South San Francisco-based Verily announces HQ move to Texas

“The area offers a growing talent pool in health and technology and provides a central U.S. office location for Verily to bridge our East and West Coast locations — where we continue to invest and grow our presence in the San Francisco Bay Area, Boston, Greater Toronto and Raleigh. As the industry and regional population grow in Dallas, we look forward to our continued contributions as an economic player and community leader in the years ahead,” the company said in a recent LinkedIn post.

Several Bay Area companies have relocated to Texas over the past several years, citing various reasons, ranging from tax advantages to property benefits and talent hubs. Oracle moved to Austin, Texas, in 2020 after years of calling San Mateo County its home base, and Tesla is now based in Austin, Texas, though its engineering headquarters remain in the Bay Area.

South City has considered itself the biotech capital, with life science giants such as Genentech, Amgen and Abbvie all maintaining a strong presence right off the eastern side of Highway 101. The county has the largest life science workforce of all nine Bay Area counties, according to a recent Biocom California report, but employee growth declined slightly between 2022 and 2023, averaging a 2% year-over-year employment drop throughout the entire region. And last year saw the industry’s highest number of layoffs in years, and firms like Gilead, Bristol Myers Squibb and Sanofi have announced steep job cuts this year as well.

Verily announced a 15% workforce reduction last year but has not filed a notice to the state’s Employment Development Department recently.