Yesterday, Toyota Motor Company announced that it is moving its North American headquarters from Torrance, California to Plano, Texas.
That’s 4,000 jobs, five percent of the city’s workforce and a loss of $1,200,000 in tax revenue. The city’s annual budget is $271,000,000.
No one is really surprised. One businessman offered the epitaph:
Frank Portillo, a co-owner of Los Chilaquiles Mexican Grill next to the Toyota headquarters said he did not blame Toyota, although he might lose business himself. "The taxes are lower in Texas. There are fewer regulations. It's cheaper for a company there. Why wouldn't they leave California?"