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According to recent studies, businesses in California are leaving the state quickly, according to a report from the Hoover Institution.
Spectrum Location Solutions President Joseph Vranich and Hoover Senior Fellow Lee Ohanian from Spectrum Location Solutions reported that among businesses, 352 of them relocated their corporate headquarters out of California between 2018 and 2021 to Texas, Tennessee, Nevada, Florida and Arizona.
Based on The Tax Foundation's ranking of the states, California has some of the highest taxes in the country and is ranked 49th overall. California is also considered the most regulated state in the country, hence leaving businesses with no choice but to migrate to other locations.