A survey of business executives in highly sought after industries such as clean tech and research & development conclude that California has a number of problems that prevent businesses from locating or expanding in the state. The Pacific Research Institute survey discovered that housing and real estate costs, a poor quality education system, and taxes and regulations are stumbling blocks for the business execs.
The survey was based on 200 interviews with business executives in R&D, IT, manufacturing, clean tech, and energy – industries identified by California’s public officials as highly-coveted industries, according to the survey release. Many of the executives were considering or had considered opening operations in California, while some had closed California facilities in the last five years.
Housing and real estate costs were tabbed as the top reason to avoid doing business in California. Housing costs were a major factor cited by 88% of the respondents. 71% of the executives thought labor laws and regulations made it tougher to operate in the Golden State.
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