Texas is becoming America Inc’s centre of gravity
Exxon’s reincorporation is one more feather in the state’s cowboy hat.
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Texas’s growing cultural appeal is making it easier for firms to convince workers to move there.
PHOTO: REUTERS
The Economist
“Just when I thought I got him to fall in love with Tennessee, I shoulda known better than to take him back to Abilene.” So croons Ella Langley in Choosin’ Texas, a song that has ranked near the top of America’s music charts throughout 2026. Some of those listens may be coming from policymakers elsewhere in the country. Much like Langley, they are losing to Texas.
On May 27, the shareholders of ExxonMobil approved a plan to cut its ties with New Jersey and reincorporate in Texas, where it has long had its headquarters. The oil giant is not alone. According to CBRE, a property firm, at least 184 companies shifted their headquarters to Austin, Dallas or Houston between 2020 and 2025, among them Tesla, a car company, and Caterpillar, a maker of construction equipment.
