ExxonMobil executives announced they are moving the company’s legal domicile closer to their headquarters based in the Lone Star State. Their leadership headquarters are currently based in Spring, Texas. Energy Expert and CEO of Energy Alliance, David Holt, says more businesses are leaving New York, New Jersey, Massachusetts and California. “Businesses across the country, are looking at states like Texas that are ‘business-friendly’. We are seeing a big exodus from these states that have high taxes, lots of draconian, labyrinth of regulations- where its hard-to-get things approved.” Holt said.
Texas is leading the pack in less regulations and paving the way for businesses to move to the state with its speedy business court system.
“Over the past several years, Texas has made a noticeable effort to embrace the business community. In doing so, it has created a policy and regulatory environment that can allow the company to maximize shareholder value.” Darren Woods, ExxonMobil chairman and CEO said according to Texas Scorecard.
“You’re seeing an ongoing kind of ‘attack on businesses, less business friendly’ as time goes by. You’re seeing individuals and families moving from those states. Holt says New Jersey should re-think the way they do business.” Holt said.
He says this is great for Texas, good for jobs, good for the economy. The Lone Star state is reaping the benefits of New Jersey’s mistake. He added Virginia, seems to be going down the same path as New Jersey- and that’s not to their benefit.