Boasting a three-year growth rate of 1,111.3%, charter bus marketplace
company CharterUP earlier this year established a new HQ where 100 new
jobs were expected to be created in Austin, Texas, the No. 2 state for
Inc. 5000 firms with 484 companies.
Photo courtesy of CharterUP via Business Wire
August saw the annual release of the Inc. 5000. Which means that today, on
the same date we performed our analysis last
year, we examine where all 5,000 firms call home.
California has topped the list the past three years and repeats at No. 1
this year with 677 firms, still far outdistancing other states even as the
gap has closed over the four years we have conducted this analysis:
Top 10 States by No. of Inc. 5000 Firms in 2023
California
677
Texas
484
Florida
450
New York
320
Virginia
276
Illinois
231
Georgia
222
Pennsylvania
158
Massachusetts
154
North Carolina
138
According to Inc., this year’s batch of 5,000 companies have added
1,187,266 jobs to the economy over the past three years.
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Among the fastest-growing Inc. 5000 firms in California is No. 9 overall
EverHive, a contingent workforce solutions company based in San Diego. The
company manages worker assignments in more than 20 countries and operates
from locations in the U.S. and Ireland, with new operations coming soon to
the Asia Pacific.
“Securing the 9th spot on the Inc. 5000 list is a momentous
milestone,” said EverHive president Brandon Moreno in a press
release.
Photo courtesy of EverHive via PR Newswire
Both California and Texas claim six companies each among the 30
fastest-growing, led by Austin-based CharterUP, an integrated charter bus
marketplace that earlier this year opened a new headquarters in Austin,
Texas, while maintaining certain services in its former hometown of
Atlanta. The company is said to be creating 100 new jobs in the Austin
area.
“Austin is leading the charge in innovation and technology nationwide,
making it an ideal base for CharterUp as we embark on this exciting new
chapter,” CharterUP CEO Armir Harris told the Austin American-Statesman in
May.
While the total number of Inc. 5000 firms has fallen over the past four
years in California from a high of 720 in 2020, Texas, Florida and Georgia
have shown a steady rise, with Florida leading the pack by having grown
that number by 74 companies to a total of 450. (Read about some of the
state’s entrepreneurial firms in Ron Starner’s May 2023 story, “How Florida Convinced 3 Tech
Entrepreneurs to Leave California.”)
Here’s a look at the Top 10s from the past four years:
Top 10 States by No. of Inc. 5000 Firms, 2020-2023
2023 Rank
State
2023
2022
2021
2020
1
California
677
690
685
720
2
Texas
484
466
423
431
3
Florida
450
392
369
376
4
New York
320
317
273 (5)
319
5
Virginia
276
257
309 (4)
280
6
Illinois
231
216 (7)
230 (6)
240
7
Georgia
222
222 (6)
209 (7)
199
8
Pennsylvania
158
146 (T10)
176 (8)
188
9
Massachusetts
154
153
Colorado: 164
Ohio: 152
10
North Carolina
138
Colorado: 146 (T10)*
New Jersey: 146
Colorado: 151
*Arizona. No. 8 last year with 154 firms, comes in No. 12 this year with
130.
Examined on a per-capita basis, the District of Columbia comes in No. 1, followed by
Virginia, Utah and Delaware. Virginia, No. 5 in the cumulative standings, is the
highest-ranking of five states to make both Top 10s.
Top 10 States or Territories by No. of Inc. 5000 Firms Per Capita
State/Territory
No. of Firms
District of Columbia
35
Virginia
276
Utah
102
Delaware
29
Colorado
133
Massachusetts
154
Florida
450
Georgia
222
Nebraska
40
Illinois
231
Among the fastest-growing firms in DC is Pie Insurance (No. 257), which unlike many
of its counterparts in this year’s ranking has recently reduced its headcount by
14%, which meant the departure of 66 “Pie-oneers” from the staff, Pie CEO John
Swigart wrote in a May 2023 letter. The company leverages technology “to transform
how small businesses buy and experience commercial insurance, with the goal of
making it affordable and as easy as pie.” In announcing four leadership appointments
in August, the company, which also has an office in Denver, noted it has received
over $615 million in funding and partnered with over 2,800 agencies nationwide since
2017.
Another top DC-based Inc. 5000 company is AdLumin (No. 438 nationally), whose CEO
and Co-founder Robert Johnston, a former Marine Corps officer, was saluted among the
Washingtonian’s 2023 “Tech Titans” this month for having grown the company from a
one-person cybersecurity operation in 2016 to more than 100 employees today.
Watch this space next week for a breakdown of Top Metros, Cities and industry
sectors in the Inc. 5000. — Adam Bruns and Daniel Boyer
When Subaru of America opened a new headquarters in Camden it represented the evolution of a Camden redevelopment story begun by Campbell Soup Company 12 years ago.
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