Texas is the No. 1 destination for the nearly 40 percent of companies in California planning to move jobs out of state, according to a study released Thursday.
About one-fourth of those companies say they favor Texas -- more than any other location mentioned, including Asia, Canada and India.
Boston-based consulting firm Bain & Co. Inc. conducted the study for the Sacramento-based California Business Roundtable.
The study cites Texas' favorable regulatory climate, with approval of residential projects taking 33 weeks in California compared with eight in Texas.
Also, the study notes that since 1997, the number of film production days in California has plunged by more than 60 percent. During the same period, the number of production days in Texas has skyrocketed by more than 300 percent, according to the study.
Companies interviewed include businesses with as little as $1.5 million in revenue to corporations with as much as $90 billion. Those companies represent more than 95 percent of the state's industry sectors and employ nearly 500,000 workers in California.
"'Business as usual' is not working in California," says Dick Kovacevich, chairman and CEO of San Francisco-based Wells Fargo and Co. (NYSE: WFC). "The state must ... improve the competitiveness and keep high-value jobs in the state. If nothing changes, things are likely to get worse."
Kovacevich also is chairman of the California Business Roundtable, a nonpartisan organization of California CEOs.
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