The SBA Office of Advocacy recently released a report ranking Arizona number two with the second largest distribution of “High-Impact Firms.”
The report describes these “High-Impact Firms” as:
– Older – They average 25 years in business.
– Accountable for the majority of revenue and job growth in the private sector.
– They span all industries.
– They represent only 2-3% of all firms.
– Smaller – The vast majority of these firms have fewer than 20 employees.
Arizona ranked number 2 behind Alaska, with 7,463 high-impact firms, or 2.57% of all Arizona firms. When taken to the MSA level, Phoenix/Mesa ranks 3rd with 4,932 of Arizona’s 7,463 high-impact firms. Only Norfolk, Virginia and Raleigh-Durham, North Carolina ranked higher.
