A notable exception to the “right place” trend is California. Criticized by some as a hostile, high-cost environment for business, California has shown a remarkable knack for coming out ahead in the race for large companies. The Golden State’s strength, it would seem, is reinvention: lowering its profile in manufacturing and financial services and strengthening its footprint in technology. No fewer than 31 of the 51 California companies on the Fortune 500 in 1995 are absent from the 2014 list. Three large defense contractors moved to other states: Lockheed Martin to Maryland, Rockwell Automation to Wisconsin, and Northrop Grumman to Virginia. California also lost a host of prominent corporate residents to mergers — among them, Pacific Telesis to AT&T (Texas), PacifiCare to UnitedHealth Group (Minnesota), and BankAmerica to the renamed Bank of America (North Carolina).
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