Gov. Gavin Newsom (left) and Elon Musk outside the building that will be Tesla’s global engineering headquarters. Image from livestream
If you watch Fox News or read the editorials in the Wall Street Journal, you might conclude that California has lost its luster as a global center for technology and innovation.
The conservative narrative is that businesses are flocking to Texas and Florida because there is no state income tax and less regulation. Supposedly running a business is all about being able to pay your workers a bit less and cut a few corners on safety.
But two developments this month tell a very different story.
On Feb. 10, biotech pioneer Genetech announced a $450 million investment in Oceanside to produce new medicines for rare diseases. Then on Wednesday, Tesla said it would establish its global engineering center in Palo Alto.
Now Tesla did move its headquarters to Austin…
