While many parts of the US continues to grapple with COVID-19, employment numbers from May showed that we might be "on the road to recovery after the fastest plunge in history" and the verdict on June's gradual re-openings will come to light in a few weeks.
As our economy slowly recovers, it's worth looking at what are some of the biggest companies in each state and the profits they reaped last year. Using the Fortune 500 company list for 2020, personal finance site HowMuch mapped out each state's most profitable Fortune 500 company and color-coded the map by profitability.
A quick scan indicates that majority of the companies are turning profits in the billions. Apple ($55.3B) in California and Berkshire Hathway ($81.4B) in Nebraska are clear leaders in this category, while Sanderson Farms ($53M) in Mississippi and Connection ($82M) in New Hampshire turned the lowest amount of profit.
And as you can see from the map, there isn't a single Fortune 500 company in Wyoming, New Mexico, South Dakota, Montana, West Virginia or Alaska.
Here are the 10 most profitable companies by state:
1. Berkshire Hathaway – Nebraska: $81.4B
2. Apple – California: $55.3B
3. Microsoft – Washington: $39.2B
4. JPMorgan Chase – New York: $36.4B
5. Bank of America – North Carolina: $27.4B
6. Johnson & Johnson – New Jersey: $15.1B
7. Walmart – Arkansas: $14.9B
8. ExxonMobil – Texas: $14.3B
9. Fannie Mae – Washington, DC: $14.2B
10. UnitedHealth Group: Minnesota: $13.8B
It's worth noting that the list only covers publicly-listed Fortune 500 companies and excludes privately-owned companies. There are also other very profitable companies in each state — California, for instance, is home to not only Apple but also tech behemoths like Facebook and Google — but it's evident from this map who owns the bragging rights at the corporate table in each state.
[Read more at HowMuch]