bt%5D%3D%7B%7D)%3Br.S%5Bt%5D%3Bvar%20s%3D%5B%5D%3Breturn%20s.length%3Fe%5Bt%5D%3DPromise.all(s).then((()%3D%3Ee%5Bt%5D%3D1))%3Ae%5Bt%5D%3D1%7D%7D%7D)()%3Br(69531)%7D)()%3B%3C%2Fscript%3E\" });<\/script><br \/>\n<br \/><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.businessinsider.com\/california-economic-growth-slipping-behind-texas-gdp-corporate-residents-2024-10\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Texas&#8217; economy is growing faster than California&#8217;s as it woos big companies and new residents. While California still has the highest GDP in the US, Texas is close behind. But &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=115235\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-115235","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/115235","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=115235"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/115235\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=115235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=115235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=115235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}