West Michigan produces 29 of fastest-growing private companies in US
August 18, 2017
A local financial services firm is the No. 10 fastest-growing private company in the nation and the first among Michigan companies named to the 2017 “Inc. 5000” ranking.
Inc. magazine annually ranks the fastest-growing private companies in the U.S. based on revenue growth over the previous three years.
Grand Rapids-based FormulaFolio Investments earned the No. 10 spot on the ranking this year, with a growth rate of 13,926.81 percent and revenue of $17.2 million. This is the third straight year the company has made the Inc. ranking, climbing from No. 944 in 2015 to No. 15 in 2016.
This year, 101 Michigan companies made the "Inc. 5000," down from 118 last year and 110 in 2015.
Growth by industry
According to Inc., this year’s ranking shows the nation’s fastest-growing industry is travel and hospitality, with a growth rate of 201 percent, followed by media, with a growth rate of 198 percent, and energy, with a growth rate of 174 percent.
Growth by state
The fastest-growing state based on the ranking is California, followed by Texas and Florida, and the fastest-growing metro is New York, followed by Washington, D.C., and Los Angeles.