FARGO — Fargo-Moorhead is distinguished by the presence of a dozen billion-dollar enterprises, a fact that economic leaders attribute not only to the scale of these corporations but also to the region’s increasing economic diversity, robust workforce, and enduring stability.
The list, curated by the Greater Fargo-Moorhead Economic Development Corporation (GFMEDC), features companies that are either headquartered in the metro area or maintain significant operations within it.
- Aldevron – Biotechnology manufacturing and life sciences (headquartered in Fargo)
- AGCO – Agriculture machinery and technology
- American Crystal Sugar – Agricultural processing (headquartered in Moorhead)
- Bell Bank – Financial services and banking (headquartered in Fargo)
- Blue Cross Blue Shield of North Dakota – Insurance
- Bobcat Company – Manufacturing and compact equipment (North American headquarters in West Fargo)
- Border States – Electrical supply and distribution (headquartered in Fargo)
- John Deere – Agricultural equipment manufacturing and technology
- Microsoft – Technology and data operations
- RDO Equipment Co. – Agriculture and construction equipment distribution (headquartered in Fargo)
- Scheels – Sporting goods retail (headquartered in Fargo)
- Titan Machinery – Agricultural and construction equipment dealer (headquartered/corporate office in West Fargo)
The classification of a ‘$1 billion business’ encompasses companies that exceed $1 billion in annual revenue, have billions in assets—pertaining to financial institutions—or have been sold for billions of dollars.
According to the GFMEDC, the metro area has successfully attracted a varied array of billion-dollar corporations spanning multiple industries, including biotechnology, finance, manufacturing, healthcare, and technology. Joe Raso, President and CEO of GFMEDC, remarked that the concentration of large companies in the Fargo-Moorhead region is notable for a metro of its size.
Raso emphasised that the narrative surrounding Fargo-Moorhead’s billion-dollar businesses is fundamentally about diversity rather than merely size. “When I came here, one of the things that took months to understand was the underpinnings to why this market always had this continued growth. When I dug into it, it became very apparent that there are a lot of really successful companies here that are in different industries,” he shared.
Having spent over three decades in economic development across Iowa and Colorado before relocating to Fargo-Moorhead, Raso noted that the area stands out nationally due to its wide range of industries, which include agriculture, manufacturing, biotechnology, finance, and technology. He commented, “I can’t name another metro of this size that has this diversity. So that’s pretty unusual.”
This diversity contributes to a regional economy that exhibits steady, rather than erratic, growth. Raso explained, “It’s not hockey stick growth, but just kind of continued 2 to 3% growth every year,” referring to the consistent increases in GDP, workforce growth, and low unemployment in the area.
The Fargo-Moorhead region also benefits from its strategic location at the intersection of two major interstates, I-29 and I-94. Furthermore, its proximity to Winnipeg, Canada, provides valuable access to a market of over one million people, enhancing commerce and traffic.
The region’s success is deeply rooted in its local entrepreneurial spirit, with many of the largest companies being founded within the area. Raso noted, “A majority of them, if not maybe nearly all of them, were started here. They may have started 30 years ago or 100 years ago, but they’ve grown and built. The entrepreneurial ecosystem here is just second to none.”
Education plays a pivotal role in the local ecosystem, resulting in a higher average of talent recruitment and workforce strength. Raso stated, “It’s not just because we have higher education here, which is obviously hugely important, but it’s kind of a bedrock for a foundation for a lot of those people who have started these companies and become successful.”
He further highlighted the significance of the concentration of universities and technical colleges in the Fargo-Moorhead area, facilitating direct connections between students and local employers, particularly in emerging sectors like bioscience.
At the region’s most recent bioscience summit, Raso mentioned participation from nine states and two countries, alongside numerous local students. “We had about four dozen college students from the higher education institutions who were meeting with companies, graduating and staying in the region,” he noted. “We had the same number of high school students engaging with companies and discussing further education opportunities.”
Raso asserted that this type of engagement is crucial for developing a long-term workforce pipeline. “This is building that ecosystem that’s happening. It’s happening in Ag tech, bioscience, and in healthcare.”
Despite national headlines regarding layoffs and economic uncertainty, Raso affirmed that the workforce outlook in Fargo-Moorhead remains robust.