Texas Is Now Home To More Fortune 500 Companies Than Any Other State, And I’m Not Surprised
Texas now leads the nation in the number of Fortune 500 companies that are headquartered in the state, it was revealed this week. As many as 53 highly profitable businesses—from Exxon Mobil to AT&T to the recently relocated Tesla and Hewlett Packard Enterprise—choose to hang their hat in the Lone Star State, beating New York and California.
This is no accident. As I like to say, money flows where it’s respected most. If that’s true, then we should continue to see Texas, which has among the most business-friendly policies in the U.S., take additional market share of corporate headquarters away from other states.
That’s precisely what it’s been doing in recent years, of course. In 2021, some 62 companies relocated their HQs to Texas from 17 states and three countries, according to the just-released Relo Tracker Report. California was the origin state to 25 of those companies, more than any other state, with Tesla being the biggest and most noteworthy.
A year before Tesla, it was Hewlett Packard Enterprise (HPE). The company nearly single-handedly established California’s Silicon Valley as a premiere global tech hub more than 80 years ago. HPE now resides in Spring, Texas, just north of Houston.
Software maker Oracle, co-founded in 1977 by now-multibillionaire Larry Ellison, also recently relocated from its former home on the San Francisco Bay to Austin.