Fortune 500 Companies Represented in Charlotte

PDF Download

 

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

101.7

52

Lowe's*

53.4

123

Duke Energy

24.6

150

Nucor

19.1

271

Family Dollar Stores

10.4

309

Sonic Automotive

8.8

469

Domtar*

5.4

*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.

Top Cities (with 5 or more HQ)

Rank

City

HQ

1

New York

47

2

Houston

25

3

Atlanta

11

4

Dallas

8

5

St. Louis

7

5

San Francisco

7

5

Minneapolis

7

8

Milwaukee

6

8

Cincinnati

6

10

Charlotte

5

10

Englewood, Colorado

5

10

Irving, Texas

5

10

Los Angeles

5

10

McLean, Virginia

5

10

Omaha, Nebraska

5

10

Pittsburgh

5

10

Richmond, Virginia

5

10

San Antonio

5

10

Seattle

5

 

Five 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 $164.6 billion in revenue for 2013. Lowe’s, which is headquartered in nearby Mooresville, and Domtar, which is in Fort Mill, S.C., increase the Charlotte area headquarters’ revenue to $223.4 billion.

While Charlotte did not gain any new Fortune 500 headquarters in the 2014 listing, a few companies climbed up in the rankings and one fell off into the Fortune 1000. Duke Energy climbed from No. 145 to No. 123. Since its merger with Progress Energy, Duke Energy is the largest electric power holding company in the nation. Family Dollar Stores continues to rise in the rankings, moving 16 spots to No. 271. In 2013, Family Dollar had moved from No. 301 to No. 287. SPX dropped off the Fortune 500 list, moving from No. 431 in 2013 to No. 503.

The Charlotte area now boasts 10 Fortune 1000 headquarters. SPX Corporation, CommScope Holding Company, Inc. and Curtiss-Wright Controls joined the 2014 list. This brings the total number of Fortune 1000 headquarters in the Charlotte region to 17 (including the Fortune 500 companies).

The state of North Carolina is home to 13 Fortune 500 headquarters, with the city of Charlotte claiming the largest number of headquarters in the state (four). Winston-Salem and Greensboro both boast two headquarters each, and Burlington, Cary, Durham, Matthews and Mooresville each claim one.

The full Fortune 500 list may be found at fortune.com/fortune500.

 

Charlotte Area Highlights: Industry Rankings by Revenue

Industry

HQ

Industry Group Ranking

Automotive Retailing, Services

Sonic Automotive

6

Commercial Banks

Bank of America

2

Forest & Paper Products

Domtar*

3

General Merchandisers

Family Dollar Stores

9

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)

503

SPX

4.9

519

Harris Teeter Supermarkets

4.7

530

Resolute Forest Products

4.5

603

Belk

4.0

616

American Tire Distributors

3.8

631

Carlisle

3.7

660

CommScope

3.5

690

Babcock & Wilcox

3.3

717

Chiquita Brands International

3.1

833

Curtiss-Wright

2.5