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Behind the Money

Is business better in Texas?

Behind the Money

Topher Forhecz

Markets, Investing, News, Banking, Finance, Business, Business News, Crypto

4.4350 Ratings

🗓️ 21 August 2024

⏱️ 23 minutes

🧾️ Download transcript

Summary

Hundreds of companies have moved their headquarters to Texas in recent years, including big names like Tesla, HP and Charles Schwab. They’ve been enticed by low taxes, light regulation and the promise to run their businesses on their own terms. But the FT’s Houston correspondent Myles McCormick explains that there might be limits to that message of economic freedom.


Clips from ABC News, CBS, Fox 26, KHOU 11


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For further reading:

Will US companies keep faith in the ‘Texas miracle’?

Beware the Texas advance on Wall Street

Texas group plans stock exchange to compete with NYSE and Nasdaq


For further listening: 

Why Elon Musk is breaking up with Delaware


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On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 


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Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festival


Read a transcript of this episode on FT.com



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Transcript

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0:00.0

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0:26.0

Building a business is tough, but I hear building a business in California is next to impossible.

0:32.0

If you were living in California in 2013,

0:35.0

you might have turned on the radio and heard this.

0:38.0

This is Texas Governor Rick Perry

0:40.0

and I have a message for California businesses.

0:42.0

Come check out Texas. This ad is a direct appeal

0:46.0

by the governor of Texas to California companies. And see why our low taxes, sensible regulations,

0:52.1

and fair legal system are just the thing to get your business

0:55.3

moving to Texas.

0:58.6

It's a push by Governor Perry that will dramatically reshape the state in the years to come.

1:04.2

And this pitch isn't just about saving money.

1:07.0

The F.T. is Miles McCormick says that the state's offers rooted in a bigger idea.

1:11.8

Freedom. Texas has always had this kind of Wild West mindset or

1:18.0

self-image that it's the kind of place where people can come and do whatever the

1:22.0

hell they want, That it's kind of

1:23.7

the embodiment of freedom and independence. Not everyone takes Perry's ad that

1:29.4

seriously at the time. Here's how California Governor Jerry Brown reacts to some reporters who

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