Texas and Florida are the new Silicon Valley(s)? Yeah right. 15 years of venture capital deal data show California is still king and New York is the queen.

Last week in a post I looked at the geographic distribution of #venturecapital over the longest period I could find–Jan. 1, 2006 through Dec. 31, 2020, using NVCA data.

Today, using the same 15-year period, I’m looking at deal activity (not $s) within the US, focusing on the top 5 most-active states.

2019 was a 15-year peak in deals within the US; and in 2020 activity fell by 10%–though still above long-term average and hardly surprising given the significant and unprecedented economic, political and social uncertainty nationally and globally.

Importantly, despite all the media frenzy about capital flight to low-tax, low-wage states–particularly Texas–deals fell 20% faster there than so-called beleaguered California and 48% faster than the national average.

Florida, which the biz media has repeatedly hyped as a new “hot spot” of tech #investment, wasn’t significant enough for me to include in the top 5. You wouldn’t even be able to see it on this chart if I did.

California, which as I showed last week has attracted 51% of the $1.066 trillion invested w/in the US over the last 15 years, accounted for 35% of deals–more than 3X 2nd-place New York, 5X more than 3rd-place Massachusetts and 7X more than Texas. Washington was the 5th most-active state.

Don’t believe the bullshit artists like Elon trying to panic California into lowering its tax rates so they can pocket even more government-subsidized billions. Elon and tech billionaires want to create a race to the bottom. Let Texas lower its labor and environmental standards even further if they want. But high talent states don’t have to.