Texas is currently the state with the highest number of Fortune 500 companies, according to Fortune 500’s annual list.
Currently, the Lone Star State is home to the headquarters of 53 Fortune 500 companies.
According to Fort Bend Herald, New York has dropped from the top spot down to No.2, while California is now in third place. New York is home to 51 Fortune 500 companies and California has 50.
Two Texas cities have made the list of the top five locations for Fortune 500 companies. Houston has 21 Top 500 firms, and Dallas is home to 11.
On Tuesday, Texas Gov. Greg Abbott called Texas the “economic engine of the nation,” crediting the state’s business environment and calling it unmatched. Abbott pointed out several reasons why businesses relocate to Texas and prosper here.
Mainly, he said, the state has no income tax for both individuals and corporations. Other factors include the state’s favorable regulatory environment, a diverse and highly skilled workforce, and easy access to global markets.
The CEO of the Texas Economic Development Corporation, Robert Allen, said that the diversity of Fortune 500 companies headquartered in Texas shows how the state economy is strong and durable.
He claimed the heads of corporations that have moved to Texas cite the business-friendly atmosphere and the variety of industry sectors present. Both factors help them compete both at home and in the global markets.
Allen also pointed out that this creates synergy. While Texas offers many benefits to both large and small firms, these companies also bring a lot of value to Texas.
The annual Fortune 500 list for 2022 was based on data on revenues from the 2021 fiscal year. The companies listed include 232 cities located in 37 states.
With a GDP of $1.83 trillion, Texas has the second-largest economy in the nation after California.
