In the late 1950s, when the Fortune 500 was still just a wee babe, the big cities that dominated the index were pretty obvious: New York and Chicago reigned supreme. But now, the era of high inflation and remote work has American cities singing a different tune. As with the housing market, so with the corporate headquarters sweepstakes: The southeast and southwest are hot in more ways than their climate, and the expensive coasts are passé. And then there’s Chicago.
During the inflationary age, CEOs are cutting costs in most places (if not always in their own salaries). A major way to budget these days is to relocate headquarters, as some big names in tech and finance move from Silicon Valley and the Big Apple to less pricey areas. In general, large companies aren’t afraid to ship out of town and set up shop elsewhere.
