Construction Equipment Giant Caterpillar Announces Move to Texas

    After nearly a century in Illinois, construction and mining equipment manufacturer Caterpillar has announced its relocation to Irving, Texas, near Dallas. “We believe it’s in the best strategic interest of the company to make this move, which supports Caterpillar’s strategy for profitable growth as we help our customers build a better, more sustainable world,” chairman and CEO Jim Umpleby explained in a statement. According to The Wall Street Journal, Caterpillar is not receiving any incentives from the state to make the move. Texas has no income tax and is tied for the lowest corporate tax rate. Tesla, Oracle, and Hewlett Packard have all relocated there recently.