There are many reasons why companies are relocating to Plano, TX.
Texas is one of 7 States that does not have individual state income tax.
Companies relocate to Plan because Texas does not have indiviual state income tax. . This reason alone puts thousands of dollars in the pockets of employees. An California employee making $100,000 would save $9300 in state income taxes alone by working in Texas. Cost of electricity is also 50% less in Texas compared to California.
Generous Tax Incentives and Tax Abatements
Tax incentives and abatements are determined and given based upon the companies fiscal impact, employment numbers and positive impact to the community.
Cost of Living is about 1/3 Lower than other major corporate hubs.
Plano was just named one of the most affordable places to live in America by NerdWallet in April 2015.
Highly Ranked Public School System
In the 2015 National Merit Scholarship Program, 78 Plano ISD seniors earned Semifinalist standing with 74 seniors continuing in the competition to earn Finalist standing. Plano ISD boasts one of the highest performances on college entrance exams in the nation.
Companies are relocating to Plano because of the stable economy, low corporate business taxes, and less government regulation.
Recent Company Relocations to Plano
In 2014, Toyota announced that Plano, TX would be the host of Toyota’s North American headquarters. News of the world’s largest automaker’s move was big news for Plano. The headquarters move expected to bring nearly 4,000 jobs to the city and could potentially have an tax impact of about $140 million. This is a big bonus for Texas even when the $40 billion tax incentive is figured into the equation. The cost of living is about 10% less in Plano than in Torrance, CA and the housing cost is over 50% cheaper.
Construction began this year on the 100 acre 350 million dollar North American Campus. The new headquarters are located south of Highway 121 and Headquarter Drive. To date about 300 people have relocated to the area. Those employees who do not relocate will be replaced by new local hires.
Also in 2014, FedEx Office announced that they would be moving their corporate headquarters to Plano as well. FedEx has plans to build a 265,000-square-foot campus in the Legacy Town Center area in west Plano. This move will consolidate about 1250 employees that are currently working in the Galleria office and a separate office in Plano. The company will occupy at least 255,000 square feet of as-of-yet unbuilt office space near the intersection of Legacy Drive and Headquarters Drive on the west side of the city.
Boston based Liberty Mutual Insurance announced that plans to have 5,000 employees working on a new campus in Plano by the end of 2017. The company’s headquarters will remain in Boston but the new facility will consolidate various operations from around the country. Dallas developer KDC will build the Liberty Mutual campus in the same area Toyota Motor is building its new North American headquarters. The 2-tower, more than 900,000-square-foot Liberty Mutual campus is being designed by Dallas-based architect Omniplan and should be completed in 2017.
These three major companies will add approximately 12,000 jobs to the area of 121 and Headquarters Drive in Plano. That is one of the highest new concentration of workers in North Texas.