Business companies are leaving California for better opportunities in other states, with the number of departing companies nearly doubling from 2012 to 2019.
A study commissioned by the Los Angeles Area Chamber of Commerce follows reports that California’s population has been shrinking since 2020.
“The Golden State’s luster appears tarnished in recent years,” said the study authored by economists and academics with the Inland Empire Economic Center. “A seemingly endless stream of firms is leaving the state, citing high taxation, heavy regulation, other business costs, and anything but a business-friendly environment.”
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Among the main reasons that tech companies are leaving California include high taxes, high rent prices, overcrowding, environmental conditions, and the impact of government restrictions during the pandemic….