Phoenix is seeing its share of million-dollar companies grow, according to a recent report from LendingTree.
From 2014 to 2016, the Valley saw its percentage of companies with revenue of at least $1 million climb 6.2%. That represents the addition of 1,211 businesses with revenue in seven figures, according to the LendingTree analysis.
Austin took the No. 1 spot, adding million-dollar businesses at a clip of 15.1 percent (1,857 businesses), followed by Jacksonville, Florida (963 businesses) and Riverside, California (2,359 businesses), which were tied at 14.8%.
LendingTree’s analysis only considered businesses with employees, using data from the U.S. Census Bureau’s American Survey of Entrepreneurs.
“Many of these million-dollar firms likely remain in the small business category, based on the U.S. Small Business Administration’s size standards. Revenue limits for small businesses range from $750,000 to $38.5 million, depending on the industry in which the company operates,” according to the LendingTree report.
You can where Phoenix ranks among the top 30 metros adding million-dollar businesses the fastest in the gallery above from Dallas Business Journal, an affiliated publication of Phoenix Business Journal.
About Real Estate Intelligent Marketing (REIM):
REI Marketing is an innovative Real Estate Marketing Company that offers distinctive real estate services to developers and multifamily investors. We are a vibrant, dedicated team of industry professionals with international experience in marketing and multifamily investment.