Eight West Virginia Companies among Inc.'s 5,000 fastest growing

Eight West Virginia companies are among the fastest growing private companies in America, according to a list recently published by Inc. magazine of the 5,000 fastest growing firms in the country.

This year marks the third time that Inc. has published its list of the nation’s 5,000 fastest growing private companies. The list represents the most comprehensive look at the most important segment of the economy—America’s independent-minded entrepreneurs.

In a prepared statement announcing this year’s list, the magazine’s  producers said the 2009 Inc. 5000, serves as a unique report card on the U.S. economy. Despite the ongoing recession, aggregate revenue among the companies on the list actually increased to $214 billion, up $29 billion from last year, with a median three-year growth rate of 126 percent. The Inc. 5000 are responsible for creating more than 1 million jobs since their founding, making the list perhaps the best example of the impact private, fast-growing companies can have on the economy.

Among West Virginia companies to make the list, HMS Technologies of Martinsburg was ranked as the 45^th fastest growing firm in the country. It’s growth rate was a staggering 2,750 percent.

Reliable Environmental Transport of Bridgeport was listed as the 393^rd fastest growing company in the nation, according to the list. McKinley Carter Wealth Services of Wheeling was named the 1,465^th fastest growing. Please see the complete list of West Virginia companies below.

Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found online at Inc.com.

The Hottest Regions for Fast-Growing Companies

Once again, California tops the Inc. 5000 with the most companies of any state with 612. The Golden State is followed by Texas (393), New York (316), Florida (263), and Virginia (261). All 50 states, plus Washington, D.C., and Puerto Rico, are represented on this year's list.

New York boasts 371 Inc. 5000 companies, making it the top metro area, followed by Washington, D.C. (317), Los Angeles (253), Atlanta (209), and Chicago (203).

The Inc. 5000 at a Glance

Bolstered by this year's No. 1 company, Northern Capital Insurance, Insurance emerged as the top industry, with an average growth rate of 667 percent. Other strong performers include Energy (523 percent) and Government Services (491 percent).

In total, the companies on the Inc. 5000 have created more than 1 million jobs. Health is the top employer with 156,223 jobs, followed by Business Products & Services (122,911), IT Services (89,632), Food & Beverage (86,572), and Construction (65,494).

IT Services had the most companies on this year’s list with 658, followed by Business Products & Services (502), Advertising & Marketing (398), Construction (354), Manufacturing (342).

The Inc. 5000 posted an aggregate revenue of $214 billion in 2008, up nearly 16 percent from the previous year. The top five industries by total revenue include Health ($22.7 billion), Business Products & Services ($19.6 billion), Construction ($18.8 billion), Energy ($14.7 billion), and IT Services ($13.2 billion).

Methodology

The Inc. 5000 is ranked according to percentage revenue growth from 2005 through 2008. To qualify, companies must have been founded and generating revenue by the first week of 2005, and therefore able to show four full calendar years of sales. Additionally, they have to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2008. Revenue in 2005 must have been at least $200,000, and revenue in 2008 must have been at least $2 million. The top 10 percent of companies on the list constitute the Inc. 500, now in its 28th year.

West Virginia Companies on the Inc. 5000 list

Rank	Name	Year	City	State	Industry	Revenue	Growth	Founded	Employees
45	HMS Technologies	2009	Martinsburg	WV	Government Services	$22.6 million	2,750.8%	2003	49
393	Reliable Environmental Transport	2009	Bridgeport	WV	Environmental Services	$5.7 million	650.0%	2005	22
1465	McKinley Carter Wealth Services	2009	Wheeling	WV	Financial Services	$2.5 million	218.4%	2003	18
1486	beBetter Networks	2009	Charleston	WV	Health	$16.8 million	215.8%	1999	99
2287	Centra Bank	2009	Morgantown	WV	Financial Services	$76.9 million	135.5%	2000	232
3379	KeyLogic Systems	2009	Morgantown	WV	Government Services	$12.7 million	74.2%	1999	78
3512	Advanced Technical Solutions	2009	Scott Depot	WV	IT Services	$6.0 million	68.8%	1999	25
4319	L. J. Hughes & Sons	2009	Summersville	WV	Energy	$8.8 million	38.4%	1942	58