Main Image: Bernstein Companies
Fortune Media released their 66th edition of their highly anticipated Fortune 500 list. The list this year represents two-thirds of the U.S. economy and all companies combined totaled $14.2 trillion in revenue and a profit increase of 7.6 percent to $1.2 trillion.
To make the cut a company had to be above the $5.7 billion revenue threshold. Walmart was once again number one on the list, holding that spot for eight years in a row. Locally, Montgomery County had three to show for on the list, it also held all the Fortune 500s in the State of Maryland.
The list for Montgomery County this year is a far cry from the days when the County alone had at least six Fortune 500s, including Coventry Health Care and Catalyst Health Solutions but they all agreed to be scooped up by another firm. Marriott spin off (and largest lodging REIT in the world) Host Hotels & Resorts is still around but revenue declines means it just missed making the list.
Then there's Discovery Communications; once the crown jewel of Silver Spring, the CEO David Zaslav announced he would be moving the headquarters to New York City in early 2018 but for some reason the company still reports Silver Spring as their principal office. The company vacated their build-to-suit headquarters at One Discovery Place for much smaller digs at 8403 Colesville Road but who knew it would become more than just a government affairs office and turn back into their headquarters?
So with that said; in actuality there’s only two Fortune 500s in the State of Maryland.
For a comparison against Maryand’s peer states, Massachusetts held 17 Fortune 500s including Biogen, Wayfair and relatively and recently scooped General Electric ( from Connecticut). Pennsylvania held 22 including Comcast, Dick’s Sporting Goods and Hershey. New Jersey held 17 including Merck, Prudential and Johnson & Johnson. Even much smaller Connecticut — that seemed to be losing Fortune 500s on a daily basis — still held 13 Fortune 500s and one of them used to be Maryland’s (AKA Stanley Black & Decker). If you thought it couldn’t get any worse even Rhode Island now has more Fortune 500s than Maryland. The state sprung up four and its CVS health has more revenues than all the companies on Maryland’s list combined with a lot of room to spare. Virginia held 22 as well including Hilton, Booz Allen and Capital One (although there’s a very good argument against Freddie Mac being on the list).
Maryland is the only state that is as developed as its peers but with a Fortune 500 list in the single digits and that’s the low single digits.
Montgomery County’s “arch-rival” Fairfax County, Va touted in a press release having 11 out of the 22 Fortune 500s on Va's list (and for the first time) but they also made special note to point out the contrast in the number of Fortune 500s they have versus Montgomery County. So much for regionalism?