CG Oncology, a cancer immunotherapy biotech company, announced last week that it was moving its headquarters from California to Texas, becoming the latest employer to abandon what was once the Golden State to take advantage of lower taxes, smarter regulations, and better infrastructure elsewhere. The latest numbers show that Texas passed California as home to the most Fortune 500 companies this summer, solidifying its status as the premier location of economic dynamism in the country.

California isn’t the only state losing entrepreneurs, jobs, and tax revenue to a red state. The biggest Democrat-controlled states, California, Illinois, New Jersey, and New York, have all lost corporate headquarters, primarily to Texas, Florida, and Georgia.