This section, along with the other 11 chapters on the most important parts of the 淫性视频 economy, are authored by聽Jeremy Horpedahl, an ACRE scholar and assistant professor of economics at the University of Central 淫性视频; Amy Fontinelle, author and editor of hundreds of public policy works; and Greg Kaza, Executive Director of the聽.
This section is a chapter in a larger work – The Citizen’s Guide to Understanding 淫性视频 Economic Data.
What are 淫性视频’s 贵辞谤迟耻苍别听500 companies?
The Fortune 500 companies are the largest US corporations (measured by total revenue). Collectively, they make up two-thirds of US GDP and they employ more than 28.2 million people around the globe.1 They are incorporated and operate in the United States and file financial statements with a government agency.2 Fortune magazine compiles a list of these companies annually and ranks them by total revenue.
Why are Fortune 500 companies important to Arkansans?
Let鈥檚 take one example. 淫性视频 has the country鈥檚 (and the world鈥檚) largest company by revenue: Walmart. With $485.9 billion in global revenues in 2016,3 this Bentonville-based company is a powerhouse in our state. Founded in 1962, Walmart employs 2.3 million people worldwide.4 The company鈥檚 stock market capitalization (the total value of the company鈥檚 outstanding shares) is $291.3 billion, and its regular, full-time hourly associates鈥� average wage is $13.38 per hour.5 Here鈥檚 what Walmart did for 淫性视频 in fiscal year 2017:6
鈥� employed more than 52,000 associates in the state
鈥� collected $445.5 million in sales tax for 淫性视频
鈥� gave $64.31 million to community organizations
鈥� operated 128 in-state retail stores where Arkansans can shop
Walmart plans to build a new corporate headquarters in Bentonville. A Walmart spokesperson told the 淫性视频 Democrat-Gazette that the company is making a long-term commitment to staying in the state.7
Other Fortune 500 Companies in 淫性视频
Tyson Foods, ranked 82nd in the Fortune 500, brought in $36.9 billion in fiscal year 2016.8 Founded in 1935 and headquartered in Springdale, the company鈥檚 122,000 employees9鈥�22,900 of whom work in 淫性视频10鈥攑rocess fresh and frozen chicken. Tyson鈥檚 market capitalization is $30.6 billion.11
Murphy USA, a national gas station and convenience store chain headquartered in El Dorado, ranked 291st with $9.6 billion in revenues.12 Founded in 1944, the company now employs 4,100 people in 淫性视频 and 6,600 overall, and it has a market capitalization of $2.8 billion.13
J.B. Hunt Transportation Services, which helps its customers move their freight via truck, ranked 407th with $6.6 billion in revenues.14 The company鈥檚 headquarters is in Lowell, and about 3,600 of J.B. Hunt鈥檚 22,190 employees work in 淫性视频.15 Since its聽founding in 1961, the company鈥檚 stock market capitalization has grown to $12.3 billion.16
Next is Dillard鈥檚, the Little Rock-based department-store chain founded in 1938 that earned $6.4 billion in 2016 and ranked 417th.17 With a stock-market capitalization of $1.8 billion, 2,850 of the company鈥檚 21,600 employees work in 淫性视频.18
Finally, at No. 485, we have Little Rock-based Windstream Holdings, a voice and data network communications firm that brought in $5.4 billion in revenues.19 Founded in 1943 as Allied Telephone Company,20 its market capitalization is $0.4 billion and it employs 11,870 people.21 The company has undergone many changes over the years and took its current name, Windstream, in 2006, when the spinoff of Alltel鈥檚 landline business merged with VALOR Communications Group.22
Looking beyond the Fortune 500 to the 贵辞谤迟耻苍别听1,000 gives 淫性视频 two more standout firms: No. 774 ArcBest, a freight and logistics solutions provider, with $2.7 billion in revenues, and No. 972 Murphy Oil (which spun off Murphy USA in 2013),23 with $1.9 billion in revenues from oil and natural gas exploration and production.24
How does 淫性视频鈥檚 number of Fortune 500 companies rank nationally?
Texas, California, and New York have the highest concentrations of Fortune 500 companies, but they also have the largest populations.25 淫性视频 ranks 11th nationally in number of Fortune 500 companies per person: just above Texas and just behind New York.26 淫性视频 is way ahead of California and other states, not to mention the 13 states with no Fortune 500 companies.27
Here鈥檚 another way to think of it: while 淫性视频 often ranks similarly to Mississippi on measures of income and poverty, Mississippi does not have a single Fortune 500 company. 淫性视频 has six. While neighboring Texas has a lot more at 51, Texas also has a lot more people; on a per capita basis, the states are similar (淫性视频 is slightly ahead). While all of 淫性视频鈥檚 neighbors other than Mississippi have at least one Fortune 500 company, they all have fewer per capita than 淫性视频.
What are the trends in 淫性视频鈥檚 Fortune 500 companies?
The bad news about 淫性视频鈥檚 Fortune 500 companies is that they鈥檙e all old companies. As you can see from the chart on the left, in 淫性视频, none of our Fortune 500 companies were founded more recently than 1962. But nationally, almost half of all Fortune 500 companies were founded after 1962. In other words, the rest of the country has been creating new, highly successful companies for the last 55 years鈥攂ut for some reason, 淫性视频 stopped.28 Of course, there is nothing wrong with old companies. They employ people and generate income just as much as new companies. But the distant founding dates of 淫性视频鈥檚 top companies indicate that 淫性视频鈥檚 historic entrepreneurship may have been stifled in some way. Determining why entrepreneurship has declined is complicated, but it is notable that sales, income, and corporate tax rates have all increased in 淫性视频 since Walmart鈥檚 founding.
Texas, by strong contrast, has no personal income tax and a lower sales tax, and until 2008, no corporate income tax. (That tax, called the Texas margin tax, is often criticized as complex and unfair.) In that state, more than one-third of Fortune 500 companies were founded after Walmart (and that鈥檚 still true if we exclude Texas鈥檚 unique energy sector.)29 淫性视频鈥檚 burdensome occupational licensing laws鈥攖he third most burdensome in the country鈥� are another example of policies that could be stifling entrepreneurship.30 While these laws may not harm big companies, they often do harm the smallest entrepreneurs鈥攖he companies that could be the Walmarts and Tysons of tomorrow.
Footnotes:
1 Fortune 500, 鈥溡允悠�,鈥� http://fortune.com/fortune500/list/ filtered?statename=淫性视频, accessed October 23, 2017.
2 Ibid.; click on 鈥渟ee our methodology.鈥�
3 Fortune 500, 鈥淲almart,鈥� http://fortune.com/fortune500/walmart/, accessed January 22, 2018.
4 Ibid.
5 Ibid; Walmart, 鈥淥ur Locations,鈥� https://corporate.walmart.com/our-story/ourlocations#/united-states/arkansas, accessed October 23, 2017.
6 Walmart, 鈥淥ur Locations.鈥�
7 Robbie Neiswanger, 鈥淲al-Mart reveals new headquarter plans,鈥� 淫性视频 Democrat-Gazette, September 15, 2017, http://www.nwaonline.com/news/2017/sep/15/wal-mart-reveals-new-headquarter-plans/.
8 Fortune 500, 鈥淭yson,鈥� http://fortune.com/fortune500/tyson-foods/, accessed January 22, 2018.
9 Fortune 500, 鈥淭yson.鈥�
10 淫性视频 Next, 鈥淲here The Jobs Are (And Who Pays the Most) in 淫性视频,鈥� September 13, 2017, http://www.arkansasnext.com/post/106872/where-thejobs-are-and-who-pays-the-most-in-arkansas#Most.
11 Fortune 500, 鈥淭yson.鈥�
12 Fortune 500, 鈥淢urphy USA,鈥� http://fortune.com/fortune500/murphy-usa/, accessed January 22, 2018.
13 淫性视频 Next, 鈥淲here The Jobs Are鈥�; Fortune 500, 鈥淢urphy USA.鈥�
14 Fortune 500, 鈥淛. B. Hunt,鈥� http://fortune.com/fortune500/j-b-hunt-transportservices/, accessed January 22, 2018.
15 淫性视频 Next, 鈥淲here The Jobs Are鈥�; Fortune 500, 鈥淛. B. Hunt.鈥�
16 Fortune 500, 鈥淛. B. Hunt.鈥�
17 Fortune 500, 鈥淒illard鈥檚,鈥� http://fortune.com/fortune500/dillards/, accessedJanuary 3, 2019.
18 Fortune 500, 鈥淒illard鈥檚鈥�; 淫性视频 Next, 鈥淲here The Jobs Are.鈥�
19 Fortune 500, 鈥淲indstream Holdings,鈥� http://fortune.com/fortune500/windstream-holdings/, accessed January 22, 2018.
20 Windstream, 鈥淗istory,鈥� http://news.windstream.com/history, accessed January 3, 2019.
21 Fortune 500, 鈥淲indstream Holdings.鈥�
22 Windstream, 鈥淗istory.鈥�
23 Murphy Oil Corp, 鈥淥ur History,鈥� http://www.murphyoilcorp.com/淫性视频-Us/ Our-History/, accessed January 3, 2019.
24 Fortune 500, 鈥溡允悠�.鈥�
25 Jeremy Horpedahl, 鈥淢ake State Great,鈥� 淫性视频 Democrat-Gazette, May 4, 2017.
26 Ibid.
27 Ibid.
28 Ibid.
29 Scott Drenkard, 鈥淭he Texas Margin Tax: A Failed Experiment,鈥� Tax Foundation Special Report No. 226 (Washington, DC: Tax Foundation, January 2015), https://taxfoundation.org/texas-margin-tax-failed-experiment/.
30 See Amy Fontinelle, David Mitchell, and Thomas Snyder, Unnatural Rights in the Natural State: Occupational Licensing in 淫性视频 (Conway, AR: 淫性视频 Center for Research in Economics, 2016), http://uca.edu/acre/files/2014/07/ACRE_OccupationalLicensing_InteractiveWeb.pdf; Dick M. Carpenter, Lisa Knepper, Kyle Sweetland, and Jennifer McDonald, License to Work: A National Study of Burdens from Occupational Licensing, 2nd ed. (Arlington, VA: Institute for Justice, 2017).
There are 12 main chapters in the book, each detailing and explaining and important part of the 淫性视频 economy. They are Median Household Income; Fortune 500 Companies; Economic Freedom; Personal Income; Wages; Poverty; Migration; Education Attainment; Government Revenue and Spending; Total Nonfarm Payroll Employment; Gross Domestic Product; Unemployment and Labor Force Participation
These 12 chapters were written by expert authors, including: Jeremy Horpedahl, an ACRE scholar and assistant professor of economics at the University of Central 淫性视频; Amy Fontinelle, author and editor of hundreds of public policy works; and Greg Kaza, Executive Director of the 淫性视频 Policy Foundation.
If you are interested in sharing your thoughts and questions about 淫性视频鈥檚 economy, we would love to hear from you. You can email ACRE at acre@uca.edu, tweet Dr. Jeremy Horpedahl, at @jmhorp, or comment on ACRE鈥檚 Facebook page.
If you would like a printed copy for your own home or office, please email acre@uca.edu with the subject line Printed Citizen鈥檚 Guide, and include your name, your organization鈥檚 name, and your address.