Abstract: We estimate headquarter fixed effects for Tobin's q, and other performance measures such as investment rates and R&D. Headquarter locations matter in the 1970s and 1980s, but become (and remains) much stronger after the IT revolution of the 1990s. This change appears to reflect regional shifts in distribution the stock of human capital, particularly in `creative' industries. Areas with the largest gains during the IT revolution started out with highest levels of education and wages, and/or have physical amenities capable of attracting top managers. Innovations in technology thus amplify pre-existing regional differences in human capital, rather than flatten the landscape.