A Look Back at Corporate Headquarters Relocation Trends in 2024
by King White, on Jan 14, 2025 7:00:00 AM
As companies navigate post-pandemic recovery and shifting economic landscapes, corporate headquarters relocations are increasingly influenced by strategic considerations, including labor markets, tax incentives, and the overall business climate. In 2024, we observed a variety of significant headquarters projects across the United States, each underscoring the critical role of business climate, labor availability and costs, real estate, and economic incentives in these decisions.
Headquarter migration trends
While the migration trend from states like California, Illinois, and New York saw a slight slowdown in 2024, companies continue to evaluate their headquarters locations as they strive to find talent and manage costs. This trend highlights the importance of strategic site selection, which optimizes operational costs and leverages local market advantages. States like Texas, Florida, Georgia, and North Carolina have emerged as winners in attracting many of these projects, thanks to their business-friendly environments that include lower taxes, favorable regulatory climates, and robust economic incentives.
Notable headquarter projects
Site Selection Group researched some of the headquarters expansion and relocation projects announced in 2024 in the table below:
Company |
Location |
Type |
Capex ($M) |
Economic Incentives ($M) |
New
|
Retained Jobs |
| Coca-Cola Bottling Company | Birmingham, AL | New Project | $338.00 | $0.40 | 50 | 0 |
| Liberty Energy | Odessa, TX | New Project | $50.00 | $2.50 | 500 | 1,000 |
| AtriCure | Mason, OH | Expansion | $45.00 | $1.50 | 400 | 0 |
| LT Precision Michigan | Holland, MI | New Project | $43.00 | $0.70 | 70 | 0 |
| Atlas Air | Kenton County, KY | New Project | $34.00 | $15.00 | 593 | 0 |
| CoStar Group | Arlington, VA | New Project | $20.00 | $4.80 | 150 | 500 |
| DIALUM | Ave Maria, FL | New Project | $20.00 | $1.50 | 100 | 0 |
| Rokt | New York City, NY | Expansion | $17.60 | $4.70 | 386 | 0 |
| EcoG | Detroit, MI | New Project | $14.40 | $1.50 | 45 | 0 |
| SixDigma | Mason, OH | New Project | $12.00 | $3.80 | 30 | 0 |
| Ionna | Durham, NC | New Project | $10.00 | $3.10 | 200 | 0 |
| MOOvers Chicago | Chicago, IL | New Project | $3.00 | $0.90 | 50 | 0 |
| MKS Vision | Jeffersonville, IN | New Project | $2.80 | $0.80 | 40 | 0 |
| Excelitas Technologies | Pittsburgh, PA | New Project | $2.30 | $2.30 | 250 | 20 |
| SECO/VACUUM | Meadville, PA | Expansion | $2.00 | $2.10 | 23 | 38 |
| Graymont Properties | Chicago, IL | Expansion | $1.30 | $0.60 | 135 | 0 |
| Tesa | Grand Rapids, MI | New Project | $1.20 | $0.50 | 60 | 0 |
| Skill Real | Livonia, MI | New Project | $0.40 | $0.40 | 20 | 0 |
| Bet365 | Denver, CO | New Project | $0.00 | $14.00 | 1,000 | 0 |
| Wyndham Destinations | Orlando, FL | Expansion | $0.00 | $6.30 | 102 | 900 |
| Husky Marketing and Supply | Columbus, OH | Expansion | $0.00 | $2.80 | 115 | 75 |
| Oswald | Cleveland, OH | Expansion | $0.00 | $2.00 | 88 | 0 |
| MSC Group | Miami, FL | New Project | $0.00 | $2.00 | 250 | 0 |
| EVAPCO | Taneytown, MD | Expansion | $0.00 | $1.60 | 275 | 0 |
| Blink Charging | Bowie (MD) | New Project | $0.00 | $1.10 | 60 | 0 |
Sources: Conway Data, IncentivesMonitor, Site Selection Group
Economic incentives and their impact
Economic incentives such as tax abatements, cash grants, and infrastructure grants play pivotal roles in minimizing costs and enhancing project viability. These incentives not only make certain locations more attractive but also provide substantial financial relief, enabling businesses to invest more in growth and workforce development.
The Role of Site Selection Group
At Site Selection Group, we specialize in helping companies navigate the complexities of relocation. Our expertise in evaluating labor, business climate, economic incentives, and real estate makes us an essential partner in achieving the most beneficial outcomes. Our understanding of market dynamics and off-market opportunities enriches our client's strategic moves, ensuring they capitalize on the best possible locations.
Conclusion
The trend of headquarters relocations in 2024, while influenced by broader economic and political factors, highlights the ongoing importance of strategic site selection. Companies continue to seek locations that offer the best combination of cost savings, resource availability, business climate, and economic incentives. As we move forward, understanding these trends and leveraging professional site selection expertise will be crucial for businesses looking to optimize their headquarters operations in an ever-evolving corporate landscape.
