Geographic Changes in the Metropolitan Corporate South, 1995-2003

In addition to the widely recognized increases in population and jobs, the South has also expanded greatly in the number of major corporations, based on Fortune magazine data. Most of these big corporations are concentrated in the major metropolitan areas of Houston, Dallas-Fort Worth, Atlanta, and Washington. In addition, several second-tiered centers (Charlotte, Memphis, Richmond, Birmingham, and Miami) have also developed a notable corporate presence, as have certain nonmetropolitan areas (in particular, Bentonville, Arkansas, and Wilkesboro, North Carolina, headquarters of Wal-Mart and Lowe's, respectively). Corporate headquarters have become more concentrated in the largest metropolitan areas from 1995 to 2003. Some large southern corporations gained in rank between 1995 and 2003, such as Home Depot, while others declined in rank, especially BellSouth and Du- Pont. Agglomeration economies, the importance of face-to-face communications, and the clustering of telecommunications infrastructure are related to the growth and aggregation of Fortune corporate headquarters in the large and fastgrowth metropolitan areas in the U.S. South.