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Texas emerges as the top destination for companies leaving blue states
Texas is emerging as the nation’s leading economic engine and corporate America is following its lead, with companies rethinking where they call home. Beyond attracting investments, creating jobs and encouraging long-term growth, Texas saw 10.1% increase in economic output per-capita from 2021 through 2024.
With the state’s thriving economy, the corporate exodus to Texas is no coincidence. Texas’s economy continues to outpace the national average and ranks No. 1 in job creation. In March alone, 26 new projects were announced in locations across Texas, which are expected to create more than $20.5 billion in capital investment and 1,241 new jobs.
Supported by its pro-growth policies that advance freedom for companies and consumers alike, Texas is opening a new frontier in its growth story: attracting companies’ legal incorporations and their headquarters.
Historically, a company’s decision to redomicile was viewed as a routine business decision. For a century, Delaware has held the corporate crown, being home to at least 60% of Fortune 500 companies. However, increasing opposition toward Delaware’s legal climate has spurred corporate interest in reincorporation, primarily in pursuit of a more predictable legal framework for doing business: enter Texas.
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Over the last five years, many well-known companies, such as SpaceX, Tesla, and Zion Oil & Gas, have decided to redomicile from Delaware to Texas – where they already have substantial assets and operations. Most recently, ExxonMobil announced its plans to redomicile from New Jersey to Texas, where it has its headquarters. In public statements to investors, these companies cite a shared motivation: the desire to unify legal jurisdiction and corporate assets in one place.
For companies like ExxonMobil, Texas makes sense – both logistically and operationally. State regulators have reformed the state’s corporate laws, offering legal and regulatory certainty for shareholders and management. Texas has also invested in its judicial infrastructure and established a specialized Texas Business Court to hear commercial cases, providing assurance to companies that complex disputes will be resolved by experienced judges.
Other companies have chosen to uproot their historic headquarters in favor of physical moves to Texas. Blue states, including California, New York, New Jersey and Illinois, are in the running for biggest losers when it comes to retaining corporate HQs, with Illinois surrendering companies such as Citadel and PEAK6 Investments to Florida and Texas, respectively, over the last five years.
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From 2018 to 2023, California experienced a net loss of eight Fortune 500 companies, seven of which relocated to Texas. In addition to Tesla, Chevron also recently announced its decision to move its headquarters from California, where it based its operations for nearly 150 years, to Texas. According to Chevron, the state already holds the majority of Chevron’s employees, and the company “expects all corporate functions to migrate to Houston over the next five years.”
A headquarters move is more than a symbolic gesture. Moving infrastructure and facilities implies relocating assets, employees and executives, and California has experienced a cumulative net loss in headquarters and headquarter jobs since 2011.
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New Jersey, New York and Illinois follow behind California, losing more companies than they gained over a five-year period. From Q1 of 2020 though Q1 2023, both California and New York lost nearly $1 trillion of assets under management due to company relocations. Meanwhile, Sun Belt states like Florida and Texas are emerging as the business and finance hubs of the future, driven primarily by business-friendly regulatory environments and lower costs of living.
Exxon’s redomiciling proposal shows how investment in physical infrastructure in a state can lead to a formal reincorporation in that same state. Once headquartered in New York City, Exxon relocated its corporate headquarters to Texas in 1989 and has spent decades consolidating its leadership, workforce, and research operations there, while expanding its upstream investments, including in the Permian Basin. And now, it is asking its shareholders to formally bless the company as a legally incorporated Texas business.
In our federalist system, it’s the norm for companies to “venue shop” for the optimal state to headquarter, employ workers, establish a legal domicile and raise capital. States compete with each other for different pieces of the puzzle. But Texas’s recent reforms show that it’s possible for a state to position itself as the full package.
Put simply, companies want to pick a winner. The Texas economy is booming, offering businesses a place to set up shop, hire talent, build factories, raise capital and build long-term investments. The state’s corporate law reforms and investments in judicial infrastructure have poised the state to capture new waves of businesses on the move.
House Oversight Committee Chairman James Comer, R-Ky., is raising questions about possible felony conduct with Minnesota Democratic Rep. Ilhan Omar’s finances after a glaring discrepancy between an initial disclosure listing up to $30 million in net worth and a revised filing showing less than $100,000.
“Who makes a multimillion-dollar mistake on their financial disclosure form?” Comer asked Monday on “Hannity.”
“Either her accountant went to one of those ‘Quality Learing Centers’ in Minnesota, or she lied about it,” he continued, mocking an allegedly fraudulent Minneapolis daycare whose sign was notoriously misspelled.
“If she lied about it, that’s a felony.”
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The remarks come after an amended disclosure showed Omar and her husband’s assets were between $18,004 and $95,000, a sharp drop from an earlier disclosure that estimated their holdings between $6 million and $30 million, according to The Wall Street Journal.
The sharp dropoff drew scrutiny from Republicans and a congressional watchdog.
Omar’s office said the congresswoman is not a millionaire and blamed a major accounting error for the discrepancy.
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“The amended disclosure confirms what we’ve said all along: The congresswoman is not a millionaire,” Omar spokesperson Jacklyn Rogers told the Journal, adding that the filing was corrected “as soon as the discrepancy was identified.”
Her attorney also pushed back on allegations of misconduct, saying it is common for lawmakers to rely on accountants when preparing financial disclosures.
“While the error is, of course, unfortunate, there is nothing untoward, and nothing illegal has occurred,” the attorney said in part.
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Fox News Digital previously reached out to Omar’s office for additional comment regarding the matter but did not receive a response.
Republicans have seized on the incident, criticizing Omar and speculating that fraud could be at play.
“If she made a mistake, [she never explained] how the mistake happened. It’s not possible,” Comer said.
“You review that financial disclosure form. Before you hit enter, you enter all the assets in, and then it pops up and you review it, and you hit it again, so it’s highly unlikely that she made the mistake.
“This isn’t going to go away from her, so we’re going to continue to try to push for answers and see if her name pops up in any of these frauds that Vice President Vance and the House Oversight Committee are detecting in Minnesota,” he added.
House Majority Whip Tom Emmer, R-Minn., criticized Omar as a “complete fraud” over the weekend, amplifying the Republican voices critiquing the development.
“Quite frankly, if she is discovered to be involved in any of this fraud personally, that she benefited from it, even by her actions of promoting it and trying to resist investigations, she should be held accountable to the fullest extent,” he said.
Fox News’ Michael Dorgan contributed to this report.
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FIRST ON FOX: Florida Republican Rep. Byron Donalds introduced legislation that would require biometric tracking of every entry and exit from the United States, as part of a Republican push to crack down on visa overstays and fraudulent immigration documents.
With illegal crossings down sharply under President Donald Trump’s second term, Republicans are shifting toward the next phase of immigration enforcement — tracking visa overstays and closing documentation loopholes. Donalds’ bill aims to force full nationwide use and federal oversight of the biometric entry-exit system.
Donalds told Fox News Digital exclusively he introduced the legislation on Monday.
“Thanks to President Trump’s decisive actions, our borders are more secure than they have been in decades. We are now moving to finish the job by introducing the Reform Immigration Through Biometrics Act, which provides the oversight needed to ensure every entry and exit is fully verified,” Donalds told Fox News Digital.
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The bill would close gaps to ensure full coverage at every port, provide system flow updates and identify what is “slowing” it down by requiring DHS to report to Congress. The biometric data system collects fingerprints, facial images and iris scans.
Immigration reform is a central focus of the second Trump administration, with officials shifting attention toward internal tracking and enforcement gaps, not just border crossings.
The biometric entry-exit system was first introduced a decade ago, following a 2004 recommendation from the 9/11 Commission to strengthen national security through a comprehensive tracking method.
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Previous administrations failed to fully implement the system across all ports of entry, leaving it incomplete. A final rule issued in December 2025 now mandates a nationwide rollout.
Donalds’ legislation aims to ensure it is fully executed this time by holding DHS accountable.
“The border has been secured, but the work is far from over,” said Donalds in a press release. “Visa overstays and fraudulent documentation remain a large piece of the overall illegal immigration puzzle that needs to be addressed.”
Data from the Border Patrol cited by Pew Research found there were 237,538 migrant encounters at the Mexican border in 2025. It is the lowest number since Richard Nixon was president in 1970 when 201,780 were encountered.
Donalds, a candidate for Florida governor to succeed term-limited Gov. Ron DeSantis, said he anticipates “swift passage” of the bill.
“Republicans are steadfast in our commitment to the mandate entrusted to us by the American people,” he told Fox News Digital.
Fox News Digital reached out to DHS for comment.
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