If you're looking for Fortune 500 headquarters in Montana, you'll be searching longer than it takes to drive from Kalispell to Billings. But here's the kicker: Montana quietly hosts two tech companies worth more than $100 billion combined, and that's before we even talk about the healthcare systems employing thousands or the banks managing billions from their Billings boardrooms.
The new Montana economy (spoiler: it's not just cowboys anymore)
Montana's business landscape has changed more in the past five years than in the previous fifty. Sure, we've still got ranches the size of small counties and mines that could swallow a small town, but something interesting happened when the pandemic hit. About 40,000 new residents decided Montana looked pretty good from their Zoom screens, and nearly half of them brought college degrees along with their moving vans.
The tech sector now includes over 600 firms generating $2.9 billion annually. That's billion with a B, folks. Meanwhile, traditional industries are getting a reality check. Mining companies are laying off hundreds while tech firms can't hire fast enough.
As Patrick Barkey from the University of Montana put it, "Montana emerged from the pandemic as one of the clear winners among the 50 states." Though he also notes those "hectic days of booming growth are behind us." The state's job growth hit 1.5% in 2024, which sounds decent until you realize it's half what we saw in 2023.
Tech giants choose mountain views over Silicon Valley
Let's talk about the elephant in the room, or should I say, the Snowflake in Bozeman.
The billion-dollar neighbors
When Snowflake moved its headquarters from California to Bozeman in 2021, it wasn't just another tech company chasing tax breaks. With a market cap of $55.6 billion, this cloud computing giant instantly became Montana's most valuable company. Not to be outdone, analytics firm FICO sits pretty at $48.8 billion. Together, these two companies are worth more than every other Montana public company combined. Let that sink in.
The tech boom has roots deeper than yesterday's startup pitch. Oracle's 2011 acquisition of RightNow Technologies for $1.5 billion didn't just make some Bozeman folks very wealthy. It created what locals call the "RightNow mafia," spawning at least 15 new ventures from former employees who learned a thing or two about building successful companies.
Beyond the big names
The tech ecosystem extends well beyond the headline grabbers. Zoot Enterprises employs about 250 people at its Bozeman campus, helping banks make those split-second decisions about whether to approve your credit card purchase. S&K Technologies, owned by the Confederated Salish and Kootenai Tribes, employs somewhere between 1,000 and 5,000 people (they're a bit coy about exact numbers) in technology and engineering services.
For those interested in joining Montana's tech boom, checking out Snowflake's career page might be worth your time. Just saying.
Healthcare: where the real employment action is
While tech companies grab headlines, healthcare systems quietly employ more Montanans than any other sector besides government.
The medical powerhouses
Billings Clinic tops the list with 7,500 employees and up to $1 billion in annual revenue. They run Montana's only Level I trauma center, which basically means if something really bad happens anywhere in eastern Montana or northern Wyoming, you're probably heading to Billings. They've also announced a $1 billion new hospital project, because apparently, a billion dollars is the new million in Montana healthcare.
Logan Health in Kalispell (formerly Kalispell Regional Healthcare, because even hospitals rebrand now) employs over 3,500 people and pulls in $783 million annually. Down in Great Falls, Benefis Health System supports 3,300 workers serving a 15-county region. That's a lot of geography for one hospital system, but welcome to Montana, where your nearest neighbor might be 50 miles away.
Providence Health & Services maintains over 2,000 employees across Western Montana. If you're keeping score, that's nearly 16,000 healthcare workers just among the big four systems. No wonder every third person you meet at a Missoula coffee shop seems to work in healthcare.
Mining and energy: the traditional titans face modern challenges
Here's where things get complicated. Montana's traditional economic engines are sputtering a bit.
When commodities get complicated
Sibanye-Stillwater operates America's only platinum group metals mines, which sounds impressive until you learn they announced 700 layoffs in 2024 after losing $265 million in 2023. Turns out competing with Russian palladium is tougher than mining the stuff in the first place.
Montana Resources keeps plugging away at Butte's Continental Pit, employing 390-400 workers and contributing $4.5 million annually in property taxes. They project 25+ years of remaining mine life, which in mining terms is practically forever.
Signal Peak Energy's underground coal mine near Roundup tells a different story. Despite contributing $211 million in state taxes over three years and employing 260 workers, they face potential closure by 2025 without federal permit renewals. Sometimes being profitable isn't enough when regulations enter the chat.
Keeping the lights on
Northwestern Energy powers 775,300 customers across Montana, South Dakota, and Nebraska with 1,533 employees. They made $224.1 million in 2024, which sounds great until you remember they also asked for a 28% rate increase in 2023.
The company manages:
- 28,310 miles of electric lines
- 9,483 miles of gas infrastructure
- 11 hydroelectric dams
- Countless angry customer calls about bills
Banking on Montana: financial services thrive
Montana's banks have discovered that being boring and stable actually works pretty well.
The billion-dollar banks
First Interstate BancSystem, headquartered in Billings, manages $30 billion in assets with 3,500 employees across 300 branches in 14 states. Not bad for a bank that started in a state where cattle sometimes outnumber people. They've been on an acquisition spree, merging with Great Western Bank in 2022, because apparently running one bank isn't complicated enough.
Glacier Bancorp in Kalispell oversees $27.9 billion in assets through 227 offices. Since 2000, they've completed 26 acquisitions, which is roughly one every 11 months. Someone in their M&A department definitely isn't bored.
Stockman Bank stands out as Montana's largest private, family-owned financial institution with $6.62 billion in assets and 37 branches. Founded in Miles City in 1953, they've stuck to their Montana roots while everyone else expanded across state lines.
For Montana businesses looking to grow, First Interstate's business banking services might be worth exploring. They've certainly figured out the expansion game themselves.
Service sectors: where Montana meets mainstream America
Tourism and retail might not be sexy, but they employ thousands and generate serious revenue.
Ski resorts and convenience stores
Big Sky Resort leads Montana's tourism charge with $132.6 million in revenue and 960 employees. They operate America's largest ski area by acreage across 5,850 skiable acres, contributing 12.3% of Montana's statewide lodging tax. That's a lot of trust-fund kids and weekend warriors keeping the economy humming.
Meanwhile, Town Pump proves you can build an empire on gas station coffee and beef jerky. With $662 million in revenue and 3,871 employees across 200+ locations, this Butte-based company has been quietly dominating Montana's convenience store game since 1953. They reinvest all net income back into Montana communities, which is either brilliant PR or genuine community commitment. Probably both.
Even Walmart has gotten into the Montana act, generating $312.6 million through 16 stores and employing 5,229 associates at an average wage of $19.31 per hour. That's actually not bad for retail, especially in a state where the cost of living used to be reasonable (more on that later).
Manufacturing: making stuff in Montana
Manufacturing in Montana extends beyond craft beer and artisanal cheese, though we've got plenty of both.
Boeing operates a 257,000-square-foot facility in Helena, employing 150 workers making complex components for various aircraft models. It's not exactly Seattle's massive plants, but it's real manufacturing with real jobs.
Applied Materials runs Montana's largest manufacturing facility by employment with 550 workers in Kalispell producing semiconductor equipment. In Great Falls, Pasta Montana cranks out 80 million pounds of pasta annually with 115-125 employees. That's a lot of spaghetti, even by Italian standards.
The companies you've never heard of (but probably should)
Some of Montana's biggest employers fly under the radar:
- Schneider: 19,600 employees statewide
- Fringe Benefit Resources: 12,000 employees
- United Financial Services: 5,188 employees
- Montana State University: 5,000 employees
These aren't household names, but they're keeping thousands of Montana families fed and housed.
What's coming next: developments that actually matter
Montana's business future looks surprisingly robust, with several mega-projects in the pipeline.
Big money moves
Montana Renewables in Great Falls just secured a $1.67 billion federal loan to expand renewable fuels production. They're positioning to produce half of North America's sustainable aviation fuel, which sounds almost too ambitious for Montana. Almost.
VACOM Manufacturing committed $90 million to establish its U.S. headquarters in Lewistown, expecting to employ 500 people by 2029. The Falls development in Great Falls represents a $500-700 million investment creating 630,000 square feet of retail and office space, two hotels, 831 residential units, and 20+ restaurants.
Industry consolidation continues
BNSF Railway absorbed Montana Rail Link's 1,200 employees in January 2024 after paying $2 billion for early lease termination. Healthcare systems are merging faster than you can say "insurance paperwork," with the Billings Clinic-Logan Health merger just the latest example.
The challenges nobody wants to talk about
Here's the less fun part: Montana faces some serious headwinds.
The state has 29,000 job openings with only 0.6 unemployed persons per opening. That math doesn't work, folks. Housing has gone completely bonkers, with median home prices hitting $519,900 after a 43.6% increase in property values. The rental vacancy rate hit a record low 5.34%, which means good luck finding a place to live even if you land that dream job.
For workers trying to navigate this challenging landscape, the Montana Department of Labor offers resources that might help. You'll need all the help you can get in this market.
The bottom line on Big Sky business
Montana's largest businesses tell a story of transformation, challenge, and surprising resilience. We've got tech unicorns choosing Bozeman over Silicon Valley, healthcare systems employing small city's worth of workers, and traditional industries fighting to stay relevant in a changing world.
The state's business landscape reflects a broader truth: Montana is figuring out how to balance its traditional strengths with modern economic realities. Sometimes that means a $55 billion tech company setting up shop in a former frontier town. Sometimes it means a family-owned bank staying true to its roots while competitors chase acquisitions across the country.
For entrepreneurs and businesses looking to be part of Montana's future, the Montana High Tech Business Alliance provides resources and connections to navigate this evolving landscape. Because if there's one thing Montana's biggest businesses prove, it's that success here requires understanding both where the state has been and where it's boldly going.
The challenges are real. Housing costs are painful, workers are scarce, and traditional industries face uncertain futures. But Montana's largest businesses aren't just surviving; many are thriving by adapting to new realities while maintaining the independent spirit that makes Montana, well, Montana. Even if we still don't have a single Fortune 500 headquarters to brag about at cocktail parties.
