By Page Zakas
Washington D.C. may be known for traffic, slow progress, and even a corrupt government, but D.C. the results of a study conducted by The Kauffman Foundation may surprise you. D.C. is not known as an area that promotes business growth due to taxes and certain restrictions, yet the Kauffman Foundation recently released a report stating that the Washington D.C. area has the most fast-growing firms.
The Kauffman Foundation gathered data from 1982 to 2011 to determine which areas of the United States have experienced considerable growth measured by the number of fast-growing businesses. While areas such as the Silicon Valley and the Boston-Cambridge-Quincy region are known for fast-growing companies, the Washington D.C. area beat both with a total of 385 firms making the Inc. 500 lists in the 2000s. The Inc. 500 measures the fastest growing private companies by collecting each the percentage of revenue growth over the past 4 years and giving companies rankings based on the data.
Many of the firms that made the list provide materials or services to the federal government. Dane Stangler of the Kauffman Foundation says, “Despite all the talk about downsizing and shrinking, the fact is the government expanded under Bush, then again under Clinton, then again under Bush, and now again under Obama, and that creates more opportunities for companies in and around Washington.” In addition to government services, the area is also known for life-sciences and bio-med firms.
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