(The Center Square) – As the California business exodus continues, the latest to leave is Realtor.com, relocating its corporate headquarters from Santa Clara, Calif., to Austin, Texas.
Realtor.com is a leading provider of online real estate services and is a subsidiary of News Corp. It says Austin as a top hiring location makes it a smart choice for long-term growth and a base to expand its footprint in Texas.
“Over the last few years, Realtor.com® has invested in its Austin location through hiring, supporting the local community through numerous charitable events, and developing new talent through its Austin-based internship program,” it said in a news release. By relocating its headquarters to Austin, it says it’s expanding its investment in talent development.
“Austin and Texas offer a strong and growing talent pool, a powerhouse economy with unparalleled housing growth, affordability of living only matched by its aspirational lifestyle, expansive tech and academic communities, and a dynamic and vibrant city at the heart of the thriving state of Texas. There is no better place for us to call home,” Realtor.com CEO Damian Eales said. “Over the coming years, we are committed to growing our presence by hiring great local talent and by bringing new recruits to Texas.”
“Basing Realtor.com in Texas puts our company at the heart of innovation and inspiration at a moment of national economic renaissance for America. We are proud to be housed in a state which understands the crucial role played by business in providing opportunities for personal growth, professional success and community achievement. Our investment in Austin is a downpayment on The American Dream,” News Corp CEO Robert Thomson said.
Prior to the announcement, Eales and Thompson met with Gov. Greg Abbott in Austin.
Abbott lauded Realtor.com’s relocation and expansion, saying, “Thanks to our unmatched business environment, no corporate or personal income taxes, and our highly skilled, young, and diverse workforce, Texas is the right place for Realtor.com®. Companies like Realtor.com® found a home where they have the freedom to grow their business and better serve their employees and customers. Working together, we will provide Realtor.com® and their employees the freedom to thrive in our great state.”
Realtor.com notes that Texas, as the fastest growing state in the country, is expected to surpass California as the most populous state in 2045. Its research has found that the top reasons people are moving to Texas is job availability, affordable housing, and a warmer climate.
More than 360 companies have exited California since 2018, according to the California Policy Center’s California Book of Exoduses, which tracks corporate exits from California. Since 2005, more than half that left had relocated to Texas by 2023, The Center Square reported.
Every year, as California ranks last or near last, Texas ranks first as the best state for business, for attracting new businesses, first for job creation, job growth and economic expansion, The Center Square has reported.
In 2023, Texas gained 500,000 residents, with the most – more than 102,000 – coming from California, according to Census data.
Texas’ population growth is exploding in major cities and in three key Metropolitan Statistical Areas (MSAs), according to the latest Census data. The Dallas-Fort Worth-Arlington MSA reported the greatest percentage of growth from 2020-2023 of 34%, followed by Houston-Pasadena-The Woodlands’ 25%, Austin-Round Rock-San Marcos’ 15% and San Antonio-New Braunfels’ 10%, The Center Square reported.
If Texas’ population growth continues along the same trajectory, it’s expected to gain double the number of seats in Congress after the 2030 Census than it did after the 2020 Census, when it gained two seats.
Until 2020, California reported population gains every year since 1900. Under Gov. Gavin Newsom, California for the first time since 1850 reported its first population loss, according to Census data. California’s population loss led to Congressional seat losses and its expected to lose more if its population decline continues.
