COVID Exposes The Weaknesses
Business environments are impacted by laws, regulation, and leadership. This happens at the state level.
The business environment in, say, New York and California is different than the business environment in Texas.
COVID and the pressure upon Governors — the CEOs of their states — to steward the business environment in their states whilst simultaneously dealing with the pandemic has accentuated differences in state leadership and regulation.
These differences have triggered meaningful mobility amongst companies and investors.