SALT LAKE CITY — With the rise of the internet and the 2008 economic downturn, several industries have stumbled into bleak futures. The Bureau of Labor Statistics projects ongoing declines for traditional newspaper and periodical publishers, tobacco manufacturers and the Postal Service, among several others.
But just as certain sectors have declined, several others have begun to flourish. FindTheCompany, a corporate research site from Graphiq, set out to find the fastest-growing company in every state. The team started with organizations with at least $100M in revenue in 2015 and year-over-year growth since 2014. It then ranked the list by three-year growth rate. The data comes from Zacks Investment Research, which collects yearly revenue data from SEC filings.
Two industries dominate the list: real estate investment trusts and pharmaceutical companies. REITs are like mutual funds for real estate — they allow a large number of investors to pool their money in a single trust, which invests in a variety of property, from residential to commercial.
The 2008 financial crisis temporarily crippled the real estate market, but the downturn provided an opportunity for growth. Now, investors are taking advantage of a surging market, which has grown tremendously over the past couple of years.
Meanwhile, Big Pharma’s rise has been steadier, and perhaps, more inevitable. People are living longer, but also suffering from even more chronic conditions. Combine those changes with ongoing unhealthy lifestyle choices (like bad nutrition and a lack of exercise), and demand for drugs has never been higher. Finally, rising incomes have allowed older citizens to spend even more on medicine. With market demand higher and customer wallets thicker, the big pharmaceutical companies have been especially successful with new, blockbuster drugs.
Let’s count down each state’s fastest-growing company, complete with figures for three-year growth rate, as well as 2012 and 2015 revenue. The list will begin with New Mexico’s top company, which has grown by a modest 7 percent, the best in the state. The list will then count up to the fastest grower of all, a New York company with a growth rate in the six figures.
*Note that no Wyoming company qualified for this list.