When it comes to moving a corporation, the area around northern Texas has a lot to offer. Not only does it have the existing metropolis of Dallas and Fort Worth, but it is also surrounded by wide open spaces that leave a lot of room to expand in the years to come, which further solidifies roots in the state.
For example, Toyota announced in 2014 that it would be moving its headquarters to Texas, breaking ground on a new building that fall and officially opening its doors at that site in 2016. The company currently works out of temp offices until the new space is ready to open its doors. This move was not a one-sided agreement by any means, as the Lone Star State threw in some economic appeal.
The automobile corporation was offered $40 million in abatements and other tax incentives from a repository backed by taxpayers called the Texas Enterprise Fund, which is used to lure corporations to Texas. The new headquarters’ physical location will combine the automaker’s sales and marketing, corporate, and manufacturing offices as well as the employees for each.
Firms Considering a Move to the Lone Star State
Toyota is not the only company changing zip codes. In January, 2015 State Farm began relocating employees to its new North Texas headquarters. The move involved construction of a number of buildings expected to be finished by sometime in the year 2016 and taking up about 2 million square feet of real estate – the largest newly constructed office space in the area of North Texas.
As a result, a number of additional corporations are weighing the options about making a move to North Texas. Some of them include Charles Schwab, Caterpillar, Google, and TD Ameritrade. A lot of them were inspired by the state’s deal with Toyota to look at relocating their own businesses.
The low cost of living in North Texas and a citizen-friendly tax structure will help further strengthen the moves of big businesses who come into the area. In other words, the economy will also appeal to workers relocating into the area, and give them incentive to put down permanent roots in North Texas .
The Impact of Businesses Moving to North Texas
Throughout history, any time that a large corporation like Toyota or State Farm moves into an area, the number of jobs and the growth in similar industries just explodes. One company’s move can change the dynamics of local economy. When it moves into an area, it brings positive changes. And when it moves out of an area, it leaves desolation and unemployment.
This is because all too often, workers have to relocate to the new area in order to keep their jobs. This brings a boost to the housing market, retail stores, and any other industry that these workers would have a use for in their new environment. The need for related new businesses means more opportunity for jobs in the architecture industry.