Austin is seemingly the promised land for companies on the move, now dubbed the top city for headquarters relocations in America. With a mass corporate exodus from pricier cities, the Texas capital has seen 66 firms set up shop over the past five years, according to data obtained by KXAN.

CBRE Executive Director John Gump chalked up the trend to Texas' business-friendly ethos and the lure of Austin's talent pool strengthened by local universities, which has not only drawn in the tech giants but diverse industries across the board, while, the cost of living and running a business has spiraled in former corporate hotspots like San Francisco, Los Angeles, and New York City. Meanwhile, Workforce Solutions Capital Area's Amber Warne pointed out that such moves are opening doors to high-paying opportunities for locals, as the Austin Chamber pegs the average yearly tech salary north of $150,000, as per KXAN.

Not to be outdone, CBRE's own Viewpoint provides a macro look at this corporate migration trend, noting a peak in 2021 with 137 relocations, however, an evident slow down has since been clear with the surge giving way to a more modest 18 relocations through October last year. The predominant push factors, as cited, include favorable tax rates and business conditions, further reflected in an industry breakdown singling out tech and manufacturing as the most mobile sectors – seeking greener pastures in Texas' welcoming economic climate.

The Texas State boasts having 55 of the Fortune 500 companies, which now includes the behemoth Oracle and HPE, attracted by the promise of saving up to 20% on tech wages compared to Silicon Valley and drawing into Austin's unique cultural vibe and its firmly rooted 'keep Austin weird' philosophy, as stated in CBRE.