According to a June 2024 news release from Gov. Gavin Newsom's office, California now has the most Fortune 500 companies in America, 'beating out' its conservative rival, Texas, along with New York.
California had 57 Fortune 500 companies in 2024, while Texas and New York had 52 each, attributed to its booming tech industry significantly strengthened by advancements in artificial intelligence.
Texas reigned supreme in the previous years due to its lower cost of living and booming tech industry, with companies like Oracle moving its headquarters to Austin.
Recent news portrayed California's economy as robust, emerging stronger in the competition for Fortune 500 companies, despite Texas’s earlier dominance driven by its appealing economic conditions.
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