California’s tax and regulatory policies have made the cost of doing business more expensive than other states and prompted about 10,000 companies over the last eight years to leave the state or shift or curtail operations to reduce costs, according to a report from Spectrum Location Solutions. Florida is one of the states benefitting the most.
The Irvine-based company, which helps companies find places to locate their operations, issued a report titled “ California Business Departures: An Eight-Year Review 2008-2015,” which provides details about such events by company name, ranks the popularity of destination states and cities, and outlines the difficulties of doing business in the Golden State.
The study found at least 1,687 California disinvestment events occurred from 2008 through 2015, but the report said that number is understated since it reflects only those that became public knowledge, such as through company announcements or regulatory reports. Spectrum President Joseph Vranich, who authored the study, said at least five events fail to become public knowledge for every one that does.
“Thus it is reasonable to conclude that a minimum of 10,000 California divestment events have occurred during that period,” Vranich said.
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