270 Fortune 500 Companies Represented in Charlotte

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A major indicator of a city’s economic strength and stability is the presence of Fortune 500 operations. The Fortune 500 list is compiled each year by Fortune magazine by ranking the previous year’s annual revenues of large national and multinational corporations headquartered in the United States. Revenue does not have a direct relationship with profits or market value, but the list is a quantitative symbol of the scope, power and size of a particular company.  Because Fortune does not include companies that do not file financial statements with government agencies or companies incorporated outside of the U.S., large corporations like National Gypsum Company, Hendrick Automotive Group, Carolinas HealthCare System and Compass Group are excluded from the list.

The companies on the Fortune 500 list represent an array of industries. They are also structurally diverse, ranging from partnerships and alliances to multiple business entities. It is no surprise that metro areas find it attractive to recruit these companies’ headquarters due to the potential capital and labor investment and the extent of secondary investment. These headquarters also give global recognition to a city as a major center of business activity and contribute greatly to corporate giving for arts, education and cultural amenities in an area. 


Charlotte Area Fortune 500 Headquarters

Rank

Company

Revenue ($ billions)

21

Bank of America

100.1

56

Lowe's*

50.5

145

Duke Energy

19.6

146

Nucor

19.4

287

Family Dollar Stores

9.3

307

Sonic Automotive

8.5

431

SPX

5.9

458

Domtar*

5.5


*Lowe’s and Domtar are located outside of Mecklenburg County but in the Charlotte region, so they are not included in the headquarters ranking. The ranking does include Family Dollar in Matthews, N.C., which is in Mecklenburg County.

 

Six of the 500 companies are headquartered in Mecklenburg County, ranking Charlotte 10th nationally in number of Fortune 500 companies headquartered within the county. These headquarters represent more than $162.9 billion in revenue for 2012. Lowe’s, which is headquartered in nearby Mooresville, and Domtar, which is in Fort Mill, S.C., increase the Charlotte area headquarters’ revenue to $218.9 billion. More importantly, 270 of the Fortune 500 companies have made a commitment to the city by placing one or more of their facilities within the county. This report lists a key representative of each of the Fortune companies that have a facility in Mecklenburg County.

Top Cities (with 6 or more HQ)

Rank

City

HQ

1

New York

43

2

Houston

24

3

Atlanta

11

4

Dallas

8

4

Minneapolis

8

6

Chicago

7

6

Cincinnati

7

6

St. Louis

7

6

San Francisco

7

10

Charlotte

6

10

Englewood, Colo.

6

10

McLean, Va.

6

10

Milwaukee

6

10

Pittsburgh

6



*Number of Headquarters includes Family Dollar in Matthews, NC, which is in Mecklenburg County, but does not include Lowe's, which is located in Iredell County or Domtar which is located in York County.

While Charlotte did not gain any new Fortune 500 headquarters in the 2013 listing, a few companies climbed up in the rankings. After its merger with Progress Energy in 2012, Duke Energy jumped from No. 186 in the rankings to No. 145. With more than $110 billion in total assets, Duke Energy is the nation’s largest utility. Sonic Automotive jumped 23 spots from No. 330 in 2012 to No. 307 in 2013. The car-dealer group has more than 100 dealerships in 14 states. Family Dollar Stores rose 14 spots, from No. 301 to No. 287.

The Charlotte area also boasts seven Fortune 1000 headquarters. Resolute Forest Products, formerly AbitibiBowater Inc., in Catawba, S.C., joined the 2013 list. This brings the total number of Fortune 1000 headquarters in the Charlotte region to 15 (including the Fortune 500 companies).

The state of North Carolina is home to 12 Fortune 500 headquarters, with the City of Charlotte claiming the largest number of headquarters in the state (5). Winston-Salem boasts two headquarters, and Matthews, Mooresville, Cary, Burlington and Greensboro each claim one.

The research for this report was conducted by referencing the 2013 Fortune 500 list to online directories and company websites to produce a list of Fortune 500 affiliates and subsidiaries located in Charlotte and Mecklenburg County. The goal of this report is not to link all Fortune 500 companies in the area to their parent; it is to identify a major holding of the parent in the Charlotte market to ensure its presence. Thus, all of the Fortune 500 affiliates that do business in Charlotte may not be listed in this report. Only those companies with major affiliates clearly identified by a physical office or location within Mecklenburg County are included. One major office for each identified Fortune 500 company is listed. Any additional subsidiaries are listed by name and can be referenced to the local phone directory for further contact information.

The full Fortune 500 list can be found at money.cnn.com.

Charlotte Area Highlights: Industry Rankings

Industry

HQ

Industry Group Ranking

Automotive Retailing, Services

Sonic Automotive

5

Commercial Banks

Bank of America

2

Forest & Paper Products

Domtar*

3

General Merchandisers

Family Dollar Stores

9

Industrial Machinery

SPX

4

Metals

Nucor

2

Specialty Retailers, Other

Lowe's**

3

Utilities, Gas & Electric

Duke Energy

2

 *Domtar is located in York County, S.C.  **Lowe’s is located in Iredell County.  

Charlotte Area Fortune 1000 Companies

Rank

Company

Revenue (billions)

526

Harris Teeter Supermarkets

4.6

530

Resolute Forest Products

4.5

592

Belk

4.0

627

Carlisle

3.6

647

American Tire Distributors

3.5

670

Babcock & Wilcox

3.3

700

Chiquita Brands International

3.1