Houston continues to cement its status as a national business powerhouse. Already the third-largest metro for Fortune 500 headquarters, it now ranks fourth in U.S. corporate HQ relocations between 2018 and 2024, tied with Phoenix, according to CBRE.
Houston's economy has continued to grow with this new addition.
From 2018 to 2024, 31 companies moved their headquarters to the metro area, tying it with Phoenix for the fourth-highest number of business headquarters moves in the country. The information comes from a new report by the big business real estate company CBRE. It looked at known moves across the U.S.
In addition to this number, Houston is already the third-largest metro hub for Fortune 500 headquarters in the country, after New York City and Chicago.
According to CBRE's study, moving headquarters is not just about finding a better place to live. It is also about making strategic moves by businesses that want to be more flexible, get tax breaks, and meet the needs of their changing workforce.
At the same time, 100 headquarters moved to Dallas, Austin, Nashville, Houston, and Phoenix. With 23 moves, Denver was the last city in the top six.
CBRE reports that businesses cited lower taxes, access to incentives, proximity to key markets, and the ability to support hybrid workforces as reasons for relocating their headquarters. The study said, "Corporations now see headquarters locations as strategic assets that help them be flexible and respond more quickly to changes in the market."
Houston's oil industry played a significant role in attracting companies to the city. During the study period, major companies such as Chevron, ExxonMobil, Hewlett-Packard Enterprise, and Murphy Oil relocated to the area. Many people viewed Chevron's move as a significant sign of Houston's growing influence in the global energy sector.
“ In 2024, Steve Kean, president and CEO of the Greater Houston Partnership, said, "Chevron's decision to move its headquarters shows off the strong benefits that make Houston the best place for top energy companies now and in the future."
In 2024, the most headquarters left California than any other state. Seventeen companies left, with 12 going to Texas. This move helped Texas win its 13th consecutive Governor's Cup from Site Selection magazine, recognizing the state with the most business moves and growth.
CBRE stated that the trend of corporate movement indicates that businesses seek to establish a presence in locations that will be profitable in the long term, offer easy access to talent, and have climates conducive to business.
