California falls behind Texas in Fortune 500 ranking

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Texas has dethroned California as the state with the most Fortune 500 companies.The Fortune 500 list ranks the largest U.S.

companies by revenue.This year, 57 of the top companies are headquartered in Texas, compared with California’s 56.

It’s a reversal from two years ago when the Golden State had the pole position.The Lone Star State was quick to claim the victory.

“Texas is the undisputed headquarters of headquarters,” Texas Gov.Greg Abbott said in a news release responding to the ranking, which was announced Wednesday.

“The world’s leading businesses invest with confidence in Texas because of our welcoming business climate, predictable regulatory environment, and skilled and growing workforce.People and businesses are choosing Texas because Texas works.” Business California unemployment and tech layoffs climb even as the state records strong GDP growthCalifornia’s corporate haters say they try to avoid the state’s high costs, income taxes and strict regulations, but the western state is still a top money maker.

“California dominates on nearly every other measure: its Fortune 500 companies are the most profitable ($647 billion), most valuable ($20 trillion), and employ more people than any other state (2.8 million workers),” Fortune said in a news release.Indeed, despite the naysayers, Californian companies have been leading the world in developing artificial intelligence technology as well as the latest in space and defense tech.Business U-Haul truck trends mark exodus from CaliforniaThe state is home to nearly 400 “unicorns,” or billion-dollar startups — more than any other state, according to CB Insights.

It also gobbled up nearly two-thirds of U.S.venture capital last year, with San Francisco Bay Area startups such as OpenAI leading the way, according to the business information platform Crunchbase.Texas and California have been in a tug-...