Word: fantus
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More than 9,000 city, state and regional entities are aggressively seeking new industry, according to Robert Ady, president of PHH Fantus, a corporate relocation firm in Chicago. Armed with generous tax breaks, low-interest loans and job-training subsidies, not to mention four-color brochures boasting cheaper housing, better schools, prettier sunsets and friendlier neighbors, they are pitching their hearts out to major corporations and medium-size manufacturing firms as well. Localities will spend hundreds of millions this year to lure companies away from their established bases, twice as much as they laid out 10 years...
...lessening the financial advantages of working in Connecticut. But they are still substantial because the Nutmeg State has no income tax, while New York has both state and city taxes; the state tax rate on incomes of more than $30,000 is $2,760, plus 15% of anything above. Fantus Co., a relocation consultant, estimates that an executive in the $40,000-to-$50,000 range in Connecticut may enjoy about 8% more take-home pay than he would in New York City...
...thirds of 1,000 think tanks operating eight years ago are moribund. For the first time in 15 years, both the University of California and California State enrollments are slipping. California's housing market is strong, but most businessmen remain skittish because of a 1975 Dunn & Bradstreet Fantus report that ranked the state's business climate 47th among the 48 states surveyed. For the first time in two decades, industrial investors, put off by bureaucratic red tape and environmental lobbyists, are bypassing California to relocate in other Sunbelt states. Statewide per capita income is still above the national...
...more companies depart the cities. Since 1970, employment in all major industries except government has grown at a faster rate in rural counties-which include towns and small cities -than in large urban areas. Again, most of the movement is to the South and West. New York's Fantus Co., which advises corporations seeking to relocate, figures that those regions will account for 55%-60% of the new manufacturing employment over the next year. One reason: more than half of all new plant construction and expansion has been going on in those areas instead of the populous North...
...leave. Still other companies-including A.T. & T., Borden. Eastern Air Lines,Grolier, Mobil Oil and Uniroyal-have kept their home offices in Manhattan but have moved or soon will move a significant part of their staffs out of town. The figures, compiled by TIME with the aid of the Fantus Co., a leading adviser to companies considering relocation, show that the exodus from Manhattan is speeding up ominously. Fantus Chairman Leonard Yaseen says that "three-quarters of the top 200 companies in New York City are either moving or thinking of moving...