BOSTON – The Initiative for a Competitive Inner City recently released its 2009 Inner City 100 list, and Kauffman & Associates, Inc., of Spokane, Wash., is ranked 11th on the list of the fastest growing inner city companies in America. Innovative practices and sustained growth are the predominant traits of the 2009 Inner City 100, a ranking of the 100 fastest-growing businesses in inner city communities nationwide.
Now in its 11th year, the Inner City 100 list provides unmatched original data on the fastest growing inner city businesses in the U.S. For the 2009 list, more than 5,000 nominations were received. The 2009 winners grew at a compound annual growth rate of 40 percent and an average rate of 324 percent between 2003 and 2007. Collectively, the top 100 inner city businesses have employed nearly 17,000 people and created nearly 10,000 new jobs over the past five years.
Highlights of the 2009 Inner City 100 list:
• Inner City 100 companies are 34 percent minority-owned. Nationally, just 8 percent of companies with annual revenues more than $1 million are minority-owned.
• The 2009 Inner City 100 companies are 18 percent owned by immigrants to the United States.
• 21 percent of the 2009 Inner City 100 are women-owned. Nationally, only 10 percent of companies with more than $1 million in annual revenues are women-owned.
• The 2009 Inner City 100 boasts an average workforce that is 53 percent minority employees and 43 percent inner city residents.
• The 2009 Inner City 100 pay an average of more than $15.00 per hour to hourly employees and $53,000 per year to salaried employees.
Fifty-three percent of companies expect steady growth, 11 percent expect their revenues to double, six percent expect their revenues to triple, and a mere four percent expect their revenues to decline in 2009. Individually, the average Inner City 100 winner’s revenues were $23 million.
“We are delighted to celebrate businesses like Kauffman & Associates that are playing a critical role to revitalize distressed urban communities throughout America,” said Michael Porter, founder and CEO of ICIC. “By creating jobs, income and wealth for local residents, these high-growth businesses are vivid proof that the most effective way to address economic inequality in America is to equip every community to prosper in the market system. Inner City 100 companies also provide a window into the future where all companies will need to learn to address diverse customers and mobilize diverse workforces.”
Founded in 1990 by JoAnn Kauffman, a member of the Nez Perce Tribe, Kauffman & Associates provides a wide range of consulting services to federal, state, local governments and the private sector in the areas of communications, research and evaluation, management support and web-based solutions. This is the fourth consecutive your Kauffman & Associates has appeared on the list, moving from number 33 in 2006 to number 30 in 2007 and to number 27 in 2008.
Kauffman & Associates had annual revenues of $8.6 million in 2008 with a growth rate of 29 percent over the previous year. The company forecasts a growth rate of 18 percent for the current year, and employs 73 individuals in its Spokane headquarters at South 165 Howard St., and in a second office located in Silver Spring, Md.
For more information about the 2009 Inner City 100 list, contact Julia Ely at (617) 292-2383. The entire list can be found online.