The 2013 HispanicBusiness Fastest-Growing 100 index reveals some mixed results for the companies that earned a place on the prestigious list. While overall revenue growth was down dramatically compared to last years list, employment was up spectacularly.
Companies on the list this year had an impressive average of 462 employees each in 2012. That represents a 35.1 percent increase from the average of 342 employees just five years ago.
In contrast, the companies on last years list averaged 310 employees each in 2011. Thus, while revenue growth was stunted a bit for the 100 companies on the 2013 list, they employed a greater number of workers, helping make a dent in the unemployment rate.
Stunted is relative, by the way. The average growth rate of 263.8 percent on this years list pales in comparison to last years 398.4 percent, but its still an impressive figure for any group of companies, let alone in poor economic times.
It was a good year for the automotive sector on the Fastest-Growing 100. The group, represented by a single company on last years list, had seven companies this year and composed 13.2 percent of total revenue, up from 7.8 percent in 2012.
Automotive companies saw their total revenue jump from $955.2 million in 2008 to $2.1 billion in 2012, an increase of 115.7 percent.
The new technology sector also made a splash in its debut this year, represented by seven companies of its own and composing an impressive 10.9 percent of overall revenues. Tech companies saw revenues increase by $1.4 billion from 2008-2012, from $352.4 million to $1.7 billion, a 385.2 percent increase.
Construction companies saw the biggest increase in terms of actual dollar amount, bumping up $2.7 billion in the five-year measurement period, from $1.7 billion to $4.4 billion. And while there were only 12 construction companies on the list this year, down from 14 in 2012, they still represented the largest portion of total revenues. Construction companies accounted for 28.3 percent of the $15.7 billion in 2012 revenue.
Several sectors had down years in comparison to 2012, most notably the service sector, which went from 49 companies and 31.6 percent of total revenue in 2012, to just 38 companies and 19.1 percent of revenues in 2013.
A large part of this decrease can be attributed to the presence of the new technology sector, however, as many companies that were classified as service firms last year moved over to the new tech sector in 2013.
Manufacturing, meanwhile, had one more company on the list this year than in 2012, but its percentage of overall revenue dropped from 6.3 percent in 2012 to 3.3 percent in 2013. Retail and wholesale also saw a decrease in their representation in the lists overall revenue level this year.
The Big 3
Three states were home to 65 percent of the companies on the Fastest-Growing 100 list, with Texas and Florida sharing the top at 26 companies each, and California coming in third with 13.
Florida led the big three in terms of revenue growth, with the 26 companies from the Sunshine State accumulating a 174.8 percent growth rate from 2008-2012. California companies werent far behind, with an impressive 152.4 percent growth rate.
Texas was the winner in employment growth, however, showcasing 54.4 percent more employees in 2012 than in 2008.
In terms of individual company growth, there were five companies that made an appearance on both the top-dollar-growth list as well as the top-employment-growth list.
MasTec Inc., a utility/energy infrastructure construction company based in Coral Gables, Fla., appeared in the top spot on both lists. The company grew by $2.5 billion and added 3,900 employees from 2008-2012.
Sun Holdings was the No. 2 company on the employment growth list, adding 2,200 workers, and No. 7 on the dollar-growth list with $200 million in added revenues. SDI International, Greenway Ford and Goodman Networks rounded out the list of companies that grew the most in both revenue and employment.
Most economists will say that the tide has turned and we are on our way to better financial days ahead. As the companies on the 2013 HispanicBusiness Fastest-Growing 100 list show, for some companies those days are already here.
Source: HispanicBusiness.com (c) 2013. All rights reserved.