New York and California each lost $ 1 TRILLION after major financial firms moved to Texas and Florida

Large financial firms moving from New York and California to other parts of the US are taking big business with them.

The exodus has left the Northeast and West Coasts missing out on high-paying jobs and tax revenues, while Texas and Florida are poised to reap the rewards of companies seeking new opportunities.

Democrat-led New York and California each lost companies that managed assets of nearly $1 trillion, according to data gathered from the corporate records of more than 17,000 companies. Bloomberg reports.

A desire for lower taxes, warmer weather, affordable housing and anti-woke legislation is driving industries to the Southern states.

Tesla plans to spend more than $770 million to grow its immense Austin factory, ‘Gigafactory Texas’

As Miami home prices soar and construction begins on a slew of new offices, Texas continues to welcome industry heavyweights, banking experts, and wealth management workers.

Tesla is expected to spend $770 million to expand its Austin-based “Gigafactory Texas,” which opened last April.

Wells Fargo & Co is investing in a two-tower, 80,000-square-foot office campus in Irving, Texas. It is expected to house thousands of workers upon completion in 2025

Charles Schwab Corp. signaled a move to a Dallas suburb in 2020, followed this year by Goldman Sachs Group Inc.

The number of jobs in finance and insurance has increased 33 percent in Dallas over the past decade — more than double the national average.

“Texas has a thriving economy, a large and rapidly growing population, a highly diversified industrial structure, all of which has led to the rapid development of the financial services industry,” said Bernard Weinstein, emeritus professor of applied economics at the University of North Texas in Denton, told Investment News.

Fort Worth has a reputation as a destination for the oil and gas, aerospace, and defense industries, while Dallas is considered a white-collar business center specializing in financial services and real estate.

As larger metros struggle to recover from the pandemic, Fort Worth Mayor Mattie Parker is not passing up the chance to get on the board.

Fort Worth has a reputation as a destination for the oil and gas, aerospace and defense industries

Dallas-Fort Worth is the fastest growing metro area in the US, with more than 170,000 people between 2021 and 2022

She set her sights on quality-of-life issues such as reliable infrastructure, crime, homelessness and creating more public parks – an initiative that appears to be helping to bring in big business.

“We feel very good about our focus on financial services,” she said.

“They’re interested in moving to a place like North Texas, even from coastal cities where they’re really better known for their financial services.”

Last year, more than 50,000 people moved to Fort Worth, making it the nation’s 13th-largest city, as businesses tired of strict regulations and taxes move from Democratic-led states to Republican-led alternatives.

While there is a financial incentive for the big move, Charles Hwang, chief investment officer at Lightning Capital, says the change of pace has its benefits.

Hwang moved to West Palm Beach from New York with his family in 2021 and says time with his family looks different.

“In Manhattan, even if someone has a super-sized apartment, you don’t get 10 families that easily,” he said.

‘In Florida you can come into people’s homes. Several families show up and the kids can play in the pool while the parents can have conversations.”