business

Texas trio tops Fortune 500: a win for minority groups

A decade of growth has seen the tech industry monopolize yet another city, as the Silicon Valley empire spreads across the country and arrogantly claims the South as its own.

Published June 24, 2024 at 7:01am by Beck Andrew Salgado

Austin's Diverse Tech Scene Rising, but Nashville Poaches a Top Player

As Austin continues to make waves on the national stage, so does its diverse and thriving tech scene. The city has firmly cemented its reputation as the "Silicon Valley of the South," with three tech giants now calling the area home and featuring on the prestigious Fortune 500 list. This recognition further solidifies Austin's status as a major player in the tech industry and a hub for innovation and economic growth.

Austin-Area's Progressive Powerhouses

Dell Technologies (Rank: 48) - With a revenue of $88 billion, Dell continues to be an Austin icon, even after relocating its headquarters to Round Rock.
Tesla (Rank: 40) - The most valuable car company in the world and perhaps the most notable name on Austin's diverse roster, Tesla posted a remarkable $96.7 billion in revenue, reflecting an 18.8% increase from the previous year.
Oracle (Rank: 89) - This computer software company, an Austin transplant since 2020, has consistently posted record numbers. In 2023, they generated a revenue of $49.9 billion, an impressive $7 billion more than the previous year. However, there's a caveat to this success story, as Oracle has announced plans to move its headquarters to Nashville, a significant loss for the city.

Texas Metros: A Mixed Bag

While Austin shines, the state of Texas itself has been dethroned as the top state on the Fortune 500 list, slipping to second place behind California. This shift underscores the dynamic nature of the business landscape and the appeal of the West Coast.

Other Texas metros had a strong showing:

Houston took third place nationally, with 21 entries, spearheaded by oil behemoths like Phillips 66 and ConocoPhillips.
San Antonio contributed Valero Energy, one of Texas's highest-ranked companies, despite only appearing twice on the list.
Dallas-Fort Worth weathered turbulent times, with Southwest Airlines in the top 200 and American Airlines, one of the country's highest-rated, at number 86.

The full Fortune 500 list spotlights a dynamic Texas business landscape, with a mix of old and new money, oil and aviation, and the evolving tech sector. As the state jostles for economic supremacy, Austin remains a key player, waving the progressive flag high.

Beck Andrew Salgado writes with a critical eye on the evolving Austin business scene, offering insights into the city's rising status and diverse economic drivers. Feel free to send tips to Bsalgado@gannett.com.