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Chicago Fed Letter, No. 167a, July 2001
Headquarters Wanted: Principals Only Need Apply (Special Issue)

In April and May 2001, a keen competition took place among Chicago, Denver and Dallas–Ft. Worth following Boeing’s announcement that it would move its headquarters to one of those cities. As revealed by the gusto with which civic leaders in each city competed for the Boeing facility, headquarters operations of large multinationals are a much-valued asset to local economies. Metropolitan areas generally value the presence of headquarters for a number of reasons. They employ a sizable and highly skilled white-collar work force, and they generate demand for numerous specialized business services. This means that the local multiplier effects of headquarters are reported to be large, as corporate headquarters spending percolates through the local economy. So too, headquarters often play a major role when it comes to corporate giving, as well as what is generally referred to as corporate citizen activities.

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