Governor Greg Abbott today issued a statement celebrating Caterpillar Inc.'s (Caterpillar) announcement that the company will be moving its global headquarters from Deerfield, Illinois to their existing office in Irving, Texas. Caterpillar is not currently receiving any incentives from the State of Texas for the relocation.
"Caterpillar's global headquarters relocation is a major win for the people of North Texas and the entire state, now making Texas home to 54 Fortune 500 corporate headquarters. I am proud to welcome Caterpillar's headquarters to Texas and am excited for the economic opportunities this will create for Texans. Businesses of all sizes and people from all backgrounds can grow and succeed in the Lone Star State because we champion a world-class economic environment fueled by the lowest business operating costs in the nation, a reasonable regulatory environment, and a lower cost of living coupled with an exceptional quality of life. Caterpillar's relocation to Irving is a testament to the boundless opportunity Texas has to offer, and I look forward to working alongside this global leader as we keep the American Dream a reality for every Texan."
With 2021 sales and revenues of $51 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment. Caterpillar has had a presence in Texas since the 1960s and will begin transitioning their headquarters to Irving this year.
Last month, Governor Abbott announced that Texas now leads the nation as home to the most Fortune 500 companies in the 2022 Fortune 500 list, with 53 Fortune 500 corporate headquarters. With Caterpillar's announced relocation, Texas will now be home to a total of 54 Fortune 500 corporate headquarters. Since Governor Abbott took office in 2015, Texas has attracted 250 new corporate headquarters, with more announced last year than any other year.