The 2014 Fastest-Growing 100
July 28, 2014
Michael Caplinger — HispanicBusiness.com
Companies on the 2014 HispanicBusiness Fastest-Growing 100 list saw revenues shoot up an average of 203.1 percent from 2009-2013, defying the odds and the economic climate to post some very impressive growth during that period.
Several sectors led the charge, most notably the construction industry, which, although represented by only 15 companies, comprised an astounding 40.8 percent of the total revenues on the list in 2013. This was up from 12 companies last year and only 28.3 percent of the revenue total. The 15 construction companies saw their revenues increase $4 billion, from $2.4 billion in 2009 to $6.4 billion in 2013.
The automotive and wholesale sectors showed great growth as well, although that growth was measured in different areas. The automotive sector, up just one company from last year, nevertheless grew by $1.8 billion from 2009-2013, representing the second-largest dollar gain behind the construction industry. Just two years ago there was only one automotive company on the entire Fastest-Growing 100.
Meanwhile, the wholesale sector, up just two companies from last year, showed dramatic growth, from 2.4 percent in 2013 to 7.3 percent this year, the second-largest percentage gain of any industry.
Slower Growth in Other Sectors
Not every sector showed the phenomenal growth that the construction, automotive and wholesale sectors displayed. The energy, finance and technology sectors were all hindered a bit.
The energy sector lost two companies compared to the list last year, but also dropped by nearly half in terms of the overall revenue represented on the list, from 10.1 percent last year to 5.4 percent this year. The finance sector, while having the same number of companies as in 2013, also saw overall revenue drop, from 10.5 percent to 6.7 percent this year.
The technology sector, introduced last year and making a splash with seven companies and 10.9 percent of the indexs overall revenue, took a step back in 2014. Although there was only one fewer company in the sector, revenue representation was down to just 3 percent this year.
Three states once again dominate the list, with Texas, Florida and California accounting for 61 percent of the companies making up the Fastest-Growing 100. Texas has found its way to the top in 2014, represented by 25 companies, followed closely by Florida with 22. California takes the third spot with 14 companies, including this years No. 1 company, G&G Risk Management Consultants of Corona.
In terms of revenue growth, Florida takes the top spot with an impressive 177.2 percent gain from 2009-2013, going from $3.4 billion to $9.5 billion. The Texas companies werent far behind, up 166.8 percent. Of note were the six companies from Illinois, up 135.4 percent and placing the state fourth on the list of most-represented states.
Top company G&G Risk Management Consultants, doing business as G&G Construction Services, is a consultancy firm specializing in the delivery of service solutions in the safety, loss control, risk management and training arena. The company saw revenues increase from just $861,000 in 2009 to $20.1 million last year for an impressive 2,238 percent increase.
The company, founded in 2000 and led by CEO/President Edwin Garcia, has a regional office in Antioch, Calif., in addition to the corporate headquarters in Corona. Awarded a Best of Business Award in San Francisco from the Small Business Commerce Association in 2009, the company has several big projects going on, including a large solar farm in Californias high desert.
In terms of sheer dollar growth, MasTec Inc. once again led the way, growing from $1.5 billion in revenue in 2009 to $4.3 billion in 2013, an increase of $2.8 billion. Based in Coral Gables, Fla., the construction company ranked 30th on the Fastest-Growing 100, with revenues rising 186.7 percent over the five-year period. MasTec was ranked No. 2 on the HispanicBusiness 100 ranking of the largest U.S. Hispanic-owned companies released last month.
Although over 60 percent of the companies on the list are from just three states, there remains a broad selection of companies from all over the country. A total of 20 states are represented, as well as the District of Columbia.
Nine states outside of the big three were represented by multiple companies, including Georgia, Illinois, Michigan, New Jersey, New Mexico, Missouri, New York, Wisconsin and Virginia.
Another notable aspect of the list is the number of female CEOs. A total of 17 companies this year are headed by Hispanic women, including five of the top seven, and seven of the top 12.
In addition, all 10 sectors that we use for classification purposes are represented by multiple companies.
As can be seen by the companies that appear on our 2014 Fastest-Growing 100 directory, there are many success stories out there despite the continued slow pace of the economic recovery. Its a pretty safe bet to say these companies will appear on many of our other lists in the future, as well.