Most Fortune 500 Headquarters Cluster in Three States and Texas Now Leads
Texas tops the 2026 Fortune 500 for the first time, claiming 57 headquarters to California’s 56 and generating $2.8 trillion in revenue versus California’s $2.7 trillion. New York City leads all metros with 53 but trails both states in count. Together, these three states account for a disproportionate share of the largest companies in the country, and the reasons are structural, not coincidental.
Houston Ties Chicago for Second Place Nationally and Outearns It by Nearly 2x
Houston’s metro count reaches 27 Fortune 500 companies this year, matching Chicago after the city dropped three. The revenue comparison makes the tie misleading: Houston’s companies generated nearly twice Chicago’s total, reflecting the scale of firms like Exxon Mobil (No. 9) and Chevron (No. 21), both of which completed headquarters relocations to Houston in 2023 and 2024 respectively. Six Fortune 500 companies have relocated to Houston since 2020.
Later this year, Expand Energy (No. 362) relocates from Oklahoma City to Spring, Texas, pushing Houston to 28 companies and sole possession of the No. 2 metro ranking nationally.
What This Means for Commercial Real Estate
Fortune 500 relocations are a leading indicator for office demand, and Texas is the clearest beneficiary in the country right now. When a company of Exxon Mobil’s or Chevron’s scale moves its headquarters, it doesn’t just lease a floor. It anchors a campus, drives supplier and vendor clustering, and pulls mid-market occupiers looking to be near their largest clients.
- Goldman Sachs: 5,000+ employee campus
- JPMorgan Chase: 12,500+ employees at its Plano campus
- Wells Fargo: 4,500 employees at its new Irving campus
- Citi: 11,000 employees in Irving
- Bank of America: New trophy tower under development




