https://www.axios.com/local/raleigh/2024/06/04/first-citizens-bank-fortune-500-raleigh
According to this we have 3 Fortune 500 companies though i don’t know you can really call IQVIA “HQ’d” here anymore but i guess technically it is. Martin Marietta is one acquisition away from making the list moving the region to 4 F500.
IQVIA is still a Triangle HQ, just not Raleigh. Some might even say LabCorp is more Triangle focused than Triad, but I won’t split hairs.
Bc I’m a nerd, I have worked to compile a list of $1b revenue public companies with HQ in the Triangle:
I may be missing some, but tried to course through Yahoo finanance, NASDAQ, and NYSE records. Again, these are just public companies. There are a few private firms and of course, Red Hat (still considered a subsidiary of IBM) that are in the area.
The HQ is still technically listed as Durham, and there is a small presence in Durham (RTP), but the main HQ is up in Connecticut where IMS Health was based. The former Quintiles HQ by I-40/Page Rd. has been empty for a few years. There’s still a large presence, including the subsidiaries, in the Triangle though, which is still a win for us.
Interesting. I only thought they vacated 4 floors in the Page Rd. building to consolidate at Ellis Rd. Didn’t know the entire building was vacant.
I think they may have only had 4 floors occupied during/immediately after the pandemic and WFH, and those remaining 4 floors were vacated. Can’t say for sure though. I keep waiting for the sign to come down, but I guess without another tenant lined up, there’s no urgent need for that expense.
FWIW, pulled from one of our sales informational tools with search criteria of:
Metro area of “Raleigh-Cary” (it was the only option) and minimum revenue of $1,000M ($1b)
| Company | Location | Revenue |
|---|---|---|
| Lenovo | Morrisville | $61,950,000,000 |
| North Carolina Department of Public Safety | Raleigh | $29,300,000,000 |
| Umicore | Raleigh | $27,625,338,750 |
| Umicore | Raleigh | $23,600,000,000 |
| Hitachi Energy | Raleigh | $19,345,600,000 |
| Clinical Financial Services | Durham | $13,000,000,000 |
| RR Donnelley & Sons Co | Zebulon | $12,207,460,000 |
| Advance Auto Parts | Raleigh | $11,150,000,000 |
| Circle K | Raleigh | $8,488,900,000 |
| NCDOT | Raleigh | $7,290,000,000 |
| Waste Industries | Raleigh | $6,761,000,000 |
| Cornerstone Building Brands, Inc | Cary | $6,480,200,000 |
| Parexel International (MA) Corporation | Durham | $6,400,000,000 |
| Martin Marietta Materials | Raleigh | $6,160,700,000 |
| UNC Health | Morrisville | $5,959,940,000 |
| University of North Carolina | Raleigh | $5,939,508,672 |
| Red Hat, Inc. | Raleigh | $5,600,000,000 |
| UPL | Cary | $5,552,041,424 |
| DataFlux | Cary | $5,500,000,000 |
| Syneos Health | Morrisville | $5,393,100,000 |
| Zain | Raleigh | $5,300,000,000 |
| First Citizens Bank | Raleigh | $4,541,000,000 |
| Epic Games | Cary | $4,200,000,000 |
| Square D by Schneider Electric | Knightdale | $4,134,000,000 |
| Elster Solutions, LLC | Raleigh | $3,390,000,000 |
| BMC - Building Materials and Construction Solutions | Raleigh | $3,366,000,000 |
| Overland Contracting Inc. | Garner | $3,300,000,000 |
| SAS | Cary | $3,200,000,000 |
| Vontier Corporation | Raleigh | $3,090,000,000 |
| NC Department of Health and Human Services | Raleigh | $2,994,364,000 |
| Avaya Inc | Durham | $2,814,460,000 |
| Progress Energy | Raleigh | $2,268,330,000 |
| Purolator Inc. | Morrisville | $2,200,000,000 |
| Novozymes | Franklinton | $2,100,000,000 |
| Constella Group LLC | Durham | $2,065,900,000 |
| Ply Gem | Cary | $2,056,300,000 |
| Wake County | Raleigh | $1,959,697,366 |
| North Carolina State University | Raleigh | $1,927,000,000 |
| Alliance One | Morrisville | $1,812,000,000 |
| WakeMed Health and Hospitals | Raleigh | $1,719,663,179 |
| Carquest Auto Parts | Raleigh | $1,600,000,000 |
| Victra - Verizon Authorized Retailer | Raleigh | $1,594,880,000 |
| American National Red Cross | Raleigh | $1,500,350,000 |
| Kimley-Horn | Raleigh | $1,500,000,000 |
| Sas Institute Inc | Cary | $1,467,720,000 |
| Rakuten | Raleigh | $1,421,160,000 |
| Extreme Networks | Morrisville | $1,310,000,000 |
| Health Decisions CRO | Morrisville | $1,200,000,000 |
| North Carolina�s Electric Cooperatives | Raleigh | $1,170,744,231 |
| Wake County Public School System | Cary | $1,086,696,538 |
| INC Research | Raleigh | $1,033,000,000 |
| Recipharm | Morrisville | $1,001,275,949 |
| Wake Technical Community College | Raleigh | $1,000,000,000 |
I’m assuming if I put “Company Location” that means HQ, but perhaps not. Again, for what it’s worth. It’s data, maybe not 100% in context of the requirement of HQ.
Something skewing the data is that multinationals like Lenovo (Chinese) and Umicore (Belgian) just have their US headquarters in Raleigh.
Plus it doesn’t seem to have taken First Citizens’ SVB acquisition into account yet.
Oh this gives me stuff to nerd out on for the afternoon. Thanks!
The big credit union here in town is missing here as well: roughly $1.7B in revenue.
Martin Marietta is at 516 so it is RIGHT THERE
Reason why Clayton, Harnett, and other rural counties need to be economically tied to Raleigh not just in MSA not just in commuting patterns but also in CSA. Becasue Clayton County can not sustain itself on it own Raleigh could claim that as another econmmic gain for our area even though its not in the city limits. We need to bbe more regionally unified.
Johnston County IS part of the MSA…
Confirming what we knew, that the Apple RTP campus is on indefinite pause – probably because it’s much cheaper and easier to sublease office space in today’s down market than to build new from scratch.
Even bigger, at $4.1B!
Apple is still hiring here…actually ahead of their hiring goals.
They are just delaying the construction…the millennials really don’t want to go into the office…
Come for the business development info, stay for the Steely Dan quotes.
Imagine Apple taking over the Citrix space and making it a hybrid workplace? While it would be clearly less space taken, it would be a HUGE win for DT Raleigh.
That would probably take effort from the city to get such a win. The city council is so dysfunctional at the moment judging from all the recent city council meetings.
Hyperbole: Durham mayor would kiss Tim Cook right in the mouth to get them to move all employees to Downtown Durham.
Gen Z doesn’t want too either.
I wish Raleigh and Durham would start working together instead of this separatist thing, and work as one region like Dallas and Fort Worth. Literally if both county governments work together, why can’t the city councils do that it sad I don’t know what caused this little riff but the beef must be squashed