As of 2025, 54 companies in the S&P 500 are headquartered in Texas. That’s second only to California, and up from around 49 just a few years ago. Most are based in Houston, Dallas, and Austin — and they represent some of the biggest names in energy, tech, healthcare, and manufacturing.
This shift isn’t a fluke or some temporary trend. It’s the result of a years-long migration of corporate headquarters out of high-cost, high-regulation states and into places like Texas, where taxes are lower, land is cheaper, and the regulatory environment is easier to navigate. Whether you’re investing in the S&P 500, following U.S. economic geography, or just curious about corporate trends — it’s worth paying attention to where these companies are setting up shop.
Texas: The Second-Biggest Home Base for the S&P 500
As mentioned, Texas is now home to 54 companies in the S&P 500, up from 49 in 2022 and 50 in early 2024. It trails only California (with 71), but it’s pulling ahead of New York (42), Illinois (35), and Florida (18).
Here’s how the numbers break down by major city:
| City | Number of S&P 500 HQs |
| Houston | 24 |
| Dallas | 16 |
| Austin | 9 |
| Irving | 3 |
| San Antonio | 2 |
So if you’re picturing where the S&P lives in Texas — it’s Houston first (by a lot), then Dallas, then Austin coming in strong.
The Companies Behind the Numbers
Big Names in Houston
Houston is still oil-and-gas country — but it’s not just old-school energy anymore. Here are some of the Houston-based S&P 500 companies:
- ExxonMobil – One of the largest corporations in the world.
- ConocoPhillips
- Halliburton
- Phillips 66
- Sysco – A global leader in food distribution.
- Occidental Petroleum
- Kinder Morgan
- CenterPoint Energy
It’s not all energy. You’ve also got industrials and logistics companies that help Houston stay diversified.
Dallas & Irving Anchors
Dallas has grown as a center for telecom, finance, and real estate:
- AT&T – Telecom giant.
- Texas Instruments – A massive force in semiconductors.
- Southwest Airlines
- CBRE Group – Global real estate services.
- Tenet Healthcare
- Vistra Corp – Power generation and retail electricity.
Irving, which is technically part of the Dallas-Fort Worth metroplex, includes:
- Caterpillar – Moved its HQ from Illinois.
- Fluor Corporation
- Kimberly-Clark
Austin’s Tech Boom
View this post on Instagram
Austin is easily the fastest-growing hub in Texas when it comes to tech and innovation. It’s also the flashiest — thanks in part to Elon Musk and Tesla:
- Tesla – Moved HQ from California in 2021.
- Oracle – Enterprise software giant, also a California transplant.
- Dell Technologies – Born and bred in Texas.
- National Instruments
- Silicon Labs
- Constellation Energy
The city’s startup and IPO pipeline is also feeding fresh talent into the market, which could add more names to the S&P 500 list in the coming years.
Why So Many Companies Are Choosing Texas
Let’s be clear: this isn’t just about weather or BBQ. Companies have been shifting to Texas for very specific reasons:
1. No State Income Tax
Texas doesn’t tax individual income — and that’s a major perk for executives and employees alike. California’s top state income tax rate? 13.3%. New York’s? Up to 10.9%. That adds up fast.
2. Lower Operating Costs
Office space, warehouses, utilities, and even corporate taxes are generally lower in Texas. You don’t need to be a CFO to see the appeal of cutting overhead.
3. Fewer Regulations
Texas has a more hands-off regulatory approach, especially in industries like energy, construction, and manufacturing. Permits get approved faster. Expansion projects run smoother.
4. Access to Talent
UT Austin, Texas A&M, Rice, and other schools feed a steady stream of skilled workers into the pipeline. Plus, the cost of living is lower than the coasts, so salaries stretch further — good for hiring and retention.
5. Central Location
With major airports in Houston, Dallas, Austin, and San Antonio, execs can fly direct to both coasts, Canada, Mexico, and Latin America. Logistics companies love the central positioning.
Investing Tip: Geography Affects Your Portfolio
You might not think about geography when investing in the S&P 500 — but it matters more than people realize. If Texas-based companies are doing well, and California companies are struggling under labor or regulatory issues, that shows up in returns.
- Houston stocks tend to swing more with energy prices.
- Austin tech names behave more like growth stocks.
- Dallas healthcare or logistics firms might be more stable dividend plays.
Keep in mind, too, that economic policies at the state level can ripple up into market movements. Corporate taxes, energy grid stability, local labor disputes — they all hit earnings.
One way to track all this: MarketData offers real-time breakdowns of where companies are located, what sectors they’re in, and how they’re moving.
Texas vs. Other States: A Snapshot
Here’s where Texas stacks up as of Q1 2025:
California still leads, but its growth has slowed. Meanwhile, Texas is gaining momentum, especially with tech relocations and industrial IPOs.
What Could Push the Numbers Even Higher?
Here’s what to watch if you’re curious whether Texas might actually overtake California in the next few years:
- More corporate relocations — especially if California and Illinois maintain high tax burdens.
- IPO pipeline from Austin and Dallas — especially in software, AI, and energy tech.
- Energy sector stability — if oil prices stay strong, Houston’s dominance will continue.
- Texas infrastructure — if roads, power grids, and housing can keep up with the growth, companies will keep coming.
Final Word: 54 and Climbing
So yes — as of 2025, Texas is home to 54 S&P 500 companies. That’s a clear signal that major American businesses aren’t just growing — they’re moving. Texas has become one of the key players in that shift, offering lower costs, a business-friendly environment, and a lifestyle that’s attractive to workers and execs alike.
Will the number hit 60 in the next year or two? It’s very possible. Especially with the steady IPO trickle from the Austin area and the continued pull from other states with higher costs.
Either way, the story of the S&P 500 isn’t just about quarterly earnings anymore — it’s also about where companies want to call home. And more than ever, that place is Texas.
