Texas Claims More Fortune 500 Companies Than Any Other State
Demonstrating its economic preeminence, the state of Texas is home to more Fortune 500 headquarters than any other state in the U.S., according to the updated list released by Fortune in June 2023.
Texas claims 55 Fortune 500 corporate headquarters, edging out California with 53 and New York with 50. Of these companies, 25 are located in the Houston metro area, according to the Department of Texas Economic Development and Tourism in mid-June, ranking Houston as the No. 2 metro in the nation for Fortune 500 headquarters, with Dallas-Fort Worth-Arlington also housing several big name companies.
“Texas is where businesses find the freedom to flourish and people find opportunities to prosper,” a June 5 statement by Governor Greg Abbott reads. Abbott attributed Texas’ continuing dominance on the Fortune 500 list to “a strong and growing workforce” and “a welcoming business climate.”
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Demonstrating its economic preeminence, the state of Texas is home to more Fortune 500 headquarters than any other state in the U.S., according to the updated list released by Fortune in June 2023.
Texas claims 55 Fortune 500 corporate headquarters, edging out California with 53 and New York with 50. Of these companies, 25 are located in the Houston metro area, according to the Department of Texas Economic Development and Tourism in mid-June, ranking Houston as the No. 2 metro in the nation for Fortune 500 headquarters, with Dallas-Fort Worth-Arlington also housing several big name companies.
“Texas is where businesses find the freedom to flourish and people find opportunities to prosper,” a June 5 statement by Governor Greg Abbott reads. Abbott attributed Texas’ continuing dominance on the Fortune 500 list to “a strong and growing workforce” and “a welcoming business climate.”
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Texas has long postured itself as a business-friendly state, providing tax incentives and relaxed business regulations in order to draw businesses in. Though Texas was once thought of as an oil-dependent state, it has since diversified to benefit from several industry clusters including technology, manufacturing and finance.
Texas’ robust engine of job creation and its heavy business draw are just a couple of factors that give us confidence in the state’s multifamily markets and submarkets. Job growth correlates closely with apartment demand, and Texas enjoys the sort of labor market that encourages significant inward migration. We continue to examine potential assets located near employment nodes across the Lone Star State.
Household Names
The list of Fortune 500 companies headquartered in Texas illustrates this industrial diversity:
- Formidable oil and gas companies like ExxonMobil, ConocoPhillips, Phillips 66 and Valero
- A cluster of energy companies, including CenterPoint Energy, NRG, Vistra Corp and Halliburton
- Technology companies like Tesla, Oracle and Dell have set up shop in Austin, and Texas Instruments and Hewlett Packard Enterprise are based out of the Dallas-Fort Worth metro
- Major building and construction-related firms like D.R. Horton, Builders FirstSource and Caterpillar
- Airlines American Airlines and Southwest Airlines
- Healthcare-related companies McKesson and Tenet Healthcare
- Notable names in manufacturing include paper product company Kimberly-Clark, metal manufacturer Commercial Metals Company and chemical manufacturer Huntsman
Other big players with headquarters in Texas include telecommunications giant AT&T, as well as financial services company Charles Schwab, insurance provider USAA, infrastructure consulting firm AECOM, waste and recycling services Waste Management, oil field services company Baker Hughes and real estate giant CBRE. See the full list here.