Another one bites the dust

[jimpeel]

A company in Folsom, CA is moving out of the state for good reason and taking 130 of their employees with them. The loss of revenue to the state is about $100,000,000 annually.

The company says that they cannot do business in CA any longer with the state in meltdown and crushing regulations which kill businesses.

So the company is taking their productiveness, their talent, their taxes, and their employees productiveness, taxes and talent away to brighter climes. All of the businesses that depended on the dollars spent by their employees in the local marketplace will be lost. Those dollars will be spent in Texas instead.

Eventually, all of the companies which make CA run will move away, the state will be ceded back to Mexico; and everyone will lament the passing of this great state and exclaim "Why, oh why???"

SOURCE

Folsom Company Moving To Texas, Citing California Costs, Red Tape
December 12, 2011 4:59 PM

FOLSOM (CBS13) – It’s official. Folsom-based company Waste Connections is moving out of California and headed to the state of Texas.

The company, the collects solid waste, announced the move Monday morning saying it was relocating its headquarters to The Woodlands in Texas.

Chairman and Chief Executive Officer Ronald J. Mittelstaedt told CBS13 the decision to move was based on two main factors. Although he called California home, he says the company needed to be more centrally located in the country.

“Then the other part of it was the cost of doing business in California. Highest tax rates in the nation. Until recently very expensive real estate. Tremendous regulation and really a broken legislature. Something that’s got a built-in structural deficit that’s not going to improve,” explained Mittelstaedt. “The reality is this is just a very difficult place to do business. It’s a very expensive place to do business.”

The company expects about 130 employees based in Folsom to make the move. It employs about 5,500 nationwide. It’s valued at $3.6 billion and its local impact is estimated at $100 million annually.

The impact goes well beyond the job losses, said Michael Faust of Sacramento Metro Chamber of Commerce.

“It affects from where they pay their power bill, where they eat, shop. … It’s a tremendous loss from them leaving and we’re very dissapointed to see that,” he said.

Mittelstaedt thinks the relocating to Texas will not only be better for the company, but offer more for their employees.

“With the housing collapse that has happened over the last few years, it’s been very difficult for our employees, demoralizing for our employees,” said Mittlestaedt. “Quite honestly we thought there was an opportunity for a new start in Texas. It’s a very robust economy. No state income taxes. Lower cost of housing. Lower overall cost of living. And our ability to recruit and retain people we felt was much higher over the next decade than staying here in California.”

The move will begin before the end of the year and should be completed by September 2012. The company expects the move to cost $15 million.

 

[2minkey]

that and the whole sacramento area is mucho suck.