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The fundamental reason why companies, I think, are coming down here is the labor supply, specifically the abundant pool of low cost labor. Ignoring immigration for a moment, this would appear to be a contradiction:
People are moving south for jobs, but...companies are moving south because wages are lower? What gives? How could that make sense? It comes down to one thing: housing. I the south there is abundant land, lower building costs, and much less nimbyism.
This allows people to be paid significantly less, but take home significantly more money! The company is happy because they're paying less. The employee is happy because they're earning more. It's a powerful win-win thats powering a huge migration south. All because of housing.
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What it is really is jobs.