- Corporate HQ relocation announcements jumped to 96 in 2024, up from just 18 in 2023, making it the second-highest year for moves in the past seven years.
- Business climate, tax incentives, and workforce alignment are driving relocations, with many companies exiting California for states like Texas, Tennessee, Arizona, and Colorado.
- Technology and manufacturing firms are leading the charge, with Texas emerging as the top destination—hosting over a quarter of this year’s relocations.
Corporate headquarters are on the move again, as reported by Globe St. After a pandemic-era surge in 2021 followed by two quieter years, 2024 has seen a sharp rebound in relocation activity. According to CBRE, 96 companies announced plans to move their headquarters this year, compared to just 18 in 2023.
What’s Driving The Shift
The resurgence in headquarter relocations reflects broader business strategy realignments. Companies are pursuing regions with a favorable business climate, tax advantages, and access to consumers. Nearly half cited cost savings, hybrid work accommodations, or proximity to target markets as reasons for moving. Labor availability and the desire to consolidate operations also played key roles.
Who’s Moving—And Why
Technology and manufacturing firms are especially active, targeting markets with more affordable talent, supply chain advantages, and stronger alignment with long-term growth strategies. Tech companies are looking beyond traditional hubs like Silicon Valley, while manufacturers are focusing on diversification and logistics.
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Where They’re Going
Texas led all states with 26 announced relocations in 2024, with hotspots in Dallas, Austin, and Houston. Other top destinations include Tennessee, Arizona, and Colorado. Meanwhile, California continues to see an exodus—San Francisco has lost 156 headquarters since 2018, and Los Angeles 106.
A Growing International Trend
Over 25% of 2024’s relocations came from international companies establishing or moving US headquarters. Firms from countries like Germany, the UK, Australia, and South Korea are opting for the US as a strategic base of operations.
Why It Matters
The HQ migration wave is reshaping local economies and labor markets. In competitive destinations like Texas, the influx of companies is creating a tighter labor environment, prompting employers to boost compensation and culture to attract talent.
What’s Next
With companies reevaluating operational needs and workplace expectations, relocations are likely to remain a strategic lever—especially as regions continue to compete with incentives and a supportive business climate.
