Texas now hosts more Fortune 500 company headquarters than any other state, according to a new list from Fortune magazine ranking U.S. corporations by revenue.
The Lone Star State is home to 57 Fortune 500 companies, narrowly surpassing California’s 56 and claiming the top spot after closing the gap in recent years. Texas-based Fortune 500 companies generated $2.8 trillion in revenue last year, slightly more than California’s $2.7 trillion, according to the report.
Texas’ growth is partly driven by companies relocating from other states, particularly California, according to Fortune’s rankings. Major businesses, including Tesla, Oracle, and Chevron, have either moved their headquarters here in recent years.
Despite losing the top ranking, California remains a major economic force, Fortune reports. California-based companies still lead the nation in profitability, total market value and employment.
According to an economic study by the Texas Comptroller, the state’s largest concentrations of Fortune 500 headquarters are in the Houston and Dallas-Fort Worth areas, which together account for dozens of companies across industries, including energy, technology and finance.
The Fortune 500 rankings are updated annually, meaning the competition between Texas and other states could shift again next year as corporations expand, relocate and grow their revenue.
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