18 Michigan companies make Fortune 500 list, but Gilbert's Rocket Companies notably absent

The new Fortune 500 list is here, and 18 Michigan companies have made the cut — although no longer the city of Detroit's largest employer.

Fortune magazine has compiled the list every year since 1955, ranking U.S. companies by annual revenue for the prior year. Detroit-based General Motors was No. 1 in the very first Fortune 500 back when Dwight Eisenhower was in the White House. For 2023, the No. 1 spot went to Walmart; today GM ranks No. 21.

General Motors was No. 1 on the first Fortune 500 list in 1955. Today it is No. 21
General Motors was No. 1 on the first Fortune 500 list in 1955. Today it is No. 21

The Michigan companies on the 2023 list:

  • No. 19 Ford Motor Co.

  • No. 21 GM

  • No. 75 Dow Inc.

  • No. 147 Penske Automotive Group

  • No. 189 Lear Corp.

  • No. 203 Whirlpool Corp.

  • No. 212 DTE Energy

  • No. 224 Stryker Corp.

  • No. 262 BorgWarner

  • No. 270 Kellogg's

  • No. 282 Jackson Financial

  • No. 338 Ally Financial

  • No. 362 Auto-Owners Insurance

  • No. 399 SpartanNash

  • No. 403 UFP Industries

  • No. 429 Autoliv

  • No. 436 Masco Corp.

  • No. 441 CMS Energy

There is one less Michigan company on the list this year. Detroit-based Rocket Companies, which is Detroit's largest employer based on number of employees working in the city, ranked No. 282 last year and was No. 194 in 2021, but is now absent from the list.

Rocket Companies is the publicly trade corporate parent of multiple Dan Gilbert companies. The biggest company under the umbrella, Rocket Mortgage, formerly known as Quicken Loans, is in the highly cyclical mortgage business. And since mortgage rates began rising in early 2022 from what had been historic lows, the entire mortgage industry has been in a slump.

As a result, Rocket Companies' reported revenue fell to $5.8 billion in 2022 from $12.9 billion in 2021 — and that was too low to make the latest list. For the No. 500 company this year, annual revenue was $7.2 billion.

Employee headcount also dropped year-over-year for Rocket to about 18,500 from 26,000. Rocket Companies did not respond to a message seeking comment for this story.

Two recent Michigan additions to the Fortune 500 list are Lansing-based Jackson Financial and Grand Rapids-based UFP Industries.

Jackson Financial sells annuities and life insurance including through its subsidiary Jackson National Life Insurance Co. It has been a standalone company since 2021, when it was split off from London-based insurance firm Prudential Plc in a "demerger" of the British firm's U.S. operations.

UFP Industries is a wood products manufacturer founded in 1955. It went public in 1993 and, until last year, hadn't been in the Fortune 500 since 1994. UFP is an acronym for Universal Forest Products. The company issued a news release when it first reappeared on the prestigious list in June 2022 at no. 401.

"To have Fortune acknowledge our growth is very gratifying, but we look forward to the even greater opportunities that lie ahead," CEO Matthew Missad said in the release.

Contact JC Reindl: 313-222-6631 or jcreindl@freepress.com. Follow him on Twitter @jcreindl

This article originally appeared on Detroit Free Press: 18 Michigan companies make Fortune 500 list, but not Rocket Companies